STATUTORY RULES.
1924. No. 151.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1924.
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Bank Act 1911-1924, to come into operation forthwith.
Dated this tenth day of October, 1924.
FORSTER,
Governor-General.
By His Excellency’s Command,
EARLE PAGE,
Treasurer.
_________
Commonwealth Bank Regulations 1915.
(Statutory Rules 1916, No. 72, as amended to this date).
After regulation 59 of the Commonwealth Bank Regulations, the following heading and Regulation are inserted:—
“Declaration of Fidelity and Secrecy by Director or Member of London Board.
60. The declaration to be made by each Director and each member of the London Board, pursuant to section 15a. of the Act, shall be in the following form, namely:—
Commonwealth Bank Act 1911-1924.
Declaration of Secrecy and Fidelity.
I, of being a Director/member of the London Board appointed under the Commonwealth Bank Act 1911-1924, do solemnly and sincerely declare that I will faithfully perform the duties of Director/member of the London Board, that I will to the best of my ability uphold the interests of the Commonwealth Bank and that I will not directly or indirectly communicate or divulge any information which comes to my knowledge in the discharge of my duties as such Director/member of the London Board except when required or authorized so to do by the Directors of the said Bank or by a Court of Law or by the person to whom such matters relate and, generally in relation to the business of the Commonwealth Bank, I will at all times maintain secrecy and fidelity.
Declared before me at this day of 19
Justice of the Peace.
Commissioner for taking affidavits.
Commissioner for Declarations.
___________________________
Printed and Published for the Government of the Commonwealth of Australia by H. J. Green, Government Printer for the State of Victoria.
C.15476—Price 3d.
Overview
The Commonwealth Bank Regulations 1924 were enacted under the Commonwealth Bank Act 1911-1924 to address the need for a formal declaration of fidelity and secrecy by directors and members of the London Board of the Commonwealth Bank. The regulations were issued by the Governor-General in Council, pursuant to the authority granted by the Commonwealth Bank Act, to ensure that these individuals uphold the interests of the Commonwealth Bank and maintain confidentiality regarding matters they learn in the course of their duties. The regulations require each director and London Board member to make a sworn declaration, setting out their commitment to perform their duties faithfully and to maintain secrecy about the bank’s business. This legislative instrument aims to reinforce the integrity and governance of the Commonwealth Bank by legally binding its directors and London Board members to uphold the highest standards of loyalty and confidentiality.
Scope and Application
The Commonwealth Bank Regulations 1915, as amended, apply to the directors and members of the London Board of the Commonwealth Bank, requiring them to make a declaration of fidelity and secrecy. This regulation extends to individuals appointed as directors or members of the London Board, imposing a statutory obligation to declare their commitment to faithfully performing their duties, upholding the interests of the bank, and maintaining secrecy concerning any information obtained in their role. The geographic reach of these regulations is national, as they pertain to the Commonwealth Bank, which operates across Australia. The regulations specify the form of the declaration to be made under section 15a of the Commonwealth Bank Act 1911-1924, and this declaration must be made before a Justice of the Peace or a commissioner for taking affidavits. These regulations do not specify exclusions, exemptions, or thresholds, but they extend the application of the Act by detailing the specific requirements for the declarations made by bank directors and board members.
Key Provisions
The main operative sections of the Commonwealth Bank Regulations 1915, as amended, include the introduction of a new regulation (Regulation 60) under the Commonwealth Bank Act 1911-1924. Regulation 60 mandates a specific declaration of secrecy and fidelity to be made by each Director and each member of the London Board. This declaration, as outlined in section 15a of the Act, is a formal statement affirming the individual's commitment to faithfully perform their duties, uphold the interests of the Commonwealth Bank, and maintain secrecy regarding any information obtained in the course of their duties (Regulation 60). This requirement ensures that all directors and members of the London Board are explicitly bound by confidentiality and loyalty to the bank.
The Act imposes several obligations and requirements on the parties it governs. Each Director and member of the London Board must solemnly declare their fidelity and secrecy in writing, affirming their dedication to their duties and their obligation to maintain confidentiality about any information related to the bank's business (Regulation 60). This declaration must be made before a Justice of the Peace, Commissioner for taking affidavits, or Commissioner for Declarations, ensuring the formality and legality of the commitment (Regulation 60). The declaration is intended to safeguard the bank's interests by legally binding the directors and board members to secrecy and fidelity.
Failure to comply with the requirements set out in the Commonwealth Bank Regulations 1915 may result in various consequences. While the specific penalties for breach are not detailed in the text, it is implied that any violation of the secrecy and fidelity obligations could lead to civil or criminal consequences. Given the nature of the duties and the importance of maintaining confidentiality, breaches could potentially result in legal action, including fines or other penalties as prescribed by law. The exact nature and extent of these penalties would be determined by the courts or relevant authorities in accordance with the broader legal framework governing the bank's operations.