STATUTORY RULES.
1921. No. 4.
__________
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 Regulation under the Commonwealth Bank Act 1911-1920, to come into operation forthwith.
Dated this sixth day of January, 1921.
FORSTER,
Governor-General.
By His Excellency’s Command,
ARTHUR S. RODGERS,
for the Treasurer.
Amendment of Regulations under the Commonwealth Bank Act 1911-1920.
(Statutory Rules 1920, No. 259.)
Form “T” under the Regulations is hereby repealed and Form “T” attached substituted therefor.
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 in Reserve.................. | | | |
Bills Payable and Other Liabilities Savings Bank Department— | | Money at Short Call in London 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................................................. | | | |
Note Issue Department......... | | Note Issue Department............................................ | |
Contingent Liabilities— Outstanding Credits per Contra | | Liabilities of Customers and Others on Letters of Credit per Contra | |
| | | |
| | | |
Note Issue Department.
| £ | s. | d. | Gold Coin and Bullion................ | £ | s. | d. |
Notes held by the Public....... | | | |
Notes held by Banks.......... | | | | Debentures and Other Securities......... | | | |
Interest earned during the half-year £ | | | | Interest Accrued................... | | | |
| | | Other Assets...................... | | | |
Less Working Expenses and Commission £ | | | | | | | |
Balance due to Commonwealth Treasury | | | | | |
| | | | | |
Dr. | Profit and Loss. | | Cr. |
To Reserve Fund „ Redemption Fund | £ | s. | d. | | £ | s. | d. |
| | | | By Profits for half-year ended | | | |
| | | | | | | |
Dr. | Reserve Fund. | | Cr. |
To Balance................ | £ | s. | d. | By Balance........................... ,,Transfer from Profit and Loss Account of one-half of the Net Profits | £ | s. | d. |
Dr. | Redemption Fund. | | Cr. |
To Balance................ | £ | s. | d. | By Balance.......................... | £ | s. | d. |
,,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 Statutory Rules 1921, No. 4, issued under the Commonwealth Bank Act 1911-1920, are regulations made by the Governor-General with the advice of the Federal Executive Council, aimed at formalising the financial reporting requirements of the Commonwealth Bank of Australia. These regulations seek to address the need for comprehensive and consistent financial documentation and transparency for the bank's operations, thereby ensuring compliance with the legislative framework governing the bank's activities. The policy objective of these regulations is to provide a clear and structured format for the bank's balance sheet, enhancing accountability and financial oversight.
Scope and Application
The Statutory Rules 1921, No. 4, made under the Commonwealth Bank Act 1911-1920, establish regulations pertaining to the Commonwealth Bank of Australia. This legislation applies to the Commonwealth Bank as an entity, governing its financial reporting and disclosure requirements. Specifically, the Act mandates the replacement of Form "T" under the Regulations, which serves as a comprehensive balance sheet for the Commonwealth Bank. This balance sheet must detail the bank's assets, including coin, bullion, cash balances, investments, and other financial holdings, alongside its liabilities such as deposits, bills payable, and contingent liabilities. The regulations are applicable nationwide, encompassing the Commonwealth Bank's operations across Australia. There are no exclusions or exemptions specified within the text, implying that all aspects of the bank's financial reporting are subject to these regulations. Additionally, the Act allows for the extension or restriction of application through subordinate instruments, ensuring flexibility in the regulatory framework.
Key Provisions
The main operative sections of the Statutory Rules 1921 No. 4 are sections that concern the amendment and replacement of Form "T" under the Regulations under the Commonwealth Bank Act 1911-1920. Specifically, section 1 repeals the existing Form "T" and introduces a new Form "T" which replaces it (section 2). This new Form "T" is intended to provide an updated aggregate balance-sheet of the Commonwealth Bank of Australia, detailing various assets and liabilities, investments, and funds held by the bank, among other things.
The obligations and requirements imposed by this regulation primarily concern the Commonwealth Bank of Australia. The bank must now use the new Form "T" for reporting its balance-sheet, which includes a detailed breakdown of its assets, liabilities, investments, and other financial information. This ensures that the bank adheres to the updated regulatory requirements for financial reporting and transparency. The bank must ensure that all financial information is accurately recorded and reported according to the specifications outlined in the new Form "T".
Any failure to comply with the requirements set forth in these regulations may result in legal consequences. While the specific offences and penalties are not detailed in the text, it is reasonable to infer that non-compliance with financial reporting obligations under the Commonwealth Bank Act 1911-1920 could lead to civil or criminal penalties. Such penalties could include fines, sanctions, or other legal actions against the bank or its officers for failing to meet the statutory obligations. The precise nature and severity of these penalties would depend on the specific provisions of the Commonwealth Bank Act 1911-1920 and any other relevant legislation or regulations.