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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This Act has been repealed and is no longer in force. It is retained for historical reference.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 (under the Commonwealth Bank Act 1911–1925) set detailed, practical rules for running the Commonwealth Bank: staff classification and oaths, secrecy obligations, how current, fixed and savings accounts are opened and paid, note-issue record-keeping, procedures for issuing debentures and inscribed stock, returns to the Treasurer, and an internal appeal process. They prescribe many standard forms and vest broad discretion in the Board over rates, acceptance of deposits and delegation. The rules affect directors, officers, depositors, investors and the Treasurer by creating identification, reporting and indemnity obligations.
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Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
STATUTORY RULES.
1926. No. 4.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1925.
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 1911-1925, to come into operation forthwith.
Dated this sixth day of January, 1926.
STONEHAVEN,
Governor-General.
By His Excellency’s Command,
EARLE PAGE,
Treasurer.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1925.
Part I.—Preliminary.
Short title.
Parts.
Part I.—Preliminary.
Part II.—General Banking Business.
Part III.—Savings Bank Business.
Part IV.—Note Issue Department.
Part V.—Issue of Debentures by the Bank.
Part VI.—Appeal Board.
Part VII.—Miscellaneous.
Interpretation.
3.—(1) In these Regulations, unless the contrary intention appears—
“the Act” means the Commonwealth Bank Act 1911-1925;
“the Deputy Governor” means the Deputy Governor of the Bank;
“Inspector” means an inspector of the Bank;
“Manager” means a manager of a branch of the Bank;
“Accountant” means an officer performing the duties of Accountant at a branch of the Bank;
“Officer” means an officer of the Bank, but not a Savings Bank officer as hereinafter defined;
“Probationer” means an employee on probation for admission to the service of the Bank;
“Branch” means a branch of the Bank;
“Superintendent” means an officer in charge of the Savings Bank Department of the Commonwealth Bank of Australia in a State;
C.15312.—Price 8d.
“Savings Bank” means the Savings Bank Department of the Commonwealth Bank of Australia;
“Savings Bank business” means the receipt of Savings Bank deposits, re-payment of such deposits and all business incidental thereto;
“Savings Bank branch” means an office at which Savings Bank business is transacted, and at which ledger accounts of depositors are kept;
“Savings Bank agency” means an office at which Savings Bank deposits are received and re-paid or received only, but at which ledger accounts of depositors are not kept;
“Savings Bank officer” means any officer appointed by the Governor to carry on Savings Bank business, and any officer acting as agent of the Bank in pursuance of section 52 of the Commonwealth Bank Act 1911-1925 shall come within this definition;
“Savings Bank year” means the twelve months ending on 30th June;
“the Secretary” means the Secretary to the Bank appointed in pursuance of the Act.
(2) The reference to forms are references to forms in the Schedule to these Regulations.
Declaration of fidelity or secrecy to be made by directors and members of London board.
4. The declaration to be made by each Director and member of the London Board, pursuant to section 15a of the Act, shall be in accordance with Form A.
Classification of officers.
Probationers.
Officers.
Duty of secrecy.
Superannuation Fund and Fidelity Guarantee Fund.
9.—(1) The Board may with the consent of the Treasurer provide for a Superannuation Fund and a Fidelity Guarantee Fund to be established and may make rules for the conduct of each of such Funds.
(2) Every officer shall subscribe to the Superannuation Fund and Fidelity Guarantee Fund in terms of the rules of the respective Funds.
(3) The Board may from time to time, out of the funds of the Bank, supplement the Funds to an extent approved by the Treasurer.
Delegation of authority.
Legal proceedings.
11. No legal proceedings on behalf of the Bank stall be initiated or carried on by any officer of the Bank unless and until sanctioned by the Board.
Authorities.
12.—(1) It shall not be incumbent on the Bank to examine any deed, articles or rules of any firm, company, society, local authority, club or body, to ascertain that the method specified in any authority as the method in which the account of the firm, company, society, local authority, club or body is operated upon is in accordance with such deed, articles or rules, and the Bank shall not be responsible in any way if such deed, articles or rules are in any way contravened.
(2) When an account is to be operated upon under power of attorney or probate, or letters of administration the original document shall, if required, be produced to the Bank, and such document, or a certified copy thereof, shall, if required, be lodged with the Bank.
Addresses of depositors.
Decease of depositors.
14.—(1) In the event of the death of a depositor, no further withdrawal of funds shall be permitted except by the deceased’s personal representatives, after production of probate or letters of administration, unless the Board otherwise directs.
(2) The Bank shall not be responsible for any withdrawals of or other dealings with any funds of a deceased depositor before it has received formal notice of his death.
Quarterly statements of assets and liabilities, &c.
15. The Board shall furnish to the Treasurer of the Commonwealth Quarterly Statements of the Liabilities and Assets of the Bank, and of the business of the Bank, in accordance with Form B.
Half-yearly balance-sheet.
Part II.—General Banking Department.
General banking business of bank.
17.—(1) The Bank shall be open for the transaction of general banking business at such time and at such place as the Board directs.
(2) The Bank may, subject to the Act and these Regulations—
(a) receive money on current account;
(b) receive money on fixed deposit;
(c) issue bills and drafts;
(d) grant letters of credit;
(e) receive bills for collection;
(f) accept packets for safe custody;
(g) grant advances;
(h) discount or negotiate bills and drafts;
(i) deal in exchanges, specie, bullion, gold dust, assayed gold and precious metals;
(j) establish and conduct safe deposits;
(k) give guarantees and indemnities;
(l) act as trustee or agent, and act as agents for the inscription and registration of stock; and
(m) transact any other banking business,
on such terms and conditions and at such rates as the Board from time to time decides.
Current and fixed deposit accounts.
18.—(1) Any person wishing to open a current or fixed deposit account with the Bank may be required—
(a) to furnish the Bank with full information regarding his name, occupation and address;
(b) to furnish a specimen of his signature; and
(c) to furnish any further information which the Bank requires.
(2) Any firm wishing to open a current or fixed deposit account with the Bank may be required—
(a) to furnish the Bank with full information regarding the constitution, business and address of the firm;
(b) to furnish specimen signatures of all the partners or proprietors;
(c) to give the Bank an authority prescribing who shall operate on the account; and
(d) to give any further information which the Bank requires.
(3) Any company or society or other incorporated body wishing to open a current or fixed deposit account with the Bank may be required to furnish—
(a) a copy of its memorandum and articles of association or instrument of incorporation;
(b) an authority specifying the persons who are authorized to operate on the account, supported by relevant extracts from minutes, duly verified and specimen signatures of the persons so authorized; and
(c) any further information which the Bank requires.
(4) Any local authority, friendly society, charitable institution or other kindred body wishing to open a current or fixed deposit account with the Bank may be required to furnish—
(a) an authority specifying the officials who are authorized to operate upon the account together with their specimen signatures;
(b) the name and address of the official to whom the Bank is to address correspondence regarding the account; and
(c) any further information which the Bank requires.
Issue of bank cheques.
Fixed deposit receipts not paid before maturity.
20.—(1) Fixed deposits shall not be paid before maturity unless with the approval of the Board, the Governor or other executive officer of the Bank.
(2) The instructions as to the disposal of an amount on fixed deposit shall be indorsed on the receipt, and signed by the payee, or his letter of authority given, unless the Board, the Governor or other executive officer of the Bank dispenses with such indorsement or authority.
(3) An acquittance by way of cheque may be required for all fixed deposits and also for interest thereon. A cheque or other specific authority may be required if the depositor wishes to place the whole or any part of the proceeds at maturity, or otherwise at the disposal of any person other than himself.
Death of fixed depositor.
21. In the event of the death of a fixed depositor, the money shall not be withdrawn or paid until probate or letters of administration have been obtained, and exhibited in the usual way, unless the Board, the Governor
or other executive officer of the Bank dispenses with their production. Such deposit may, however, with the approval of the Board, the Governor or other executive officer of the Bank be renewed with interest added in the name of the deceased.
Renewal of fixed deposits.
22. When a fixed deposit is renewed, a new receipt shall be issued with a new number.
Fixed deposit receipts lost.
23.—(1) In the event of a depositor losing his deposit receipt, particulars of loss shall be furnished to the Governor who shall decide whether the Bank will pay the depositor the amount of his receipt, and may require an indemnity in accordance with or to the effect of the Form CA, or any other security with an approved surety, accompanied by a statutory declaration setting out the facts and declaring that the document was not parted with for valuable or other consideration and such other evidence (if any) as the Governor requires.
(2) Where the law so requires the indemnity and receipt should be duly stamped by the persons executing them, but the absence of such a stamp shall not affect the validity of the document, or the rights of the Bank thereunder.
Part III.—Savings Bank Business.
Office hours for transaction of Savings Bank business.
24. Branches and agencies of the Savings Bank shall be open for the transaction of Savings Bank business on such days and during such hours as are directed by the Board.
By whom deposits may be made.
25. Deposits may be made by and in the name of—
(a) any person;
(b) an infant;
(c) any person as trustee for any other person;
(d) two or more persons in their joint names;
(e) any person in his individual name as a Trust Account for other persons, estates or interests;
(f) any person on account of, or for the purpose of, any enterprise, undertaking, business, occupation or calling carried on by him;
(g) any person jointly with different persons; and
(h) a local authority, friendly society, co-operative society or any other society or club.
The term “other society” may include hospitals, charitable institutions, penny savings banks, school committees, and religious, social or political bodies, but not any body or company engaged in, or formed for the purpose of, trading, or of acquiring pecuniary profit for distribution to shareholders, or other gain;
Provided always that the Board may refuse to accept any deposit from any person whom it may deem undesirable or inexpedient to admit or continue as a depositor and any deposit made by any such person may be returned to him.
Opening individual accounts.
(a) to furnish a specimen of his signature;
(b) to fill in and sign the necessary forms;
(c) to furnish any further information which the Bank may require;
(d) to receive from the Bank a pass-book or an interim receipt showing the amount of the deposit; and
(e) to sign an authority in the form laid down by the Bank if he wishes his account to be operated upon by one or more persons other than himself.
Opening joint accounts.
27.—(1) Persons desiring to open a joint account must furnish any particulars regarding themselves that may be required by the Bank, and shall sign the necessary forms. Such an account may be operated jointly or severally.
(2) When the parties to the account desire that the account shall be operated in some way other than by all parties thereto signing, an authority prescribing who shall operate the account, signed by all the parties thereto, may be required. In the event of the death of one or more of the joint depositors the account shall vest in the survivor or survivors. The Board may require such proof of death as it considers necessary.
Opening trustee account.
Opening of other accounts.
Depositors who cannot write.
The signature of a foreigner, if it is unintelligible, shall be treated as that of a marksman.
Deposits made by females.
This is an opening excerpt, not the complete document.