Commonwealth Bank Regulations (Amendment)

Legislation au C1920L00259 Regulations Not in force Legislative Instrument

Legislation content

STATUTORY RULES.

1920. No. 259.

_____

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 Regulations under the Commonwealth Bank Act 1911-1920, to come into operation forthwith.

Dated this fifteenth day of December, 1920.

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 1916, No. 72.)

The Commonwealth Bank Regulations are hereby amended as under:—

By inserting the following regulations after regulation No. 54:—

Note Issue Department.

55. The form in which every Bank shall keep a record of bank notes issued or re-issued, on and after the 1st day of July, 1911, and not redeemed by the Bank at the close of business on Monday of every week shall, be in accordance with the Form “X” of these Regulations.

56. The copy of such record, which is to be sent to the Treasurer on or before the 31st day of March in each year, in respect of the previous calendar year, shall be verified by a declaration in accordance with the Form “Y” of these Regulations.

57. The declaration in accordance with Form “Y” to these Regulations may be made before any of the following persons:—A Police, Stipendiary, or Special Magistrate of the Commonwealth or a State, a Justice of the Peace, a Commissioner for Affidavits, a Commissioner for Declarations, or the Manager or Accountant of any Branch of the Commonwealth Bank of Australia.

58. The form in which every Bank shall as at the close of business on each Monday render a return showing the value of Notes waned under this Act or the Australian Notes Act held by the Bank shall be in accordance with Form “Z” of these Regulations.

By repealing Form “T” under the regulations and substituting therefore Form “T” attached.


Form “X”

COMMONWEALTH OF AUSTRALIA.

The Commonwealth Bank Act 1911-1920, section 60m.

Record of all bank notes issued or re-issued by the  Bank of  on and after the first day of July, 1911, and, not redeemed by the Bank at the close of business on Monday of every week:—

Dates of the Several Mondays of the Year 19 

Face Value of Notes Issued or Re-issued and Not Redeemed.

 

 

____

Form “Y.”

DECLARATION.

I,  being     of the    Bank of   do solemnly and sincerely declare as follows:—

(1) That the above is a true copy of a record kept in the above bank

(2) That to the best of my knowledge and belief the record above referred to is a correct record of all Notes which were issued or re-issued by the Bank on and after the first day of July, 1911, and which were not redeemed by the Bank at the close of business on each Monday in the year ended the thirty-first day of December, 19

Declared at    the    day of   19

(Signature of Declarant.)

Before me

The person before whom this declaration is taken to sign here, and add the title by which he takes the declaration, such as “Police Magistrate.”

______

Form “Z”

Statement to be rendered by every Bank to the Chairman of Directors, Note Issue Department, Commonwealth Bank of Australia, Sydney, vide Commonwealth Bank Act 1911-1920, section 60n.

Weekly Statement of Australian Notes held at close of business on Monday,                                19               by (name of bank)

Amount held by this Bank at all Branches, £

(State, amount in words)

Bank

Stamp.

(General Manager, Inspector, or Chief Accountant, or as the case may be.)

Date


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

 

 

 

Money at Short Call in London

 

Savings Bank Department—

 

 

 

Investments—

 

Depositors’ Balances (with Interest Accrued)  

Capital— Debentures Issued..........

 

 

 

British, Colonial, and Government Securities (face value £.... ) 

 

Reserve Fund...................

Redemption Fund.................

 

 

 

Commonwealth Government Securities (face value £....... ) 

 

 

 

 

 

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 Issues Department............

 

Contingent Liabilities—

Outstanding Credits per Contra

 

 

 

Liabilities of Customers and Others on Letters of Credit per Contra

 

 

 

 

 

 

 

Note Issue Department.

 

£

s.

d.

 

£ s. d.

Notes held by the Public............

Notes held by Banks..............

Interest earned during the half-year ....

Loss Working Expenses and Commission 

 

 

 

Gold Coin and Bullion.............

Debentures and Other Securities......

Interest Accrued.................

Other Assets....................

 

 

 

Balance due to Commonwealth Treasury  

 

 

 

 

 

Dr.

Profit and Loss.

Cr.

 

£ s. d.

 

£ s. d.

To Reserve Fund ................

„ Redemption Fund .............

 

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.

 

£ s. d.

 

£ s. d.

To Balance....................

 

By Balance ....................

„ Transfer from Profit and Loss Account of one-half of the Net Profits 

 

 

 

 

 

 

Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.

Overview

The Commonwealth Bank Act 1911-1920 was enacted to establish the Commonwealth Bank of Australia and regulate its operations, particularly concerning the issuance and management of banknotes. The Act was introduced to address the need for a national bank to facilitate the operations of the newly formed Commonwealth of Australia, providing a stable financial institution to manage the country's monetary system. The Federal Parliament, the legislative body of the Commonwealth of Australia, enacted this Act. The policy objective was to create a central bank that could support the economic stability and growth of the nation by controlling the circulation of currency and managing the banking system effectively. The 1920 Regulations under the Commonwealth Bank Act 1911-1920 were introduced to amend existing regulations governing the operations of the Commonwealth Bank, particularly concerning the record-keeping and reporting of banknotes issued. These regulations aimed to standardise the format and verification process for records of banknotes not redeemed by the bank, ensuring transparency and accountability in the bank's financial management. The regulations also introduced new forms for record-keeping and reporting, replacing outdated forms and enhancing the accuracy and reliability of the data submitted to the Treasurer. This amendment aimed to strengthen the oversight and regulation of the bank's note-issuing activities, thereby maintaining the integrity of the national currency system.

Scope and Application

The Regulations under the Commonwealth Bank Act 1911-1920 apply specifically to the Commonwealth Bank of Australia and govern the management and reporting of the bank’s issued and re-issued bank notes. These regulations mandate that the bank maintain detailed records of notes issued or re-issued on and after 1st July 1911 that are not redeemed by the bank at the close of business on each Monday, as per Form "X". Additionally, the bank is required to send a verified copy of these records to the Treasurer by 31st March each year, in accordance with Form "Y", which may be verified by various authorised officials. The bank is also required to render a weekly return of the value of notes held by the bank at the close of business on each Monday, using Form "Z". These regulations thus cover the internal record-keeping and reporting practices of the Commonwealth Bank of Australia, ensuring transparency and compliance with statutory requirements.

Key Provisions

The key provisions of the Statutory Rules 1920, No. 259, which amend the Commonwealth Bank Regulations under the Commonwealth Bank Act 1911-1920, introduce specific record-keeping and reporting requirements for the Commonwealth Bank. Firstly, regulation 55 mandates that banks maintain a record of all bank notes issued or re-issued on and after 1 July 1911, which have not been redeemed by the bank by the close of business on each Monday, in accordance with Form "X". Secondly, regulation 56 requires that a copy of this record be sent to the Treasurer, verified by a declaration in accordance with Form "Y", by 31 March each year for the previous calendar year. Thirdly, regulation 57 specifies that the declaration can be made before various authorised individuals, including police magistrates, Justices of the Peace, and bank managers or accountants. Lastly, regulation 58 requires banks to render a return showing the value of notes held by the bank as at the close of business on each Monday, in accordance with Form "Z". The amended Regulations impose several obligations on the Commonwealth Bank. Banks must ensure that all records of unredeemed bank notes are kept in the prescribed format (Form "X") and sent to the Treasurer annually (Form "Y"). These records must be verified by an authorised individual, as per the list provided in regulation 57. Additionally, banks must prepare and submit a weekly statement of notes held, in the format specified by Form "Z". These requirements ensure transparency and accountability in the management of bank notes by the Commonwealth Bank. Failure to comply with the record-keeping and reporting requirements under these Regulations may result in penalties or other legal consequences, although the specific penalties are not outlined in the Statutory Rules 1920, No. 259. The Regulations focus primarily on establishing the procedures for maintaining and reporting bank note records rather than detailing the consequences of non-compliance. However, it is reasonable to infer that breaches of these obligations could potentially lead to administrative or legal actions, as is common in regulatory frameworks.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.