STATUTORY RULES.
1945. No. 129.
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REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1945.*
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.
Dated this twentieth day of August, 1945.
HENRY
Governor-General.
By His Royal Highness’s Command,
J. B. CHIFLEY
Treasurer.
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Commonwealth Savings Bank Regulations.
Citation.
1. These Regulations may be cited as the Commonwealth Savings Bank Regulations.
Commencement.
2. These Regulations shall come into operation on the twenty-first day of August 1945.
Office hours.
3. Branches, agencies and sub-agencies of the Savings Bank shall be open for the transaction of business on such days and during such hours as the Savings Bank determines.
Deposits may be refused in certain cases.
4. The Savings Bank may, if it considers that to do so would be in accordance with established savings bank practice—
(a) refuse to open an account for any person; and
(b) refuse to continue any person as a depositor, in which case the Savings Bank shall pay to that person any money standing to the credit of his account, including accrued interest.
School savings bank accounts.
5. The Savings Bank may conduct school savings bank accounts and may receive deposits of not less than One penny for the credit of such accounts.
Joint accounts.
6. Where money has been deposited with the Savings Bank in an account in the names of two or more persons, the Savings Bank may, on the death of any of those persons, pay the money standing to the credit of the account to the survivor or the survivors and the receipt of the money by the survivor or the survivors shall be a good discharge to the Savings Bank.
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* Notified in the Commonwealth Gazette on 20th August, 1945.
4325.—Price 3d.
Trustees.
7. Where money has been deposited with the Savings Bank by a person or persons in trust for any other person, the Savings Bank may—
(a) allow the name of another person, as a trustee, to be substituted for the name of an existing or deceased trustee;
(b) on the death of a trustee, pay the money standing to the credit of the account to the surviving trustee or trustees and the receipt of the money by that trustee or those trustees shall be a good discharge to the Savings Bank; and
(c) in the event of the death of a sole trustee or the last surviving trustee, pay the money standing to the credit of the account to the beneficiary and the receipt of the money by the beneficiary shall be a good discharge to the Savings Bank.
Accounts opened by proxies.
8. Where a person opens an account as proxy for another person, the Savings Bank may withhold the pass book, and refuse to allow withdrawals from the account, until a specimen of the depositor's signature witnessed by the proxy or other person approved by the Savings Bank has been received by the Savings Bank.
Accounts of local authorities.
9.—(1.) Where a local authority, friendly society, co-operative society, or any society, body or club, opens an account with the Savings Bank, it shall furnish through its secretary, treasurer, or other appropriate officer—
(a) an authority in the form required by the Savings Bank specifying the names of the persons who may operate on the account; and
(b) any information which the Savings Bank requires.
(2.) Where a local authority, friendly society, co-operative society, or any society, body or club, desires to make a change in the persons authorized to operate on its account, a further authority in the form required by the Savings Bank shall be furnished to the Savings Bank.
(3.) The Savings Bank shall not be under any liability by reason of any failure to ascertain that the method in accordance with which a local authority, friendly society, co-operative society, or any society, body or club, desires to operate on any account or to transact any other business with the Savings Bank is in accordance with any deed, articles, rules or other instrument of the local authority, friendly society, co-operative society, or of the society, body or club.
Authority to operate on account.
10. Where a depositor wishes his account to be operated upon by a person other than himself, he may be required to furnish an authority in accordance with a form determined by the Savings Bank.
Powers of attorney, &c.
11. When any business is to be transacted with the Savings Bank under a power of attorney, probate of a will or letters of administration of an estate, the Savings Bank may require the original power of attorney, probate or letters of administration to be produced to the Savings Bank and may require a copy of the power of attorney, probate or letters of administration to be lodged with the Savings Bank.
False entries in pass books.
12. A person (not being a person authorized by the Savings Bank to do so) shall not—
(a) make an entry in a pass book; or
(b) erase or alter any entry in a pass book.
Production of pass books for inspection.
13.—(1.) Each depositor shall, once in each year, produce his pass book for examination and verification with the books of the Savings Bank at such time and place as the Savings Bank determines.
(2.) The Savings Bank shall give notice of the times and places at which depositors' pass books are to be so produced.
Pass book to be produced.
14. Whenever a deposit or withdrawal is made, the pass book shall be produced to the Savings Bank unless, in its discretion, the Savings Bank determines otherwise.
Lost pass books.
15.—(1.) If a depositor loses his pass book, he shall forthwith give notice in writing of the loss to the Savings Bank.
(2.) If the depositor desires a new pass book to be issued to him, or to close the account, the Savings Bank may require him—
(a) to make a statutory declaration as to the loss of the passbook;
(b) to satisfy the Savings Bank as to his identity; and
(c) to give an indemnity satisfactory to the Savings Bank.
(3.) The Savings Bank may, after the expiration of fourteen days from the date of receipt by the Savings Bank of the notice of the loss of the pass book, and subject to compliance with any requirements made under the last preceding sub-regulation, issue to the depositor a new pass book showing the amount standing to the credit of the depositor in the records of the Savings Bank, or pay that amount to him.
Prevention of fraud.
16. The officers of the Bank shall endeavour diligently to prevent fraud and to identify every depositor transacting business with the Savings Bank, but where any person unlawfully withdraws money standing to the credit of a depositor by presenting to the Savings Bank a depositor's pass book and a withdrawal form purporting to be signed by the depositor, the Savings Bank shall not be under any liability to the depositor by reason of the withdrawal.
Notice of withdrawals
17. The notice of withdrawal referred to in sub-section (3.) of section 142 of the Commonwealth Bank Act 1945 shall be such notice, not exceeding one month, as, in any particular case, the Savings Bank requires.
Death of depositors.
18. The Savings Bank shall not be under any liability by reason of the withdrawal of, or other dealing with, any money standing to the credit of the account of a deceased depositor before it has received formal notice of his death.
Exchange or deposits and withdrawals.
19. The Savings Bank may require a depositor to pay exchange (at such rate as the Savings Bank determines) on any amount transferred or remitted from one place to another, either by way of deposit or withdrawal.
Secrecy.
20. An officer, agent or other person carrying on any business of the Savings Bank shall not—
(a) allow any person to have access to books or papers belonging to, or in the possession of, the Savings Bank;
(b) furnish extracts from any such books or papers; or
(c) give any information of any kind relating to the business of the Savings Bank (except to or on the order of a depositor in respect of his own matters), unless by direction or authority of the Savings Bank or under compulsion or obligation of law.
Balance-sheet.
21. The balance-sheet of the Savings Bank shall be in accordance with the form in the Schedule to these Regulations.
Regulation 21.
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The Schedule.
Commonwealth Bank Act 1945.
COMMONWEALTH SAVINGS BANK OF AUSTRALIA.
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BALANCE-SHEET AS AT
Liabilities. |
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| £ | s. | d. |
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Reserve Fund.................... |
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| Australian notes and coin.......................................................... |
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Depositors’ balances and accrued |
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| Cash balances and money at short call.................................................. |
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Interest..................... |
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Other liabilities (including provision for contingencies) |
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| Commonwealth Government securities................................................. |
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| Securities of other Governments and of local and semi-governmental authorities...................... |
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| Bank premises................................................................. |
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| Other assets................................................................... |
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Total............. |
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Profit and Loss for Year Ended
Dr. To National Debt Sinking Fund | £ | s. | d. | Cr. By Profits for year ended , after provision for payments amounting to £ due to State Authorities under Savings Bank Amalgamation Agreements
| £ | s. | d. |
To Savings Bank Reserve Fund |
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Total.......... |
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By Authority: L.F. Johnston, Commonwealth Government Printer, Canberra.