Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 7C

  (1)   This section applies in relation to a matter if:

  (a)   for a member of the Reserve Bank Board--the matter is being considered at a meeting of the Reserve Bank Board and:

  (i)   the matter is not a matter referred to in paragraph   7B(1)(a); or

  (ii)   the matter is a matter referred to in paragraph   7B(1)(a), but the condition in paragraph   7B(1)(c) or (d) is not met in relation to the matter; or

  (b)   for a member of the Payments System Board--the matter is being considered at a meeting of the Payments System Board.

  (2)   Sections   12, 14, 15 and 16D of the Public Governance, Performance and Accountability Rule   2014 apply to each member of the Reserve Bank Board and the Payments System Board in relation to the matter as if:

  (a)   the relevant Board were the accountable authority of the Bank and the member were a member of the accountable authority of the Bank; and

  (b)   instead of referring to a material personal interest that relates to the affairs of the Bank, section   29 of the Public Governance, Performance and Accountability Act 2013 , and sections   14 and 15 of that Rule, referred to a material personal interest that relates to the affairs of:

  (i)   for a member of the Reserve Bank Board--the Reserve Bank Board; or

  (ii)   for a member of the Payments System Board--the Payments System Board.

  (3)   This section applies:

  (a)   despite subsections   7A(1), (4) and (5) of this Act; and

  (b)   instead of any rules made for the purposes of subsection   29(2) of the Public Governance, Performance and Accountability Act 2013 (other than as referred to in subsection   (2) of this section).

  (4)   This section does not otherwise affect subsection   7A(1) or (4) of this Act, or any rules made for the purposes of subsection   29(2) of the Public Governance, Performance and Accountability Act 2013 , to the extent that a member of the Reserve Bank Board or the Payments System Board referred to in subsection   7A(4) of this Act has a material personal interest that relates to the affairs of the Bank in a matter that is not being considered at a meeting of:

    (a)   for a member of the Reserve Bank Board--the Reserve Bank Board; or

  (b)   for a member of the Payments System Board--the Payments System Board.

Note:   The member is required to comply with the rules for officials of an entity relating to the disclosure of such interests.