Rural Bank of New South Wales (Amendment) Act 1969 (NSW)

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative

Council and Legislative Assembly of New South Wales in
Parliament assembled, and by the authority of the same, as
follows: —

1. This Act may be cited as the "Rural Bank of New

South Wales (Amendment) Act, 1969".

2. The Government Savings Bank Act, 1906, as

subsequently amended, is amended—

(a) by inserting next after section 3 5 A the following new

section :—

3 5 B . (1 ) Notwithstanding any other provision of

this Act the bank may establish a scheme with the

object of providing benefits by way of grants from

the funds of the bank to officers and servants of the bank to assist them to pay medical, dental, optical, pharmaceutical, ambulance and hospital expenses and expenses of a like nature incurred in respect of themselves and their dependants.

(2 ) The benefits of any such scheme may

be extended to retired commissioners (other than

nominated commissioners) and to retired officers and servants of the bank in respect of such expenses incurred on account of themselves and their dependants and to the widows of such retired com­ missioners and officers and servants in respect of such expenses incurred on account of themselves and their dependants.

( 3 ) In respect of retired commissioners,

officers or servants of the bank this section shall

apply only in a case where such retired commis­ sioner, officer or servant had in the opinion of the bank given long and satisfactory service to the bank.

( 4 ) The bank shall be deemed always to

have had the powers conferred upon it by this

section. (5 )

(5 ) Nothing contained in this section shall

be construed as limiting or affecting the powers of

the commissioners conferred by any other provisions

of this Act.

(b)	by omitting paragraph (k) of subsection three of
section 48A and by inserting in lieu thereof the following paragraph :—

(k) to acquire and hold real and personal property and to sell, mortgage, lease or otherwise dispose of any such property.

(c) by inserting in section 48B after the word "Aus­ tralia" the words "or in securities issued by any body constituted by an Act, being securities that are for a loan the repayment of which is guaranteed

by the Government of New South Wales and that

are listed on any recognised stock exchange in
Australia";

(d) (i) by omitting from subsection one of section

48G the words "set apart towards a Reserve

Fund for meeting any further loss or deficiency in connection with the said department" and

by inserting in lieu thereof the words "dealt
with as provided by subsection ( 1 A ) of this

section";

(ii)   by inserting next after the same subsection the

following new subsection :—

( 1 A ) The net profits of the General Bank

Department in each financial year of the bank (including the financial year ending the thirtieth day of June, one thousand nine hundred and sixty-nine), as certified to by the Auditor-General, shall be dealt with as

follows :—

(a) one-half shall be paid to the Treasurer

for payment into the Consolidated

Revenue Fund; and

(b)

(b) one-half shall be placed to the credit

of a Reserve Fund for meeting any loss

or deficiency in connection with that

department.

(iii)   by omitting from subsection two of the same section the word "commissioners" and by inserting in lieu thereof the word "Auditor- General".

SURVEYORS