Commonwealth Numbered Acts

COMMONWEALTH BANKS AMENDMENT ACT 1984 No. 76 of 1984 - SECT 10

10. Section 29 of the Principal Act is amended-
(a) by omitting from sub-section (1) "Trading Bank" and substituting

"Commonwealth Bank";
(b) by omitting from sub-section (2) "Trading Bank" and substituting

"Commonwealth Bank";

   (c)  by omitting paragraphs (2) (i) and (j) and substituting the following
        paragraphs:



"(j) to underwrite loans and issues of capital;

   (k)  with the approval of the Treasurer-

        (i)    to promote or establish, or to participate in the promotion or
               establishment of, prescribed bodies corporate; and

        (ii)   to acquire interests in bodies corporate in circumstances
               where, as a result of the acquisition, the bodies corporate
               become prescribed bodies corporate;

   (m)  to subscribe for, and to hold, shares in the capital of the Savings
        Bank; and

   (n)  to do anything incidental to any of its powers."; and

   (d)  by adding at the end thereof the following sub-section:



"(3) In this section-
'constituent document', in relation to a body corporate, means the memorandum
of association, charter or other instrument constituting, or defining the
constitution of, the body corporate, or governing activities or conduct of the
body corporate;
'prescribed body corporate' means a body corporate-

   (a)  that is a corporation as defined in sub-section 5 (1) of the
        Companies Act 1981 and that would, if the Commonwealth Bank were a
        corporation as so defined, be deemed, for the purposes of that Act, to
        be a subsidiary of the Commonwealth Bank; or

   (b)  that would, if it and the Commonwealth Bank were corporations as
        defined in sub-section 5 (1) of the Companies Act 1981, be deemed, for
        the purposes of that Act, to be a subsidiary of the Commonwealth Bank,
being a body corporate-

   (c)  the constituent document of which contains a provision stating the
        objects of the body corporate; and

   (d)  the only objects of which are objects that involve the carrying on of
        all or part of the business of banking.".