STATUTORY RULES.
1921. No. 172.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1920.
I, SIR WILLIAM HILL IRVINE, Deputy of 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 thirtieth day of June, One thousand nine hundred and twenty-one.
Dated this twenty-fifth day of August, 1921.
W. H. IRVINE,
Deputy of the Governor-General.
By His Excellency’s Command,
ARTHUR S. RODGERS.
for the Treasurer.
________
Amendment of Regulations under the Commonwealth Bank Act 1911-1920.
Form “T” under the Regulations is hereby repealed and Form “T” attached substituted therefor.
After regulation 58 the following regulation is inserted:—
59. The Chairman of Directors of the Note Issue Department shall prepare a balance-sheet made up as on the thirtieth day of June and the thirty-first day of December in each year in accordance with the prescribed Form T(l), submit it to the Auditor-General for report as to its correctness or otherwise, and transmit it with the report of the Auditor-General to the Treasurer, and shall also transmit a true copy of the balance-sheet and report to the President of the Senate and to the Speaker of the House of Representatives, to be laid before the Senate and the House of Representatives, respectively.
Form “T.”
AGGREGATE BALANCE-SHEET OF THE COMMONWEALTH BANK OF AUSTRALIA AT 19 .
Liabilities. | Assets. |
| £. | s. | d. | | £ | s. | d. |
Deposits, Accrued Interest, and Rebate | | | | Coin, Bullion, and Cash Balance
Australian Notes............ | | | |
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.... | | | | Commonwealth Government Securities (face value £ ) | | | |
Reserve Fund............. | | | | | | |
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 | | | |
£ | | £ | |
Dr. Profit and Loss. Cr. |
| £ | s. | d. | | £ | s. | d. |
To Reserve Fund........... | | | | By Profits for half-year ended | | | |
„ Redemption Fund......... | | | | | | | |
£ | | £ | |
Dr. Reserve Fund. Cr. |
| £ | s. | d. | | £ | s. | d. |
| | | | By Balance................ | | | |
To Balance............... | | | | „ Transfer from Profit and Loss Account of one-half of the Net Profits | | | |
£ | | £ | |
Dr. Redemption Fund. Cr. |
| £ | s. | d. | | £ | s. | d |
To Balance............... | | | | By Balance................ ,, Transfer from Profit and Loss Account of one-half of the Net Profits | | | |
£ | | £ | |
Form “T (1).”
COMMONWEALTH BANK OF AUSTRALIA.
BALANCE-SHEET OF NOTE ISSUE DEPARTMENT, AT 19 .
Directors:
| £ | s. | d. | | £ | s. | d. |
Notes held by the Public........ | | | | Gold Coin and Bullion......... | | | |
Notes held by Banks.......... | | | | Debentures and Other Securities... | | | |
Other Liabilities............. | | | | Other Assets................ | | | |
£ | | £ | |
For and on behalf of the Board,
...........................…………………..
Chairman of Directors.
____________
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. 172, Regulations under the Commonwealth Bank Act 1911-1920, was enacted in 1921 by the Federal Executive Council, acting on behalf of the Governor-General, to address the need for more structured and transparent financial reporting within the Commonwealth Bank of Australia. This legislative instrument was introduced to ensure that the balance sheets of the Note Issue Department were prepared and reported on accurately and submitted to the relevant authorities for parliamentary scrutiny. The policy objective was to enhance accountability and transparency in the financial operations of the Commonwealth Bank, ensuring that stakeholders, including the Senate and the House of Representatives, were adequately informed about the bank’s financial health.
Scope and Application
The Statutory Rules 1921 No. 172, which amend the Regulations under the Commonwealth Bank Act 1911-1920, specify the procedures for the preparation and submission of the annual balance sheet for the Note Issue Department of the Commonwealth Bank of Australia. The regulations apply to the Chairman of Directors of the Note Issue Department, who is required to prepare the balance sheet according to the prescribed Form T(l) and submit it to the Auditor-General for verification. The balance sheet, along with the Auditor-General's report, must then be transmitted to the Treasurer, and copies must be laid before the Senate and the House of Representatives. These regulations have a national reach, applying across the Commonwealth of Australia, and are integral to the transparency and accountability of the Commonwealth Bank's operations. The rules do not specify any exclusions, exemptions, or thresholds, and their application is not extended or restricted by subordinate instruments.
Key Provisions
The Regulations under the Commonwealth Bank Act 1911-1920, specifically Regulation 59, outline significant financial reporting requirements for the Commonwealth Bank of Australia (COA). This regulation mandates that the Chairman of Directors of the Note Issue Department prepare a balance sheet as of the 30th of June and the 31st of December each year in accordance with the prescribed Form T(l). This balance sheet must be submitted to the Auditor-General for verification and subsequently transmitted to the Treasurer, and copies must be provided to the President of the Senate and the Speaker of the House of Representatives for presentation to their respective legislative bodies. Form T, which is attached and replaces the previous Form T, details the format and content of the balance sheet, including sections on assets, liabilities, and various funds such as the Reserve and Redemption Funds. The balance sheet must comprehensively detail the bank’s financial position, including notes held by the public, gold coin and bullion, debentures, and other liabilities and assets.
The obligations imposed by these Regulations are stringent and require meticulous attention to detail. The Chairman of Directors must ensure that the balance sheet is prepared accurately, reflecting the true financial status of the Note Issue Department as of the specified dates. Additionally, the balance sheet must be verified by the Auditor-General, whose report on its correctness must accompany the submission to the Treasurer and the legislative bodies. This dual verification process ensures transparency and accountability in the financial reporting of the Commonwealth Bank. Furthermore, the requirement to submit copies to the President of the Senate and the Speaker of the House of Representatives underscores the importance of parliamentary oversight in the financial management of the bank.
Failure to comply with these Regulations can result in significant consequences. Although the specific penalties for non-compliance are not detailed within the Regulations themselves, breaches of financial reporting requirements under the Commonwealth Bank Act 1911-1920 could potentially lead to both civil and criminal liabilities. Civil penalties could include fines, while criminal penalties might involve imprisonment, depending on the severity of the breach and any applicable laws. These potential penalties underscore the importance of adherence to the prescribed financial reporting standards and the serious implications of non-compliance.