Commonwealth Savings Bank Regulations (Amendment)

Overview

The Statutory Rules 1932, No. 139, Regulations under the Commonwealth Bank Act 1911-1932, were enacted to address issues arising from the implementation and management of the Commonwealth Savings Bank Regulations. This legislative instrument was created under the authority of the Governor-General acting with the advice of the Federal Executive Council, in response to the need to align superannuation contributions of officers of the Commonwealth Savings Bank with state regulations, specifically those in New South Wales as ratified by the Commonwealth and State Banks Agreements Ratification Act 1931. The objective of these regulations was to ensure that officers of the Commonwealth Savings Bank who are required to contribute to a state-administered superannuation fund under New South Wales law would not be simultaneously required to contribute to the bank's own superannuation fund, thereby preventing double contributions and potential confusion or conflict in superannuation obligations.

Scope and Application

The Statutory Rules 1932 No. 139, being regulations under the Commonwealth Bank Act 1911-1932, extend specifically to the amendment of the Commonwealth Savings Bank Regulations, impacting certain officers of the bank. This legislative instrument targets individuals who are appointed as officers after the specified date of 14 December 1932 and who are required to contribute to the fund established under the Superannuation Act 1916-1930 of the State of New South Wales, pursuant to clause twenty-three of the agreement contained in the First Schedule to the Commonwealth and State Banks Agreements Ratification Act 1931. These officers, while subject to the superannuation requirement of New South Wales, are precluded from being entitled or compelled to subscribe to the Bank’s Superannuation Fund as long as they are required to contribute to the New South Wales fund. The regulation is applicable within the Commonwealth of Australia, demonstrating a jurisdictional reach that adheres to the federal legislative framework.

Key Provisions

The main operative sections of these regulations pertain to the Commonwealth Savings Bank Regulations, specifically Regulation 10. Regulation 10(2) has been amended to include a new sub-regulation (2a). This sub-regulation specifies that any person who becomes an officer after 14 December 1932 and is required to contribute to the fund established by the Superannuation Act 1916-1930 of the State of New South Wales, shall not be entitled or compelled to subscribe to the Bank’s Superannuation Fund for as long as they are required to contribute under the New South Wales Act. The obligations imposed by these regulations are twofold. Firstly, officers of the Commonwealth Savings Bank who were appointed after the specified date must adhere to the new conditions outlined in sub-regulation (2a). These conditions dictate that if they are required to contribute to a superannuation fund under the New South Wales Act, they are exempt from subscribing to the Bank’s Superannuation Fund. Secondly, this regulation clarifies the rights and obligations of these officers concerning their superannuation contributions, ensuring they are not double-charged for superannuation benefits. Breach of these regulations may not explicitly detail specific offences or penalties in the provided text. However, the regulations are under the overarching authority of the Commonwealth Bank Act 1911-1932, which may have its own provisions for penalties and enforcement mechanisms. Typically, failure to comply with such regulatory provisions could lead to administrative actions or consequences as outlined in the parent Act, although the exact penalties are not specified in these regulations.