STATUTORY RULES.
1926. No. 159.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1925.
I, THE GOVERNOR-GENERAL, in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following amendment under the Commonwealth Bank Act 1911-1925, to come into operation forthwith.
Dated this fifteenth day of November, 1926.
STONEHAVEN,
Governor-General.
By His Excellency’s Command,
T. W. GLASGOW,
for the Treasurer.
———
Amendment of the Regulations under the Commonwealth Bank Act 1911-1925.
Regulation No. 9 is amended by omitting sub-regulation (2) and inserting in its stead the following sub-regulation:—
“Except as hereinafter provided, every officer shall subscribe to the Superannuation Fund and Fidelity Guarantee Fund in terms of the rules of the respective funds:
“Provided that any officer joining the service of the Bank after 1st May, 1926, who is a contributor to the Commonwealth Superannuation Fund established under the Superannuation Act 1922-1924, shall not, so long as he continues his contributions to the Commonwealth Superannuation Fund, be compelled to subscribe to the Bank’s Superannuation Fund:
“Provided further that, if any such officer elects to contribute to the Bank’s Superannuation Fund, he shall not be permitted to contribute to it for more than 9 years and 364 days unless he has withdrawn from the Commonwealth Superannuation Fund established under the Superannuation Act 1922-1924.”
Printed and Published for the Government of the Commonwealth of Australia by H. J. Green, Government Printer for the State of Victoria.
C.16809.—Price 3d.
Overview
Statutory Rules 1926 No. 159, issued under the Commonwealth Bank Act 1911-1925, is an amendment made to the Regulations in 1926. This legislative instrument was enacted by the Governor-General in Council, reflecting the policy of the Commonwealth Government of the time to update superannuation regulations for bank officers. The amendment specifically addresses the superannuation contributions of officers who join the Commonwealth Bank after 1 May 1926. It allows these officers, if they are already contributing to the Commonwealth Superannuation Fund, to opt out of the Bank's Superannuation Fund while continuing their contributions to the former. Additionally, if they choose to contribute to the Bank's Superannuation Fund, their contributions are capped at a maximum of nine years and 364 days unless they cease their contributions to the Commonwealth Superannuation Fund. This legislative change aimed to provide flexibility and alignment in superannuation contributions for bank officers.
Scope and Application
The Regulations under the Commonwealth Bank Act 1911-1925 apply to officers of the Commonwealth Bank, with specific amendments to superannuation fund subscriptions. The amendment targets officers who join the bank's service after 1 May 1926, providing exceptions for those who are already contributors to the Commonwealth Superannuation Fund established under the Superannuation Act 1922-1924. If an officer continues to contribute to the Commonwealth Superannuation Fund, they are exempt from the bank's own Superannuation Fund, though they may opt to contribute to it, but only for a maximum of nine years and 364 days unless they withdraw from the Commonwealth Superannuation Fund. This regulation impacts the Commonwealth Bank's internal operations and the superannuation arrangements of its officers, falling under the legislative framework of the Commonwealth Bank Act 1911-1925.
Key Provisions
The main operative sections of this statutory rule pertain to the amendments made to Regulation No. 9 under the Commonwealth Bank Act 1911-1925. Specifically, Regulation No. 9 is altered by removing sub-regulation (2) and replacing it with a new sub-regulation that mandates all officers to subscribe to the Superannuation Fund and Fidelity Guarantee Fund according to their respective rules (Regulation No. 9). The amendment, however, provides exceptions for officers who join the service of the Bank after 1 May 1926 and are contributors to the Commonwealth Superannuation Fund under the Superannuation Act 1922-1924. These officers are exempted from subscribing to the Bank’s Superannuation Fund as long as they continue their contributions to the Commonwealth Superannuation Fund. Additionally, if such officers choose to contribute to the Bank’s Superannuation Fund, they can only do so for a maximum period of 9 years and 364 days unless they withdraw from the Commonwealth Superannuation Fund.
The obligations and requirements imposed by this statutory rule are primarily directed towards officers of the Bank. These officers must subscribe to the Superannuation Fund and Fidelity Guarantee Fund as stipulated by the rules of these funds. The rule, however, introduces a flexibility for officers who are contributors to the Commonwealth Superannuation Fund under the Superannuation Act 1922-1924 and join the Bank after 1 May 1926. These officers are exempt from the Bank’s Superannuation Fund subscription if they maintain their contributions to the Commonwealth Superannuation Fund. Furthermore, if they opt to contribute to the Bank’s Superannuation Fund, they must cease contributions after 9 years and 364 days unless they withdraw from the Commonwealth Superannuation Fund.
The statutory rule does not explicitly detail specific offences, penalties, or consequences for breaches. However, the nature of the regulation suggests that non-compliance with the stipulated contributions to the Superannuation Fund and Fidelity Guarantee Fund, or failure to adhere to the specified conditions for officers who are contributors to the Commonwealth Superannuation Fund, could lead to administrative or legal consequences. These might include disciplinary actions within the Bank, financial penalties, or other corrective measures as deemed appropriate by the governing body of the Commonwealth Bank.