STATUTORY RULES.
1921. No. 193.
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REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1920.
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 1911-1920, to take effect as from the thirteenth day of June, One thousand nine hundred and twenty-one.
Dated this twenty-eight of September, 1921.
(Signed) Forster.
Governor-General.
By His Excellency’s Command,
(Sgd) JOSEPH COOK.
Treasurer.
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Commonwealth Bank Regulations 1911-1920.
Form “T,” under the Regulations, is hereby repealed, and Form “T,” attached, substituted therefor.
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Form “T”
AGGREGATE BALANCE SHEET OF THE COMMONWEALTH BANK OF AUSTRALIA AT
Liabilities. | Assets. |
| £ | s. | d. | | £ | s. | d. |
Deposits, Accrued Interest, and Rebate | | | | Coin, Bullion, and Cash Balances Australian Notes | | | |
Bills Payable and other Liabilities | | | | Money at Short Call in London. | | | |
Savings Bank Department— | | | | Investments— | | | |
Depositors’ Balances (with Interest Accrued) | | | | British, Colonial, and Government Securities (Face Value, £ ) | | | |
Capital—Debentures Issued. | | | | | | |
Reserve Fund........... | | | | Commonwealth Government Securities (Face Value, £ ) | | | |
Redemption Fund........ | | | | | | |
| | | | Fixed Deposits of other Banks | | | |
| | | | Bills Receivable in London, and Remittances in Transit | | | |
| | | | Bills Discounted, Loans and Advances to Customers, and other Sums due to the Bank | | | |
| | Bank Premises........... | |
Contingent Liabilities— Outstanding Credits, per contra. | | Liabilities of Customers and others on Letters of Credit, per Contra | |
Total General Bank and Savings Bank Department......... Note Issue Department......... | | Total General Bank and Savings Bank Department..... Note Issue Department..... | |
£ | | £ | |
Dr. Profit and Loss. Cr.
| £ | s. | d. | | £. | s. | d. |
To Reserve Fund............. ,, Redemption Fund........... | | By Profits for Half-year ended | |
£ | | £ | |
Dr. Reserve Fund. Cr.
| £. | s. | d. | | £. | s. | d. |
To Balance................ | | By Balance................ „ Transfer from Profit and Loss Account of One-half of the Net Profits | | | |
£ | | £ | |
| |
Redemption Fund.
| £ | s. | d. | | £. | s. | d. |
To Balance................ | | By Balance................ „ Transfer from Profit and Loss Account of One-half of the Net Profits | |
£ | | £ | |
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Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
Overview
The Commonwealth Bank Regulations 1911-1920 were introduced to establish a standardised format for the Commonwealth Bank of Australia's balance sheets, replacing the previously used Form "T" with a newly attached version. Enacted by the Governor-General in Council under the Commonwealth Bank Act 1911-1920, these regulations aimed to ensure uniformity and transparency in the bank's financial reporting. The new Form "T" mandates detailed disclosures of the bank's assets and liabilities, including deposits, investments, and government securities, thereby facilitating better oversight and management of the bank's financial operations.
Scope and Application
The Commonwealth Bank Regulations 1911-1920 pertain specifically to the Commonwealth Bank of Australia and are designed to govern its operations in alignment with the Commonwealth Bank Act 1911-1920. These regulations apply to the bank's liabilities, assets, and the balance sheet, as evidenced by the detailed Form "T" included in the regulations, which outlines the aggregate balance sheet requirements. The regulations pertain to the bank's coin, bullion, cash balances, Australian notes, bills payable, investments, and other financial transactions, ensuring that the bank adheres to a structured and regulated financial reporting framework. The regulations are in force throughout the Commonwealth of Australia, reflecting the federal jurisdiction under which the Commonwealth Bank operates. Notably, the regulations do not specify any exclusions or exemptions, thus applying uniformly to the bank’s financial and operational activities. Furthermore, the scope of the regulations can be extended or modified through subordinate instruments, allowing for adjustments as necessary to address evolving financial conditions or legislative changes.
Key Provisions
The main operative sections of the Commonwealth Bank Regulations 1911-1920 (referred to as Regulation 1) detail the procedures for the presentation of the aggregate balance sheet of the Commonwealth Bank of Australia. Specifically, the regulations outline the form, referred to as "Form 'T'," which replaces the previously existing Form "T." This form is designed to present a comprehensive view of the bank's assets and liabilities, including details such as deposits, accrued interest, rebates, investments, and various forms of government securities. The form also details the bank's contingent liabilities and other financial commitments. The prescribed format ensures a standardised and clear representation of the bank's financial standing.
The Commonwealth Bank Regulations 1911-1920 impose specific obligations on the Commonwealth Bank of Australia. These obligations include the timely and accurate preparation of the aggregate balance sheet in the prescribed Form "T." This ensures that the bank's financial status is transparently communicated to stakeholders. The regulations also require the bank to maintain certain financial reserves, such as the Reserve Fund and the Redemption Fund, which are integral to the bank's stability and operational continuity. Furthermore, the bank must ensure that all financial transactions and commitments are accurately recorded and reflected in the balance sheet.
Any failure to comply with the requirements of the Commonwealth Bank Regulations 1911-1920 may result in both civil and criminal consequences. While the regulations do not explicitly detail penalties, breaches of such statutory requirements can lead to legal action. In the context of financial institutions, non-compliance can result in severe repercussions, including fines, regulatory sanctions, and potential criminal charges for officers found to be negligent or complicit in the breach. The severity of penalties may vary, but the overarching aim is to ensure the integrity and stability of the financial system.