STATUTORY RULES.
1954. No. .
REGULATIONS UNDER THE COMMONWEALTH BANK
ACT 1945-1953.*
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 1945-1953.
Dated this twenty first
day of May , 1954.
W. J. SLIM
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Commonwealth Savings Bank Regulations.†
Notice of withdrawal.
1. Regulation 17 of the Commonwealth Savings Bank Regulations is amended by omitting the words and figures “ section 142 of the Commonwealth Bank Act 1945 ” and inserting in their stead the words and figures “ section 156 of the Commonwealth Bank Act 1945-1953 ”.
Withdrawals by infants under twelve years of age.
2. After regulation 17 of the Commonwealth Savings Bank Regulations the following regulation is inserted :—
“ 17a. The Savings Bank may, in its discretion, pay to an infant who has not attained the age of twelve years, or to the parent or guardian of such an infant, any money standing to the credit of the infant in the Savings Bank if a withdrawal form is signed by the infant or by the parent or guardian of the infant.”.
Balance-sheets and statements of profit and loss.
3. Regulation 21 of the Commonwealth Savings Bank Regulations is repealed and the following regulation inserted in its stead :—
“ 21. Balance-sheets and statements of profit and loss of the Savings Bank prepared under sub-section (1.) of section 195 of the Commonwealth Bank Act 1945-1953 shall be in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in the Schedule to these Regulations.”.
* Notified in the Commonwealth Gazette on , 1954.
† Statutory Rules 1945, No. 129, as amended by Statutory Rules 1950, No. 70 ; and 1961, No. 42.
419.—Price 3d. 9/8.4.1954.
The Schedule
4. The Schedule to the Commonwealth Savings Bank Regulations is repealed and the following Schedule inserted in its stead :—
THE SCHEDULE.
Regulation 21.
Commonwealth Bank Act 1945-1953.
COMMONWEALTH SAVINGS BANK OF AUSTRALIA.
Balance-sheet as at
Liabilities. | Assets. |
| £ | s. | d. | | £ | s. | d. |
Reserve Fund ................ | | | | Australian notes and coin......... | | | |
Depositors’ balances and accrued interest | | | | Cash balances and money at short call .......................... | | | |
Other liabilities (including provision for contingencies) | | | | Commonwealth Government Securities (including Commonwealth Treasury Bills) | | | |
| | | | Securities of other governments and of local and semi-governmental authorities. | | | |
| | | | Bank premises (at cost less amounts written off) | | | |
| | | | Loans and advances ............ | | | |
| | | | Other assets ................. | | | |
Total .................. | | | | Total .................. | | | |
Statement of Profit and Loss for Year ended .
Dr. | Cr. |
| £ | s. | d. | | £ | s. | d. |
To National Debt Sinking Fund To Savings Bank Reserve Fund ..... | | | | By Profits (after provision for payments amounting to £ due to State Authorities under Savings Bank Amalgamation Agreements and after provision for contingencies) | | | |
| | | | | | | |
Total .................. | | | | Total .................. | | | |
By Authority : L. F. Johnston, Commonwealth Government Printer, Canberra.
Overview
The Statutory Rules 1954 No. 00061, Regulations under the Commonwealth Bank Act 1945-1953, were enacted to amend the existing regulations concerning the Commonwealth Savings Bank of Australia, addressing issues related to the bank's operations, financial reporting, and withdrawals by minors. The regulations were made by the Governor-General in Council under the authority granted by the Commonwealth Bank Act 1945-1953, with the intent of ensuring the Savings Bank operated efficiently and in accordance with the legislative framework. The policy objective was to provide clear guidelines and standards for the management and financial reporting of the Savings Bank, while also facilitating the withdrawal of funds by infants under twelve years of age under specific conditions.
Scope and Application
The Regulations under the Commonwealth Bank Act 1945-1953, made by the Governor-General and effective from 21 May 1954, primarily apply to the Commonwealth Savings Bank of Australia. They provide specific amendments and additions to the existing Commonwealth Savings Bank Regulations, affecting the administrative procedures and financial reporting requirements of the Savings Bank. The Regulations are designed to align with the updated Commonwealth Bank Act, incorporating changes such as the amendment of regulatory references and the introduction of new withdrawal procedures for infants under twelve years of age. These Regulations apply nationally within the Commonwealth of Australia and extend to the Commonwealth Savings Bank's operations, including its financial transactions and record-keeping. The Regulations also specify the format for balance-sheets and statements of profit and loss, which must comply with the forms outlined in the Schedule to these Regulations. The Regulations do not explicitly state any exclusions or exemptions, indicating a broad application to the Savings Bank's operations unless otherwise specified in the Act or by subordinate legislation.
Key Provisions
The primary sections of these Regulations under the Commonwealth Bank Act 1945-1953 address amendments to the Commonwealth Savings Bank Regulations. Regulation 17 is amended to reference section 156 of the updated Commonwealth Bank Act 1945-1953, replacing the previous reference to section 142 (1). A new regulation, 17a, is introduced to allow the Savings Bank to pay money to an infant under twelve years of age or to the infant's parent or guardian, provided a withdrawal form is signed by the infant or their parent or guardian (2). Regulation 21 is repealed and replaced with a new requirement that balance-sheets and statements of profit and loss must follow specific forms outlined in the new Schedule (3).
The Regulations impose several obligations on the parties involved. The Commonwealth Savings Bank must ensure that any withdrawals by infants under twelve are processed only if the relevant withdrawal form is duly signed by the infant or their parent or guardian (17a). Additionally, the Bank is required to prepare balance-sheets and statements of profit and loss in accordance with the specified forms provided in the Schedule to these Regulations (21).
Breach of these Regulations could potentially lead to various consequences. However, the specific offences, penalties, or consequences for non-compliance are not detailed within the text of these Regulations. Therefore, further investigation into the Commonwealth Bank Act 1945-1953 or associated legislation would be necessary to understand the full scope of potential penalties for non-compliance.