STATUTORY RULES.
1928. No. 102.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1927.
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 1911-1927, to come into operation forthwith.
Dated this twenty-second day of September, 1928.
STONEHAVEN
Governor-General.
By His Excellency’s Command,
EARLE PAGE
Treasurer.
Amendment of the Commonwealth Bank Regulations.
(Statutory Rules 1928, No. 78.)
1. Regulation 17 of the Commonwealth Bank Regulations is amended by adding at the end thereof the words “and shall be in accordance with Form AE”.
2. The Schedule to the Commonwealth Bank Regulations is amended by adding at the end thereof the following form:—
Form AE. Regulation 17.
Commonwealth Bank Act 1911-1927.
TREASURER’S STATEMENT OF THE COMBINED ACCOUNTS OF THE COMMONWEALTH BANK OF AUSTRALIA AND COMMONWEALTH SAVINGS BANK AT 19 .
Liabilities. | | Assets. | |
| £ s. d. | | £ s. d. |
Capital Accounts........... | | Coin, Bullion and Cash Balances.. | |
Reserve Funds............. | |
Rural Credits Development Fund. | | Australian Notes............. | |
Money at Short Call in London.... | |
Notes in Circulation......... | |
Deposits, Accrued Interest and Rebate | | Short Term Loans in Australia.... | |
Bills Payable and other Liabilities | | Fixed Deposits.............. | |
Investments:— | |
| | Government and other Securities | |
Bills Receivable, 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 | |
| £ | | £ |
2240.—Price 3d.
Profit and Loss.
Dr. | | Cr. | |
| £ s. d. | | £ s. d. |
To Reserve Funds | | By Profits for half-year ended.. | |
Rural Credits Department —Development Fund..... | |
Banking Business.......... | |
Rural Credits Department —Capital Account....... | | Rural Credits Department Note Issue Department | |
National Debt Sinking Fund.. | | Savings Bank............. | |
Commonwealth Treasury | | | |
| £ | | £ |
Reserve Funds.
Dr. | | Cr. | |
| £ s. d. | | £ s. d. |
To Balance............... | | By Balance................ Transfer from Profit and Loss Account of one-half of the Net Profits of Banking and Savings Bank Business | |
| £ | | £ |
Treasurer.
Secretary to the Treasury.
By Authority: H. J. Green, Government Printer, Canberra.
Overview
The Statutory Rules 1928, No. 102, Regulations Under the Commonwealth Bank Act 1911-1927, were enacted by the Governor-General in the context of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. This legislative instrument was introduced to amend the Commonwealth Bank Regulations and establish a standardised format for the Treasurer's statement of the combined accounts of the Commonwealth Bank of Australia and the Commonwealth Savings Bank. The objective of these regulations is to ensure that the financial statements adhere to a uniform format, enhancing transparency and accountability in the reporting of the financial status of these institutions.
These regulations were developed under the authority of the Commonwealth Bank Act 1911-1927, reflecting a commitment to maintaining a structured and consistent approach to financial reporting within the banking sector. The amendments, particularly to Regulation 17, and the addition of Form AE, are designed to standardise the presentation of financial data, making it easier for stakeholders to understand and compare the financial health of the Commonwealth Bank and the Commonwealth Savings Bank.
Scope and Application
The Statutory Rules 1928, No. 102, issued under the Commonwealth Bank Act 1911-1927, amends the Commonwealth Bank Regulations by updating Regulation 17 to require compliance with Form AE. This legislative instrument applies specifically to the Commonwealth Bank of Australia and the Commonwealth Savings Bank, affecting their financial reporting and accounting practices. The regulation mandates the inclusion of Form AE, detailing the treasurer's statement of the combined accounts of these entities, in adherence to the prescribed format. The geographic reach of these regulations is confined to the Commonwealth of Australia, with no specified exclusions or exemptions, thereby ensuring uniformity in financial reporting across the Commonwealth Bank and its savings arm. The application of these regulations extends through subordinate instruments to maintain consistency in the financial governance and reporting standards mandated by the Commonwealth Bank Act 1911-1927.
Key Provisions
The primary sections of these regulations pertain to the amendment of Regulation 17 and the addition of a new form, Form AE, to the Commonwealth Bank Regulations (1). Regulation 17 now mandates that certain statements must be in accordance with this new form. The added form, Form AE, outlines a detailed statement of the combined accounts of the Commonwealth Bank of Australia and the Commonwealth Savings Bank, including assets, liabilities, capital accounts, and contingent liabilities, among other financial details (1).
The obligations imposed by these regulations require the Commonwealth Bank and the Commonwealth Savings Bank to prepare and present financial statements that adhere to the newly specified format. This includes ensuring that all relevant financial information is captured in the prescribed format, and that the statement is signed by the Treasurer and the Secretary to the Treasury (1). These financial statements must provide a comprehensive view of the financial health and operations of both banks.
Breaches of these regulations may result in legal consequences. Although specific penalties are not outlined in the provided text, it is reasonable to infer that failure to comply with the regulatory requirements could lead to enforcement actions by the relevant authorities. Such actions could include fines, sanctions, or other legal repercussions as determined by the courts or regulatory bodies responsible for overseeing the Commonwealth Bank and the Commonwealth Savings Bank. The severity of penalties would likely depend on the nature and extent of the non-compliance, as well as any resultant harm to stakeholders or the financial system.
In summary, these regulations amend existing financial reporting requirements for the Commonwealth Bank and the Commonwealth Savings Bank by introducing a new standardised format, Form AE, for their combined financial statements. The obligation to comply with this format is a significant responsibility for the banks, and non-compliance could lead to legal and financial consequences. The exact nature and extent of these consequences would depend on the specific circumstances of any breach.