STATUTORY RULES.
1951. No. 42.
REGULATION UNDER THE COMMONWEALTH BANK ACT 1945–1948.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Commonwealth Bank Act 1945–1948.
Dated this sixteenth day of May, 1951.
W. J. McKell
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendment of the Commonwealth Savings Bank Regulations.†
The Schedule.
The Schedule to the Commonwealth Savings Bank Regulations is amended—
(a) By inserting after the words “ Commonwealth Government securities ” the words “ (including Commonwealth Treasury Bills) ” ;
(b) by inserting after the words “ Bank premises ” the words “, at cost less amounts written off ” ; and
(c) by omitting the words from and including the words “, after provision ” to and including the word “ Agreements ” and inserting in their stead the words “ (after provision for payments amounting to £ due to State Authorities under Savings Bank Amalgamation Agreements and after provision for contingencies) ”.
* Notified in the Commonwealth Gazette on , 1951
† Statutory Rules 1945, No. 129, as amended by Statutory Rules 1950, No. 70.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
674.—Price 3d. 9/12.2.1951.
Overview
Statutory Rules 1951 No. 42, made under the Commonwealth Bank Act 1945-1948, was enacted to amend the Commonwealth Savings Bank Regulations. The Commonwealth Bank Act 1945-1948 itself was established to provide for the operation and administration of the Commonwealth Bank of Australia, including its savings bank functions, and these regulations further refine the administrative and operational details of the savings bank. The Federal Executive Council, on the advice of the Governor-General, introduced these regulations to address specific administrative needs and to ensure compliance with the overarching legislative framework established by the Commonwealth Bank Act. The objective of these amendments is to update and clarify certain regulatory aspects concerning the management and operation of the savings bank, ensuring it operates smoothly and efficiently within the legislative mandate.
Scope and Application
The Statutory Rules 1951, No. 42, which amend the Commonwealth Savings Bank Regulations under the Commonwealth Bank Act 1945–1948, apply to the Commonwealth Savings Bank and its operations. The regulations govern the management and administration of the Commonwealth Savings Bank, ensuring that it operates within the legislative framework set by the Commonwealth Bank Act. This includes the bank’s dealings with Commonwealth Government securities, specifically adding Commonwealth Treasury Bills to the list of eligible securities, and the valuation of bank premises, which are to be recorded at cost less amounts written off. Furthermore, the regulation modifies the financial provisions to account for payments due to State Authorities under Savings Bank Amalgamation Agreements and provisions for contingencies. These amendments aim to streamline the operational and financial processes of the Commonwealth Savings Bank, ensuring clarity and consistency in its activities. The regulation has a national reach, impacting all entities and transactions within the Commonwealth Savings Bank across Australia.
Key Provisions
The Statutory Rules 1951, No. 42, made under the Commonwealth Bank Act 1945–1948, primarily amend the Commonwealth Savings Bank Regulations as detailed in the Schedule. The amendments introduced by this legislative instrument focus on the inclusion and modification of specific terms within the existing regulations (Schedule). The key changes are (a) the addition of "Commonwealth Treasury Bills" to the list of Commonwealth Government securities (Schedule, item (a)), (b) the clarification that Bank premises are valued at cost less amounts written off (Schedule, item (b)), and (c) the modification of the financial provisions to account for payments due to State Authorities under Savings Bank Amalgamation Agreements and contingencies (Schedule, item (c)).
These amendments impose clear requirements on the management and valuation of financial assets and premises of the Commonwealth Savings Bank. Specifically, by including Commonwealth Treasury Bills in the category of Commonwealth Government securities, the regulation ensures that these financial instruments are recognised and managed in a manner consistent with other government securities. The amendment regarding the valuation of Bank premises mandates that they be assessed at their cost less any amounts written off, providing a transparent and systematic approach to asset valuation. Additionally, the financial provisions adjustment requires the Bank to account for payments due to State Authorities under Savings Bank Amalgamation Agreements and to maintain a reserve for contingencies, ensuring that the Bank's financial operations are conducted with due consideration for external obligations and potential risks.
Failure to comply with the provisions of these regulations could result in significant legal and financial repercussions. While the specific offences, penalties, or consequences for non-compliance are not detailed within the text of the regulation itself, it is reasonable to infer that breaches of these financial management and reporting requirements could potentially lead to administrative penalties, legal action, or other enforcement measures under the broader legislative framework of the Commonwealth Bank Act 1945–1948. The precise penalties would depend on the nature and severity of the breach, as well as any additional provisions or guidelines established under the overarching act.