Commonwealth Numbered Acts

COMMONWEALTH BANKS AMENDMENT ACT 1984 No. 76 of 1984 - SECT 11

11. (1) Sections 30 and 31 of the Principal Act are repealed and the following
sections are substituted: Capital

"30. The capital of the Commonwealth Bank shall be the aggregate of-

   (a)  the amount of the capital of the Commonwealth Trading Bank of
        Australia immediately before the commencement of section 11 of the
        Commonwealth Banks  Amendment Act 1984 ;

   (b)  the sum of $75,000,000, which shall be paid by the Development Bank to
        the Commonwealth Bank, on or before 30 June 1984, out of the
        Commonwealth Development Bank Reserve Fund;

   (c)  such other sums as the Minister for Finance pays to the Commonwealth
        Bank out of moneys appropriated by the Parliament for the purpose of
        providing further capital for the Commonwealth Bank;

   (d)  such other sums as are transferred from the Commonwealth Bank Reserve
        Fund pursuant to sub-section 31 (2); and

   (e)  an amount equal to the total nominal value of the shares in the
        capital of the Savings Bank held by the Commonwealth Bank.

Reserve Fund

"31. (1) The Commonwealth Bank shall have a reserve fund (to be called the
Commonwealth Bank Reserve Fund), which shall consist of the aggregate of-

   (a)  the amount that, immediately before the commencement of section 11 of
        the Commonwealth Banks Amendment Act 1984, stood to the credit of the
        Commonwealth Trading Bank Reserve Fund existing under section 31 of
        the Commonwealth Banks Act 1959 as in force immediately before that
        commencement; and

   (b)  such other sums as are placed to the credit of the reserve fund
        pursuant to sub-section 32 (3) or (4).



"(2) There may be transferred from the Commonwealth Bank Reserve Fund to the
capital of the Commonwealth Bank such sums as the Board determines.".

(2) The Minister for Finance shall, on or before 30 June 1984, issue out of
the Consolidated Revenue Fund, and pay to the Commonwealth Bank for the
purpose of providing further capital for the Commonwealth Bank, a sum of
$15,000,000, and the Consolidated Revenue Fund is appropriated accordingly.