STATUTORY RULES.
1952. No. 16.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1945-1951.*
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 1945-1951.
Dated this twenty-ninth
day of February , 1952.
W.J. McKell
Governor-General.
By His Excellency’s Command,
for and on behalf of the Treasurer.
Amendments of the Commonwealth Bank Regulations.†
Primary produce.
1. Regulation 13 of the Commonwealth Bank Regulations is amended by omitting the words “ and fruit juices ” and inserting in their stead the words “ ,fruit juices, fruit extracts, fruit cordials, fruit liqueurs and grass seeds.”.
Form C.
2. The Schedule to the Commonwealth Bank Regulations is amended by omitting Form C and inserting in its stead the following Form :—
Regulation 9. Form C.
Commonwealth Bank Act 1945-1951.
COMMONWEALTH BANK OF AUSTRALIA.
AGGREGATE BALANCE-SHEET AS AT .
Liabilities. | | Assets. | |
| £ s. d. | | £ s. d |
Capital............................... | | Gold and balances held abroad (including money at short call) | |
Reserve Funds.......................... | | |
Special Reserve—Premium on gold sold | | |
Notes on issue.......................... | | Australian notes and coin............... | |
Deposits, bills payable and other liabilities (including provision for contingencies) | | Cheques and bills of other banks........... | |
| Commonwealth Government securities (including Commonwealth Treasury Bills) Securities of other Governments, and of local and semi-governmental authorities | |
| | Bills receivable and remittances in transit..... | |
| | Bank premises, at cost less amounts written off. | |
| | Loans, advances, bills discounted and other assets (after deducting provision for debts considered bad or doubtful) | |
Total................................ | | Total............................. | |
Note.—Inter-departmental accounts totalling £ have been offset. |
* Notified in the Commonwealth Gazette on , 1952.
† Statutory Rules 1945, No. 128, as amended by Statutory Rules 1946, No. 188 ; 1947, No. 131 ; and 1951, Nos. 41 and 88.
6200.—Price 3d. 9/22.1.1952.
Profit and Loss for Year Ended
Dr. | Cr. |
£ s. d. | £ s. d. |
Central Banking Business— | By Profits (after provision for contingencies)— |
To National Debt Sinking Fund......... | Central Banking Business |
To Commonwealth Bank Reserve Fund.... | Note Issue Department General Banking Division |
To General Banking Division Capital Account | Rural Credits Department Mortgage Bank Department |
To Rural Credits Department Capital Account | Industrial Finance Department............. |
To Mortgage Bank Department Capital Account .. | |
To Industrial Finance Department Capital Account | |
Note Issue Department— | |
To General Banking Division Capital Account | |
To Rural Credits Department Capital Account | |
To Mortgage Bank Department Capital Account | |
To Industrial Finance Department Capital Account | |
To Commonwealth Treasury | |
General Banking Division— | |
To National Debt Sinking Fund......... | |
To General Banking Division Reserve Fund. | |
Rural Credits Department— | |
To Rural Credits Department Reserve Fund. | |
To Rural Credits Development Fund...... | |
Mortgage Bank Department— | |
To Mortgage Bank Department Reserve Fund | |
Industrial Finance Department— | |
To Industrial Finance Department Reserve Fund | |
Total............................... | Total............................... |
Overview
Statutory Rules 1952, No. 16, enacted under the Commonwealth Bank Act 1945-1951, amends the Commonwealth Bank Regulations to address specific financial and administrative needs of the Commonwealth Bank of Australia. This legislative instrument was issued by the Governor-General in Council, aiming to update the regulatory framework to better align with the bank’s evolving functions and operations. The amendments involve changes to the types of assets eligible for specific regulatory treatments, such as the inclusion of fruit extracts and grass seeds, and modifications to the reporting format for the bank's balance sheet and profit and loss statements. These updates are intended to ensure the bank’s financial management practices remain robust and relevant in a changing economic environment.
Scope and Application
The Statutory Rules of 1952, No. 16, made under the Commonwealth Bank Act 1945-1951, primarily concern amendments to the Commonwealth Bank Regulations. These amendments, effective from the date of notification in the Commonwealth Gazette on February 29, 1952, pertain to the Commonwealth Bank of Australia, influencing its balance sheet and operational aspects. The regulations apply to the bank's liabilities and assets, detailing items such as capital, gold and balances held abroad, reserve funds, notes on issue, deposits, bills payable, cheques, and various securities. Additionally, the regulations specify adjustments to the primary produce category by expanding it to include fruit extracts, fruit cordials, fruit liqueurs, and grass seeds. These modifications are intended to reflect the evolving economic landscape and the bank's operations, ensuring that the regulatory framework remains pertinent and comprehensive.
Key Provisions
The main operative sections of these Regulations (C1952L00016) under the Commonwealth Bank Act 1945-1951 primarily focus on amending and updating certain aspects of the Commonwealth Bank Regulations. Regulation 13 has been amended to include additional items such as fruit extracts, fruit cordials, fruit liqueurs, and grass seeds, which are now subject to the same regulatory oversight as other primary produce items (Reg. 1(1)). Additionally, Form C within the Schedule of the Commonwealth Bank Regulations has been replaced to reflect the updated balance-sheet format, which includes detailed listings of both liabilities and assets, as well as a profit and loss account for the year ended (Reg. 2, Schedule).
These amendments impose specific obligations on the Commonwealth Bank of Australia and its various departments, including the General Banking Division, Rural Credits Department, Mortgage Bank Department, and Industrial Finance Department. Each department must ensure that their financial records, as detailed in the updated Form C, accurately reflect their capital, assets, liabilities, and profits or losses. This includes maintaining precise records of inter-departmental accounts, which are to be offset as indicated (Reg. 2, Schedule). The bank is also required to report on its balance sheet and profit and loss account, ensuring all entries are meticulously recorded and reconciled with the relevant capital accounts and reserve funds.
Failure to comply with these Regulations could result in various civil or criminal consequences. While specific penalties are not detailed within the text of these Regulations, breaches of financial regulations typically attract penalties under the relevant primary Act or other financial legislation. Such penalties may include fines, legal action, or other enforcement measures to ensure compliance with financial reporting and regulatory standards. The precise penalties would depend on the nature and severity of the breach, as well as any relevant statutory provisions in the Commonwealth Bank Act 1945-1951 or other financial laws.