Rural and Industries Bank Act Amendment Act 1969 (WA)

[No. 103. Rural and Industries Bank. 1969.]

RURAL AND INDUSTRIES

BANK.

No. 103 of 1969.

AN ACT to amend the Rural and Industries Bank

Act, 1944-1968.

[Assented to 25th November, 1969.]

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

and citation. 1. (1) This Act may be cited as the Rural and

Industries Bank Act Amendment Act, 1969.

Reprinte

Acts Vol. l.14. (2) In this Act the Rural and Industries Bank

Approved for

reprint 18th Act, 1944-1968 is referred to as the principal Act.

May, 1959, as

Acts Nos. 25	amended by
of 1963, 34 of	(3) The principal Act as amended by this Act

1965,113

1965,49 off may be cited as the Rural and Industries Bank Act,

1966 and 4

of 1968. 1944-1969.

1969.] Rural and Industries Bank. [No. 103.

2. Section 35 of the principal Act is amended

(a)	by substituting for the paragraph designation, "(a)" in line fifteen of sub- section (1), the paragraph designation“(d) ,, ;
(b)	by substituting for the paragraph designation, "(b)" in line eighteen of subsection (1), the paragraph designation“(e) ,, ;
(c)	by adding after the word, "by" in line two of subsection (2), the passage, "subsection (1) of" ; and
(d)	by adding after subsection (2) the following subsection

(3) Notwithstanding the provisions of

subsection (1) of this section, moneys

referred to in paragraphs (a), (b) and

(c) of that subsection may, on the recommendation of the Minister and with the consent of the Governor, be invested in shares in the share capital of, or debentures issued by, any body corporate if

(a)	the body corporate is incorpor- ated under the laws of this State or is both incorporated under the laws of another State or of a Territory of the Commonwealth and registered as a foreign company under Part XI of the Companies Act, 1961; and
(b)	the principal or a substantial part of the business of the body corporate consists of the carry- ing out of any one or more of the following activities, namely, banking, the provision of

No. 103.] Rural and Industries Bank. [1969.

finance, financial advice or financial services or any like or associated activity. .

S. 107A

added. 3. The principal Act is amended by adding after

section 107 the following section-

Commission-

ers, etc., may	107A. Nothing in this Act shall be construed or member of the staff of the Bank from being appointed or acting as a director, on the recommendation of the Minister and with the approval of the Governor, of any body corporate of or in which, pursuant to the authority conferred by subsection (3) of section thirty-five of this Act, the Bank is a shareholder or holds a debenture, as the case may be, and any Commissioner who is so appointed or so acts as a director shall not be deemed to be committing a breach of the provisions of subsection (3) of section nine of this Act. .
be directors
of certain	as preventing any Commissioner or any officer
companies.