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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This Act has been repealed and is no longer in force. It is retained for historical reference.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 set out how the Commonwealth Bank must run certain day‑to‑day and reporting functions: they give the Bank discretion over branch hours and customer identification, limit the Bank’s obligation to check clients’ internal rules, impose secrecy duties on staff, prescribe exact forms and formats for departmental balance‑sheets and profit‑and‑loss statements, require annual central‑bank reporting, and expand the statutory list of “primary produce”.
They affect the Bank, its customers, auditors and Parliament by allocating administrative discretion, creating compliance tasks and fixing the content and flow of financial information.
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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.
1953. No. 105
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 thirtieth
day of November , 1953.
W. J. Slim
Governor-General.
By His Excellency’s Command,
Treasurer.
Commonwealth Bank Regulations.
Citation.
Commencement.
Repeal.
Interpretation.
4.—(1.) In these Regulations, “the Act” means the Commonwealth Bank Act 1945-1953.
(2.) In these Regulations, a reference to a form by letter shall be read as a reference to the form so lettered in the Schedule to these Regulations.
Office hours.
Information to be furnished by customers.
6. The Commonwealth Bank may require a person who wishes to transact banking business with the Bank to furnish to the Bank particulars of his name, address and 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 , 1953.
5167.—Price 5d. 10/26.11.1953.
Bank not bound to inquire as to manner of operating on accounts, &c.
Powers of attorney, &c.
Declaration of secrecy.
Secrecy.
(a) permit any person to have access to, or furnish to any person copies of or extracts from, books or papers belonging to, or in the possession of, the Bank; or
(b) furnish to any person any information relating to the business of the Bank, other than information furnished to or on the order of a customer in respect of his own matters,
except by direction or authority of the Bank or under compulsion or obligation of law.
Balance-sheets and statements of profit and loss of the Bank and its Departments.
(a) in the case of the Commonwealth Bank—in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in Form B;
(b) in the case of the Note Issue Department of the Commonwealth Bank—in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in Form C;
(c) in the case of the Rural Credits Department of the Commonwealth Bank—in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in Form D;
(d) in the case of the Mortgage Bank Department of the Commonwealth Bank—in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in Form E; and
(e) in the case of the Industrial Finance Department of the Commonwealth Bank—in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in Form F.
Balance-sheets and statements of profit and loss relating to central banking business.
12.—(1.) The Governor shall, once in each year, prepare a balance-sheet and a statement of profit and loss of the central banking business carried on by the Commonwealth Bank under Part V. of the Act.
(2.) Balance-sheets and statements of profit and loss prepared under the last preceding sub-regulation shall be in accordance with the form of balance-sheet and the form of statement of profit and loss respectively set out in Form G.
(3.) The Governor shall—
(a) submit each balance-sheet and statement of profit and loss prepared under this regulation to the Auditor-General for report as to their correctness or otherwise;
(b) after receiving the report of the Auditor-General, transmit the balance-sheet and statement of profit and loss, together with the report, to the Treasurer; and
(c) transmit true copies of the balance-sheet, the statement of profit and loss and the report 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.
Returns of notes held.
Primary produce.
14. For the purposes of the definition of “primary produce” in section 5 of the Act, primary produce includes ores, concentrates of ores, peanut products, poultry, cider, fruit juices, fruit extracts, fruit cordials, fruit liqueurs, grass seeds, copra, coconut, desiccated coconut, coconut oil and other copra products.
THE SCHEDULE.
Form A. Regulation 9.
Commonwealth Bank Act 1945-1953.
DECLARATION OF SECRECY.
I, of , being a member of the Commonwealth Bank Board appointed under the Commonwealth Bank Act 1945-1953, do solemnly and sincerely declare that I will at all times maintain secrecy in relation to the affairs of the Board, the Commonwealth Bank of Australia, the Commonwealth Trading Bank of Australia and the Commonwealth Savings Bank of Australia, and, in particular, that I will not directly or indirectly communicate or divulge any information which comes to my knowledge in the performance of my functions as a member of the Board except by authority of the Board or under compulsion or obligation of law.
(Signature of declarant.)
Declared at the day of , 19 .
Before me,
Justice of the Peace
or
Commissioner for taking Affidavits.
Form B. Regulation 11.
Commonwealth Bank Act 1945-1953.
COMMONWEALTH BANK OF AUSTRALIA.
Aggregate Balance-sheet as at
<table cellspacing="0" cellpadding="0" style="width:490.3pt; border-collapse:collapse"><tbody><tr style="height:4.2pt"><td colspan="4" style="width:235.3pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:middle"><p style="text-align:center; font-size:10pt"><span style="font-style:italic">Liabilities.</span></p></td><td colspan="4" style="width:247pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:middle"><p style="text-align:center; font-size:10pt"><span style="font-style:italic">Assets.</span></p></td></tr><tr style="height:15.35pt"><td style="width:175pt; border-top:0.75pt solid #000000; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:center; font-size:11pt"><span style="font-style:italic"></span></p></td><td style="width:18.85pt; border-top:0.75pt solid #000000; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>£</span></p></td><td style="width:12.45pt; border-top:0.75pt solid #000000; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span style="font-style:italic">s.</span></p></td><td style="width:17pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span style="font-style:italic">d.</span></p></td><td style="width:193.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><p style="text-align:center; font-size:11pt"><span style="font-style:italic"></span></p></td><td style="width:12.2pt; border-top:0.75pt solid #000000; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>£</span></p></td><td style="width:16.75pt; border-top:0.75pt solid #000000; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span style="font-style:italic">s.</span></p></td><td style="width:12.85pt; border-top:0.75pt solid #000000; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span style="font-style:italic">d.</span></p></td></tr><tr style="height:8.15pt"><td style="width:175pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>Capital</span><span style="width:135.33pt; font-family:'Lucida Console', monospace; display:inline-block">....................</span></p></td><td style="width:18.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.45pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:17pt; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td rowspan="2" style="width:193.2pt; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><p style="margin-left:15.85pt; text-indent:-15.85pt; text-align:justify; font-size:11pt"><span>Gold and balances held abroad (including money at short call)</span></p></td><td style="width:12.2pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:16.75pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td></tr><tr style="height:8.4pt"><td style="width:175pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>Reserve Funds</span><span style="width:102.02pt; font-family:'Lucida Console', monospace; display:inline-block">...............</span></p></td><td style="width:18.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.45pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:17pt; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.2pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:16.75pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td></tr><tr style="height:7.7pt"><td rowspan="2" style="width:175pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="margin-left:15.85pt; text-indent:-15.85pt; text-align:justify; font-size:11pt"><span>Special Reserve—Premium on gold sold</span><span style="width:0.97pt; text-indent:0pt; display:inline-block"></span></p></td><td style="width:18.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.45pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:17pt; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:193.2pt; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>Australian notes and coin </span><span style="width:52.24pt; font-family:'Lucida Console', monospace; display:inline-block">.......</span></p></td><td style="width:12.2pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:16.75pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td></tr><tr style="height:7.9pt"><td style="width:18.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.45pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:17pt; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:193.2pt; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>Cheques and bills of other banks</span></p></td><td style="width:12.2pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:16.75pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td></tr><tr style="height:7.9pt"><td style="width:175pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span>Notes on issue</span><span style="width:102.94pt; font-family:'Lucida Console', monospace; display:inline-block">...............</span></p></td><td style="width:18.85pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:12.45pt; padding-right:2pt; padding-left:2pt; vertical-align:top"><p style="text-align:justify; font-size:11pt"><span></span></p></td><td style="width:17pt; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><p style="
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