STATUTORY RULES.
1963. No. 80.
REGULATION UNDER THE BANKING ACT 1959.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Banking Act 1959.
Dated this fifteenth day of August, 1963.
DE L’ISLE
Governor-General.
By His Excellency’s Command,
HAROLD HOLT
Treasurer.
AMENDMENTS OF THE BANKING (SAVINGS BANKS) REGULATIONS.†
Investment of the funds of savings banks.
Regulation 5 of the Banking (Savings Banks) Regulations is amended—
(a) by adding at the end of sub-regulation (1.) the following definition:—
“‘prescribed day’, in relation to a savings bank, means a day in each month applicable in relation to the savings bank by reason of a notice given under subsection (2.) of section 55 of the Banking Act 1959.”; and
(b) by omitting sub-regulation (3.) and inserting in its stead the following sub-regulations:—
“(3.) Subject to the next succeeding sub-regulation, a savings bank shall at all times maintain in investments of the kinds specified in paragraphs (a), (b), (c), (d), (e), (f) and (i) of the last preceding sub-regulation an amount that, together with cash on hand in Australia, is not less than sixty-five per centum of the amount on deposit in Australia with the savings bank.
“(3A.) Where the amount on deposit in Australia with a savings bank is at any time less than the highest amount on deposit in Australia with the savings bank at the close of business on any prescribed day in the preceding year, the amount of the investments that the savings bank is, under the last preceding sub-regulation, required to maintain is reduced by an amount equal to thirty-five per centum of the difference between that first-mentioned amount and that highest amount.”.
* Notified in the Commonwealth Gazette on 16th August, 1963.
† Statutory Rules 1960, No. 6, as amended by Statutory Rules 1962, No. 58.
By Authority: A. J. ARTHUR, Commonwealth Government Printer, Canberra.
3709/63.—PRICE 3D.