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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This Act has been repealed and is no longer in force. It is retained for historical reference.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 prescribe the detailed, day‑to‑day rules by which the Commonwealth Bank must operate under the Commonwealth Bank Act 1911–1914. They set governance and secrecy rules, delegate authority, prescribe how debentures and inscribed stock are issued, transferred and paid, and lay out precise Savings Bank account, deposit, withdrawal and reporting procedures. The rules primarily affect bank officers, depositors and stockholders by shifting many operational decisions to the Governor and imposing identification, documentation, indemnity and reporting requirements that create ongoing compliance costs.
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Direct links to the current provisions in Commonwealth Bank Regulations, 1915.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
STATUTORY RULES.
1916. No. 72.
REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1914.
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 1911-1914 to come into operation forthwith. Such Regulations shall supersede the Provisional Regulations (Statutory Rules 1916, No. 4) under the said Act made on the twelfth day of January, One thousand nine hundred and sixteen.
Dated this twentieth day of April, One thousand nine hundred and sixteen.
R. M. FERGUSON,
Governor-General.
By His Excellency’s Command,
W. G. HIGGS,
Treasurer.
Regulations under the Commonwealth Bank Act 1911-1914.
Short Title.
1. These Regulations may be cited as the Commonwealth Bank Regulations, 1915.
Interpretation.
2. In these Regulations, unless the contrary intention appears—
“the Act” means the Commonwealth Bank Act 1911-1914;
“the Bank” means the Commonwealth Bank of Australia;
“the Governor” means the Governor of the Bank;
“the Deputy Governor” means the Deputy Governor of the Bank;
“Inspector” means an Inspector of the Bank;
“Manager” means the Manager of a Branch of the Bank;
“Accountant” means the 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, the Officer-in-Charge of the Savings Bank Department of the Commonwealth Bank of Australia in a State:
C.3543.—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 1911-1914 shall come within this definition;
“Savings Bank Year” means twelve months ending on 30th June;
“Month” means calendar month;
Words importing the singular number shall include the plural and conversely;
Words importing the masculine gender only shall include the feminine;
The reference to forms are references to forms in the schedule.
Classification of Officers.
3. The Governor shall classify the Officers and Servants of the Bank, and shall fix their remuneration from time to time.
Probationers.
4. Every probationer, on joining the service of the Bank, shall be required to sign “Probationary Articles of Agreement” and a “Declaration of Secrecy,” and shall be assured by a bond for £500 (penal) by a Fidelity Guarantee Society, approved by the Governor, to secure his fidelity during his term of probation.
Officers.
5. Every officer, on his admission to the service of the Bank, shall be required to sign “Articles of Agreement” and ‘‘Declaration of Secrecy.”
Duty of Secrecy.
6. No officer, probationer, or Savings Bank Officer shall allow any person to have access to books or papers belonging to the Bank, nor shall he furnish extracts therefrom, nor give 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 and authority of the Governor or under compulsion or obligation of law.
Superannuation Fund and Fidelity, Guarantee Fund.
7. (1) The Governor may provide for a Superannuation Fund and Fidelity Guarantee Fund to be established, and may make Rules for the conduct of such Funds. Every officer (excepting the first Governor and Deputy Governor) shall subscribe to such Funds in terms of the Rules.
(2) The Governor may from time to time, out of the funds of the Bank, supplement each of the said Funds to an extent approved by the Treasurer.
Governor—Delegation of Authority.
8. The Governor may, from time to time, when he considers it necessary or expedient, delegate any or all of the powers or authorities conferred upon him by these Regulations to the Deputy-Governor Inspector, Branch Manager, Superintendent, or such other officer as he thinks fit.
Legal Proceedings.
9. No legal proceedings on behalf of the Bank shall be initiated or carried on by any officer of the Bank unless and until sanctioned by the Governor.
Authorities.
10. (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 Customers.
11. Notice of any change in the address of any customer of the Bank should be given by the customer to the Bank as soon as reasonably may be after the change has taken place.
Decease of Customers.
12. (1) In the event of the death of a customer, 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 Governor otherwise directs.
(2) The Bank shall not be responsible for any withdrawals of or other dealings with any funds of a deceased customer before it has received formal notice of his death.
Quarterly Statements of Assets and Liabilities, &c.
13. The Governor 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 “S.”
Half-yearly Balance-sheet.
14. The balance-sheet, to be prepared in accordance with Section 20 of the Act shall be made up as on the 30th day of June and the 31st day of December in each year, and shall be in accordance with Form “T,” and shall be prepared as soon after those dates as reasonably may be.
Classification of Depositors’ Balances.
15. A return, called the Classification of Depositors’ Balances, in the Form “U,” shall be supplied by the Governor to the Treasurer as for the 30th June in each year.
Debentures.
16. (1) The Governor may, from time to time, with the approval of the Treasurer, sell, or otherwise deal with debentures, or cause them to be sold or otherwise dealt with, in the Commonwealth, England, and elsewhere.
(2) Debentures shall be payable as to principal and interest at such place or places as the Governor from time to time decides, and shall be in accordance with the following form, and shall be under the Common Seal of the Bank, and signed by the Governor or Deputy Governor, and countersigned by some officer authorized by the Governor in that behalf.
Form, of Debenture.
COMMONWEALTH OF AUSTRALIA.
Commonwealth Bank of Australia.
No........£.
This Debenture is issued by the Commonwealth Bank of Australia, in pursuance of the Commonwealth Bank Act 1911-1914, and entitles the bearer to the sum of..............pounds sterling with interest thereon at the rate of...............pounds per centum per annum to be paid to the bearer by the Bank, subject to the said Act and the terms specified in this Debenture.
(а) The payment of the principal and interest due in respect of this Debenture is, by the said Act, guaranteed by the Commonwealth, and the Consolidated Revenue Fund of the Commonwealth is by the said Act appropriated for that purpose.
(b) Interest will be repayable half-yearly on the................day of…………………….and the…………..day of…………….in each year, and annexed to this Debenture are twenty coupons each providing for a half-year’s interest, and such interest will be payable only on presentation of the coupon referring thereto. After the…………day of…………………(ten years after date), and at the expiration of each succeeding period of ten years, the bearer of the appropriate voucher, on presentation thereof; will be entitled to the issue of fresh coupons for a further period of ten years.
(c) The principal sum of £.............will be paid to the bearer hereof between the……………..day of………19…….and the…………..day of………19….., such date of payment to be fixed in the following manner:—
(d) The Bank to have the right to pay such principal sum on the…………………..19……(ten years after date of issue) on giving not less than twelve months’ prior notice of its intention so to do in the manner prescribed. If such notice is not given, this Debenture to remain current for a further period of ten years, being then repayable on not less than twelve months’ prior notice being given in the manner prescribed. If such notice is not given, this Debenture to remain current for another period of ten years, and so on in even periods of ten years until the
final date of maturity is reached, or the principal sum paid, whichever first occurs. Subject in all cases to twelve months’ previous notice of intention to pay being given in the prescribed manner.
(e) Notice of intention to pay the principal sum shall be given by advertisement in the Commonwealth Government Gazette, and in at least one daily newspaper published in each of the capital cities of Australia, or in such other place or places (if any) as the Governor considers expedient or proper.
(f) The delivery to the Bank of this Debenture, and each of the coupons, shall be a good discharge for the principal moneys and interest therein respectively specified.
Dated this..................................................................day of……………………………….19...
Signature of Governor or Deputy Governor of the Bank.
Countersigned
…………………………………..
Authorized Officer of the Bank.
(3) The Governor may at any time, at the request of the bearer of any Debenture, issue Inscribed Stock of the same currency, on the same terms and conditions as to payment and otherwise, and bearing the same interest in lieu and place of the Debenture.
(4) Requests for Inscribed Stock may be made to the Governor in Sydney, or at such other place or places as the Governor from time to time appoints.
(5) Requests for Inscribed Stock shall be in accordance with Form “A,” or Form “B,” and must be accompanied by the Debenture which the applicant proposes to surrender. These forms, and all other specified forms, may be obtained from any office of the Bank upon application, either personally or by letter.
(6) Upon receipt of the request, a provisional receipt, in accordance with Form “C” will be issued by the Bank, and must, be surrendered when a certificate of inscription, in accordance with Form “D” in the Schedule, is issued.
Transfer.
17. (1) Application for transfer of Inscribed Stock from one person to another shall be made in accordance with Form “V.”
(2) The transfer and acceptance shall be in accordance with Form “W,” and shall be fully signed (and in the case of a Corporation, properly sealed), by both the transferror and transferee, who shall both be notified, in accordance with Form “N.1” and “N.2” respectively, of the completion of the transaction. In the case of a joint account, it will be sufficient if the first inscribed owner is so notified.
(3) No transfer will be permitted in a sum less than Ten pounds sterling.
Interest.
18. (1) Interest on Inscribed Stock shall be payable at the Sydney Office of the Bank, or at such other place or places as the Governor
from time to time appoints, or the interest warrants will be sent by registered letter to the following persons, at the risk of the stockholders, upon such of the Forms H, I, J, or K, as are suitable, being duly filled up and forwarded to the Governor at Sydney, or at such other place or places as the Governor from time to time appoints, viz.:—
When there is a sole stockholder; or a sole surviving stockholder; or a sole executor or administrator of a stockholder; or a sole surviving executor or administrator of a stockholder, warrants may be sent:—
To the stockholder or to his or her executor or administrator;
To his or her attorney, duly authorized under a letter of attorney, which may be retained by the Bank; or
To any person, firm, or company, duly authorized, whose discharge shall be full and sufficient.
When there are two or more stockholders, warrants may be sent:—
To the first stockholder in the account, upon his sole request, provided the Bank has not received any written notice to the contrary from any other of stockholders;
To any stockholder in the account upon the request of all the stockholders;
To an attorney duly authorized under a letter of attorney, which may be retained by the Bank; or
To any person, firm, or company upon the request of all the stockholders, and the discharge of such person, firm, or company shall be full and sufficient.
(2) Interest warrants sent by post may be cashed at any Branch of the Bank within Australia, provided the person or persons in whose favour they are drawn is or are known to the Manager, or produce satisfactory identification, and provided also that the funds at the disposal of the Branch Manager will permit; but payment cannot be demanded, except in the capital cities of Australia; or interest will be paid to credit of account in any head or principal banking office in Sydney, for transmission to a like credit in any Branch banking office within Australia, upon request in Form “K”.
(3) Interest warrants will be drawn to order, and must be indorsed before payment.
(4) The balance for the half-yearly interest will be struck ten days before the interest becomes due, and no transfers will be registered during that period.
(5) Forms of request may be delivered at any date, either by hand or through the post; but when received between the day on which the balance for interest is struck and the day upon which the interest is payable, the warrants for such next interest will be forwarded as soon as possible, but the Bank will not guarantee their being posted on the day before the interest is payable.
(6) Any change of address of the person to whom the warrants are sent should be notified at once to the Bank. When any such notification (which should contain the name, and amount of the Stock) reaches the Bank less than three clear days before the next interest is due, the Bank cannot undertake to record or recognise it until after payment of such next interest.
(7) In the absence of any notification to the contrary, it will be taken for granted that interest warrants sent by post have duly reached their destination. When they are not received on the correct day, notice should be given to the Governor without delay.
(8) Instructions to transmit warrants by post or to pay to credit of an account in a Bank, will, unless cancelled in writing, remain in force although the Stock may have been added to or a part sold.
(9) Interest on stock inscribed in the name of an infant, or in the name of a person of unsound mind, jointly with others not under legal disability, may be paid as directed by the holders, other than those under disability, and without the concurrence of the infant or person of unsound mind, upon such proof as the Governor m
This is an opening excerpt, not the complete document.