Commonwealth legislation

Commonwealth Savings Bank Regulations (Amendment)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

139 of 1932

Collection

legislative instrument

Plain English Summary

3/10 complexity

What it does

This regulation prevents certain bank officers from being forced to join (or being allowed to join) the Commonwealth Savings Bank’s superannuation fund if they are already paying into a New South Wales state superannuation scheme.

Who it affects

• New officers appointed to the Commonwealth Savings Bank after 14 December 1932. • Specifically, those who are required to contribute to the NSW public service superannuation fund under a 1931 agreement between the Commonwealth and State governments regarding banking arrangements.

Why it matters

Before this change, these officers might have been compelled to pay into two different retirement funds at once—both the NSW state fund and the Commonwealth Bank’s fund. This amendment ensures they only contribute to the NSW fund, avoiding double deductions from their wages and conflicting retirement benefits. It’s a technical fix to coordinate Commonwealth and State employment conditions.

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Current sections

Direct links to the current provisions in Commonwealth Savings Bank Regulations (Amendment).

Commonwealth Savings Bank Regulations (Amendment)

STATUTORY RULES.

1932. No. 139.

REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911-1932.

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following regulation under the Commonwealth Bank Act 1911-1932, to come into operation forthwith.

Dated the ninth day of December, 1932.

ISAAC A. ISAACS

Governor-General.

By His Excellency’s Command,

W. MASSY GREENE

for Treasurer.

Admendment of Commonwealth Savings Bank Regulations.

(Statutory Rules 1928, No. 77, as amended to this date.)

Regulation 10 of the Commonwealth Savings Bank Regulations is amended—

(a) by inserting in sub-regulation (2.) before the words “Every officer” the words “Subject to this regulation,”; and

(b) by inserting after sub-regulation (2.) the following sub-regulation:—

“(2a.) Every person who becomes an officer after the fourteenth day of December, One thousand nine hundred and thirty-two, and who in pursuance of clause twenty-three of the agreement contained in the First Schedule to the Commonwealth and State Banks Agreements Ratification Act, 1931 of the State of New South Wales, is required to contribute to the fund established by the Superannuation Act 1916-1930 of that State, shall not, so long as he is so required to contribute, be entitled or compelled to subscribe to the Bank’s Superannuation Fund.”.

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.

4127.—Price 3d.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Commonwealth Savings Bank Regulations (Amendment)