STATUTORY RULES.
1951. No. 41.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1945–1948.*
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 1945–1948.
Dated this sixteenth day of May, 1951.
W. J. McKELL
Governor-General.
By His Excellency’s Command,
A. FADDEN
Treasurer.
Amendments of the Commonwealth Bank Regulations.†
Statement of liabilities and assets.
1. Regulation 10 of the Commonwealth Bank Regulations is amended by inserting in sub-regulation (1.), after the word “ Division ”, the words “, Rural Credits Department, Mortgage Bank Department and Industrial Finance Department ”.
The Schedule.
2. The Schedule to the Commonwealth Bank Regulations is amended—
(a) by inserting in Form C, after the words “ Bank premises ”, the words “, at cost less amounts written off ”;
(b) by omitting from that form the words “ By Profits for Year Ended ” and inserting in their stead the words “ By Profits for Year Ended (after provision for contingencies) ”;
(c) by inserting in Form D, after the words “ Bank premises ”, the words “, at cost less amounts written off ”;
(d) by inserting in Form F, after the words “ Bank premises ”, the words “, at cost less amounts written off ”;
(e) by inserting in Form G, after the words “ Other liabilities ”, the words “ (including provision for contingencies) ”;
(f) by inserting in Form H, after the words “ Other liabilities ”, the words “ (including provision for contingencies) ”;
* Notified in the Commonwealth Gazette on 18th May, 1951.
† Statutory Rules 1945, No. 128, as amended by Statutory Rules 1946, No. 188; and 1947, No. 131.
673.—Price 3d.
(g) by inserting in Form I, after the words “ Other liabilities ”, the words “ (including provision for contingencies) ”; and
(h) by omitting from Form J the words “ GENERAL BANKING DIVISION ” and inserting in their stead the words “ GENERAL BANKING DIVISION, RURAL CREDITS DEPARTMENT, MORTGAGE BANK DEPARTMENT AND INDUSTRIAL FINANCE DEPARTMENT.”.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
Overview
The Statutory Rules of 1951, No. 41, titled "Regulations Under the Commonwealth Bank Act 1945–1948," were enacted by the Governor-General in Council to amend the Commonwealth Bank Regulations. This legislative instrument addresses specific administrative and reporting requirements within the Commonwealth Bank, thereby enhancing its operational clarity and financial transparency. The regulations were issued under the authority of the Commonwealth Bank Act 1945–1948, with the aim of updating the forms and procedures related to the bank's statement of liabilities and assets, thereby ensuring that all departments, including the Rural Credits Department, Mortgage Bank Department, and Industrial Finance Department, are properly accounted for. The enacting body responsible for these regulations is the Federal Executive Council, reflecting a commitment to precise and comprehensive governance within the Commonwealth Bank.
Scope and Application
The Regulations under the Commonwealth Bank Act 1945–1948 apply to the Commonwealth Bank of Australia and its various departments, including the Rural Credits Department, Mortgage Bank Department, and Industrial Finance Department. These Regulations are designed to amend the existing Commonwealth Bank Regulations by introducing specific adjustments to the forms used for the statement of liabilities and assets. The geographic and jurisdictional reach of these Regulations is limited to the Commonwealth of Australia, encompassing the operations and financial reporting requirements of the Commonwealth Bank and its specified departments. There are no explicit exclusions or exemptions outlined in these Regulations; however, the application of these provisions is likely subject to the overarching principles and objectives of the Commonwealth Bank Act. The Regulations also extend to the various forms used by the Bank, such as Form C, D, F, G, H, I, and J, by modifying their content to include additional information about assets and provisions for contingencies. The Regulations do not explicitly mention the creation of subordinate instruments to further extend or restrict their application, indicating that the amendments made are intended to be comprehensive within the scope of the specified forms and departments.
Key Provisions
The primary sections of the Regulations under the Commonwealth Bank Act 1945-1948 include amendments to the Commonwealth Bank Regulations, specifically Regulation 10, and alterations to the Schedule. Regulation 10 is amended to include references to the Rural Credits Department, Mortgage Bank Department, and Industrial Finance Department, which were previously absent. The Schedule is amended in several ways, notably through the insertion of specific wording into various forms (C, D, F, G, H, I, and J) to reflect changes such as the cost of bank premises less amounts written off, provisions for contingencies, and the inclusion of departments not previously mentioned. These changes are intended to provide a more comprehensive and accurate reflection of the bank's operations and financial status.
The obligations and requirements imposed by these Regulations primarily focus on ensuring the accurate reporting and accounting of the Commonwealth Bank's financial activities. The amendments necessitate that the bank's financial statements and various forms include details about the Rural Credits Department, Mortgage Bank Department, and Industrial Finance Department, ensuring that all departments are accounted for in financial reporting. Additionally, the inclusion of provisions for contingencies in various forms requires the bank to consider and report on potential future liabilities, thereby enhancing the transparency and reliability of its financial disclosures.
For breaches of these Regulations, the consequences can be severe. Although the specific penalties are not detailed within the text provided, it is generally understood that non-compliance with statutory regulations of this nature can lead to significant civil and criminal penalties. These could include fines, imprisonment, or other legal consequences, depending on the severity and intent behind the breach. The maximum penalties would be determined by the specific legislation or court ruling pertaining to the breach, but the overarching principle is that adherence to these Regulations is mandatory to avoid serious repercussions.