Commonwealth Consolidated Acts

RESERVE BANK ACT 1959

TABLE OF PROVISIONS

           Long Title

   PART I--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   4.      Repeal and saving  
   5.      Interpretation  
   6.      Application to Territories  
   6A.     Cessation of application to Territory  
   6B.     Application of Criminal Code  

   PART II--CONSTITUTION--, POLICY AND MANAGEMENT OF THE RESERVE BANK

           Division 1--Constitution of the Reserve Bank

              Subdivision A--The Reserve Bank of Australia

   7.      The Reserve Bank of Australia  

              Subdivision B--Application of the Public Governance, Performance and Accountability Act 2013

   7A.     Accountable authority of the Bank  
   7B.     Provisions of the Public Governance, Performance and Accountability Act 2013 that do not apply  
   7C.     Officials of the Bank and general duties of officials  

              Subdivision C--Duty of Board members to disclose interests

   7D.     Disclosure of interests--key decisions of the Monetary Policy Board  
   7E.     Disclosure of interests--other decisions of the Monetary Policy Board and decisions of the Payments System Board  

              Subdivision D--Termination for contravening general duties of officials

   7F.     Termination for contravening general duties of officials  

           Division 2--Overarching objective and functions and powers of the Bank

   8AA.    Overarching objective of the Bank  
   8AB.    Functions of the Bank  
   8.      General powers  

           Division 3--The Boards of the Bank

              Subdivision A--Overview

   9.      Overview  

              Subdivision B--The Monetary Policy Board

   9A.     Establishment of the Monetary Policy Board  
   9B.     Functions of the Monetary Policy Board  

              Subdivision C--The Payments System Board

   10A.    Establishment of the Payments System Board  
   10B.    Functions of the Payments System Board  

              Subdivision D--The Governance Board

   10C.    Establishment of the Governance Board  
   10D.    Functions of the Governance Board  

              Subdivision E--Informing Government about performance of functions and exercise of powers

   11A.    Informing the Government about performance of functions and exercise of powers  
   11.     Differences of opinion with Government on questions of policy  

           Division 4--The role of the Governor and Deputy Governor

   12.     The Governor and Deputy Governor  
   13.     Governor and Secretary to establish liaison  

   PART III--THE--GOVERNOR AND DEPUTY GOVERNOR

   24.     Governor and Deputy Governor  
   24A.    Terms and conditions of employment not provided for by Act  
   24B.    Resignation  
   25.     Vacation of Office  

   PART IIIAA--THE--MONETARY POLICY BOARD

           Division 1--Board members

   25AA.   Membership  
   25AB.   Appointment of external Board members  
   25AC.   Chair and Deputy Chair  
   25AD.   Period of appointment of external Board members  
   25AE.   Acting appointments of external Board members  
   25AF.   Other terms and conditions of external Board members  
   25AG.   Remuneration of external Board members  
   25AH.   Leave of absence of external Board members  
   25AJ.   Declaration by Board members  
   25AK.   Independence of Board members  
   25AL.   Resignation of external Board members  
   25AM.   Termination of external Board members  

           Division 2--Meetings of the Board

   25AN.   Convening meetings  
   25AP.   Presiding at meetings  
   25AQ.   Quorum  
   25AR.   Voting at meetings  
   25AS.   Secretary may nominate alternate to attend meetings  
   25AT.   Conduct of meetings  
   25AU.   Decisions without meetings  

   PART IIIA--THE--PAYMENTS SYSTEM BOARD

           Division 1--The members of the Payments System Board

   25A.    Membership of Payments System Board  
   25B.    Appointment of members  
   25C.    Chair of the Payments System Board  
   25D.    Deputy Chair of the Payments System Board  
   25DA.   Acting appointments of external Board members  
   25E.    Declaration by members  
   25EA.   Independence of Board members  

           Division 2--Meetings

   25F.    Meetings  
   25G.    Conduct of meetings  
   25H.    Decisions without meetings  

           Division 3--Other administrative provisions

   25I.    Remuneration  
   25J.    Leave of absence  
   25K.    Resignation  
   25L.    Termination of appointment  
   25M.    Payments System Board's report to the Minister  

   PART IIIB--THE--GOVERNANCE BOARD

           Division 1--Board members

   25NA.   Membership  
   25NB.   Appointment of external Board members  
   25NC.   Chair and Deputy Chair  
   25ND.   Period of appointment of external Board members  
   25NE.   Acting appointments of external Board members  
   25NF.   Other terms and conditions of external Board members  
   25NG.   Remuneration of external Board members  
   25NH.   Leave of absence of external Board members  
   25NJ.   Declaration by Board members  
   25NK.   Independence of Board members  
   25NL.   Resignation of external Board members  
   25NM.   Termination of external Board members  

           Division 2--Meetings of the Board

   25NN.   Convening meetings  
   25NP.   Exclusion from certain deliberations  
   25NQ.   Presiding at meetings  
   25NR.   Quorum  
   25NS.   Voting at meetings  
   25NT.   Conduct of meetings  
   25NU.   Decisions without meetings  

   PART IV--CENTRAL--BANKING

   26.     Reserve Bank to act as a central bank  
   27.     Bank to be banker for Commonwealth  
   28.     Capital  
   29.     Reserve Fund  
   30.     Profits  

   PART V--THE--NOTE ISSUE

   34.     Issue, re - issue and cancellation of notes  
   35.     Denominations of notes  
   36.     Notes to be legal tender  
   37.     Signature on notes  
   43.     Bank not to issue notes other than Australian notes  
   44.     Other persons not to issue notes  

   PART VI--FINANCIAL--SYSTEM STABILITY

   45.     Contributing to financial system stability  

   PART VII--THE--RESERVE BANK SERVICE

   66.     The Reserve Bank Service  
   67.     Appointment of staff  
   68.     Consultants and other people engaged to perform services  

   PART VIII--MISCELLANEOUS

   74.     Head office  
   75.     Agents etc.  
   76.     Attorney of Bank  
   77.     Guarantee by Commonwealth  
   79.     Taxation  
   79A.    Secrecy  
   79B.    Secrecy: documents or information to which section 79A does not apply  
   82.     Returns  
   83.     Power to improve property and carry on business  
   84.     Execution of contracts  
   84A.    Protection from liability--crisis powers etc.  
   85.     The Reserve Bank's seal  
   85A.    Judicial notice of statistical information published by Bank  
   86.     Priority of debts due by other ADIs  
   87.     Validity of acts and transactions of Bank  
   89.     Regulations