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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
These regulations made under the Commonwealth Bank Act 1945 set the operational rules for Australia's central bank. They establish banking secrecy (prohibiting staff from disclosing customer information unless legally compelled), customer identification requirements (requiring names, addresses and occupations), and protect the Bank from liability when dealing with companies, clubs or local authorities without needing to verify their internal constitutions or rules.
The regulations also prescribe detailed financial reporting standards, mandating specific forms (Forms A–K) for balance sheets and profit/loss statements across the Bank's five key departments: the Note Issue Department, General Banking Division, Rural Credits Department, Mortgage Bank Department, and Industrial Finance Department. The Bank must submit weekly statements of liabilities and assets to the Treasurer (Form J) and provide annual audited balance sheets for parliamentary scrutiny.
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Direct links to the current provisions in Commonwealth Bank Regulations.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
STATUTORY RULES.
1945. No. 128.
___________
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.
____________
Commonwealth Bank Regulations.
Citation.
1. These Regulations may be cited as the Commonwealth Bank Regulations.
Commencement.
2. These Regulations shall come into operation on the twenty-first day of August, 1945.
Forms.
3. Any reference in these Regulations to a Form shall be read as a reference to a Form in the Schedule to these Regulations.
Office hours.
4. Branches and agencies of the Bank shall be open for the transaction of business on such days and during such hours as the Bank determines.
Information to be furnished by customers.
5. The Bank may require any person wishing to transact any banking business with the Bank to supply the Bank with his name, address, occupation and such other particulars as, in the opinion of the Bank, are necessary to enable the Bank to conduct that business properly.
____________________________________________________________________________
* Notified in the Commonwealth Gazette on 20th August, 1945.
4321.—Price 8d.
Bank not bound to inquire as to manner of operating on accounts, &c.
6. The Bank shall not be under any liability by reason of any failure to ascertain that the method in accordance with which a firm, company, society, local authority, club or other body of persons desires to operate on any account, to deal with any security or to transact any other business with the Bank, is in accordance with any deed, articles, rules or other instrument of the firm, company, society, local authority, club, or body.
Powers of attorney, &c.
7. When any business is to be transacted with the Bank under a power of attorney, probate of a will or letters of administration of an estate, the Bank may require the original power of attorney, probate or letters of administration to be produced to the Bank and may require a copy of the power of attorney, probate or letters of administration to be lodged with the Bank.
Secrecy.
8. An officer, agent or other person carrying on any business of the Bank shall not—
(a) allow any person to have access to books or papers belonging to, or in the possession of, the Bank;
(b) furnish extracts from any such books or papers; or
(c) give any information of any kind relating to the business of the Bank (except to or on the order of a customer in respect of his own matters),
unless by direction or authority of the Bank or under compulsion or obligation of law.
Balance-sheets.
9.—(1.) The balance-sheets of the Bank and of the Note Issue Department prepared in the year 1945 shall be in accordance with Forms A and B respectively and the balance-sheets of the Bank and of the Note Issue Department prepared in each succeeding year shall be in accordance with Forms C and E respectively.
(2.) The balance-sheets of the General Banking Division, of the Rural Credits Department, of the Mortgage Bank Department and of the Industrial Finance Department shall be in accordance with Forms F, G, H and I, respectively.
(3.) The Governor shall, once in each year, prepare a balance-sheet, in accordance with Form D, of the central banking business carried on by the Bank under Part III. of the Commonwealth Bank Act 1945, and shall submit it to the Auditor-General for report as to its correctness or otherwise, and shall transmit it, together with the report of the Auditor-General, to the Treasurer.
(4.) The Governor shall also transmit true copies of the balance-sheet and report referred to in the last preceding sub-regulation to the President of the Senate and to the Speaker of the House of Representatives to be laid before the Senate and the House of Representatives respectively.
Statement of liabilities and assets of General Banking Division.
10.— (1.) The Bank shall furnish to the Treasurer a statement, in accordance with Form J, of the liabilities and assets within Australia of the General Banking Division.
(2.) The statement shall be prepared as at the close of business on Monday in each week and shall be furnished to the Treasurer within fourteen days after the date as at which it is prepared.
Returns of notes held.
11. The returns referred to in section 49 of the Commonwealth Bank Act 1945 shall be in accordance with Form K.
THE SCHEDULE.
Regulation 9. Form A.
—————
Commonwealth Bank Act 1945.
COMMONWEALTH BANK OF AUSTRALIA.
BALANCE-SHEET AS AT 30th JUNE, 1945.
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padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td rowspan="2" style="border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Coin, bullion and cash balances </span><span style="width:314.07pt; font-family:'Lucida Console', monospace; display:inline-block">.................................................................</span></p><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Australian notes</span><span style="width:365.39pt; font-family:'Lucida Console', monospace; display:inline-block">...........................................................................</span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td></tr><tr><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Reserve Fund</span><span style="width:114.19pt; font-family:'Lucida Console', monospace; display:inline-block">.......................</span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td></tr><tr><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Rural Credits Department—</span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td rowspan="4" style="border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Money at short call in London </span><span style="width:318.51pt; font-family:'Lucida Console', monospace; display:inline-block">..................................................................</span></p><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Commonwealth Government securities (including Commonwealth Treasury Bills).</span><span style="width:152.1pt; font-family:'Lucida Console', monospace; display:inline-block">...............................</span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td></tr><tr><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; text-indent:22.5pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Capital Account</span><span style="width:83.69pt; text-indent:0pt; font-family:'Lucida Console', monospace; display:inline-block">.................</span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td></tr><tr><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; text-indent:22.5pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif">Reserve Fund</span><span style="width:91.69pt; text-indent:0pt; font-family:'Lucida Console', monospace; display:inline-block">...................</span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="margin-bottom:0pt; line-height:normal; font-size:8pt"><span style="font-family:'Times New Roman', serif"></span></p></td><td style="padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margi
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