Rural and Industries Bank Amendment Act 1984 (WA)

WESTERN AUSTRALIA.

RURAL AND INDUSTRIES

BANK.

No. 93 of 1984.

AN ACT to amend the Rural and Industries Bank

Act 1944.

[Assented to 29 November 1984.]

BE it enacted by the Queen's Most Excellent Majesty, 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:—

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

Industries Bank Amendment Act 1984. Act.

(2) In this Act the Rural and Industries Bank	Reprinted
as approved

Act 1944 is referred to as the principal Act.	27 December1978 and
amended by Acts Nos. 33 of 1980 and 25 of 1981.

No. 93.] Rural and Industries Bank. [1984.

Commence-

ment. 2. This Act shall come into operation on such

day or days as is or are fixed by proclamation.

Long title

amended. 3.

The long title of the principal Act is amended

by deleting "any indebtedness" and substituting the

following-

" certain indebtedness ".

Section 26

amended. 4.

Section 26 of the principal Act is amended

by inserting after paragraph (e) the following

paragraph-

" (ea) the proceeds of capital stock issued at

any time by the Bank under section 29A; ".

Section 27

repealed.	5.	Section 27 of the principal Act is repealed.
Section 29A
inserted.	6.	After section 29 of the principal Act, the

following section is inserted

Capital stock. If

29A. (1) Subject to this section, the Bank with the consent of the Governor and of the Treasurer may create and issue stock, to be known as "capital stock", for the purposes of this Act.

(2) Capital stock shall be issued, trans- ferred and dealt with on such terms as may be prescribed by regulations.

Regulations may provide for any matter concerning or incidental to capital stock and may make different provisions having effect with respect to different issues of capital stock.

(3)

(4) Capital stock shall not be liable to

redemption at the option of the Bank or of the

holder of the stock except in so far as may be

1984.] Rural and Industries Bank. [No. 93.

provided for in the regulations, but an amount of capital stock may be redeemed by the Bank at any time if the Commissioners and the holder of the stock so agree.

(5) A holder of capital stock in the bank

(a)	is liable only to the extent of any amount unpaid on the stock held by him;
(b)	shall have no rights in relation to the direction, management and control of the Bank;
(c)	is entitled to such rights in relation to a return or dividend on the stock as are prescribed by the regulations for the relevant issue of stock, but regulations shall not provide for pay- ment of a return or dividend except from profits of the Bank; and
(d)	is entitled in the event of the winding up of the Bank to be paid an amount equal to the face value of the capital stock held by him (subject to any provision more favourable to holders of such stock made in the regulations for the relevant issue of stock) and upon a winding up the rights of holders of capital stock under this paragraph shall rank in priority after all debts and other liabilities of the Bank other than any liabilities arising in respect of moneys appro- priated by Parliament to the purposes of this Act under section 26 (e).

(6) The Commissioners shall keep a

register with respect to each issue of capital

stock made by the Bank in such form as the

No. 93.] Rural and Industries Bank. [1984.

Treasurer may approve and shall enter in the register such details as to the holders from time to time of the stock and otherwise as the Treasurer may require.

(7) The payment of any money due by the Bank to the holder of capital stock under this Act or the regulations relating to the relevant issue of stock may, subject to the prior approval of the Governor, be the subject of a guarantee given by the Treasurer on behalf of the Government of the State and any liability arising from such a guarantee shall be payable and be paid out of the Consolidated Revenue Fund. ".

Sections 650

to 65R, 65T	7. Sections 65C to 65R and sections 65T and 65U
and 6511

repealed	of the principal Act are repealed and the following
and section
650 sub-	section is substituted-
stituted.
Regulations

for savings	65C. The Governor may make regulations prescribing the matters that are necessary or convenient to be prescribed with respect to the savings bank business of the Bank, including the terms and conditions on which such business is carried on by the Bank, and in particular
bank
business.

(a)	providing for and regulating the opening of savings bank accounts, the receipt and payment of moneys and the determination of claims;
(b)	regulating the receipt of moneys from and the keeping of accounts for the use or benefit of infants;
(c)	regulating the liability of the Bank with respect to savings bank accounts;
(d)	regulating the receipt of moneys on trust and the keeping of accounts with respect to moneys so received;

1984.] Rural and Industries Bank. [No. 93.

(e)	regulating the receipt of moneys from persons jointly and the keeping of joint accounts;
(f)	regulating the receipt of moneys from the estates of deceased persons, for special purposes or from any trust estate, insolvent, bankrupt, sequestered or assigned estate or any company in liquidation and the keeping of accounts with respect to such moneys;
(g)	regulating the receipt of moneys from local authorities, friendly or co- operative societies, trade or other union or other societies, bodies or clubs not engaged in or established for the purposes of trading or acquir- ing pecuniary profit and the keeping of accounts with respect to such moneys;
(h)	restricting the amounts that may be held in savings bank accounts by all or specified classes of persons;

(i)    providing for and regulating the pay- ment of interest on moneys in savings bank accounts;

(j) empowering the Bank to refuse to open a savings bank account for a person and empowering and regulat- ing the refusal of the Bank to continue to keep a savings bank account for a person; and

(k) regulating the issue, use and loss of pass books. ".

No. 93.] Rural and Industries Bank. [1984.

Section 96A

amended. 8.

Section 96A of the principal Act is amended

by inserting after subsection (1) the following

subsection

(la) Notwithstanding subsection (1), where the amount of the net profits of the Bank for a period, as certified by the Auditor General for the purposes of subsection (1), includes an amount consisting of realised capital profits, the Treasurer may, by instru- ment signed by him, direct that the obliga- tion imposed on the Bank by subsection (1) to pay one-half of the net profits to the Treasurer shall not apply in respect of so much of those realised capital profits as he specifies in that instrument. ".

Section 106

amended. 9.

Section 106 of the principal Act is amended by deleting paragraph (8a).