Commonwealth Numbered Acts

COMMONWEALTH BANKS AMENDMENT ACT 1984 No. 76 of 1984 - SECT 12

12. (1) Section 32 of the Principal Act is repealed and the following section
is substituted: Profits of Commonwealth Bank

"32. (1) The Treasurer shall, in relation to each financial year of the
Commonwealth Bank, determine in writing for the purposes of this section an
amount that does not exceed 45% of the sum of-

   (a)  so much of the net profits of the Commonwealth Bank for that year as
        does not represent dividends paid to the Commonwealth Bank by the
        Savings Bank; and

   (b)  the net profits of the Savings Bank for that year.



"(2) The Commonwealth Bank shall, as soon as practicable after an amount is
determined under sub-section (1) in relation to a financial year of the
Commonwealth Bank, pay to the Commonwealth an amount equal to the
first-mentioned amount, whether or not the net profits of the Commonwealth
Bank for that year exceed the first-mentioned amount.

"(3) The Board may direct the Commonwealth Bank to apply towards the payment
of an amount payable under sub-section (2), or to place to the credit of the
Commonwealth Bank Reserve Fund, a specified amount, being an amount that does
not exceed so much of the net profits of the Commonwealth Bank as has not
previously been so applied and has not previously been placed to the credit of
the Commonwealth Bank Reserve Fund, and where the Board so directs, the
Commonwealth Bank shall so apply, or shall place to the credit of the
Commonwealth Bank Reserve Fund, as the case may be, so much of those profits
as does not exceed the specified amount.

"(4) The Board may direct the Commonwealth Bank to apply towards the payment
of an amount payable under sub-section (2), or to place to the credit of the
Commonwealth Bank Reserve Fund, a specified portion of a dividend paid to the
Commonwealth Bank under section 44, and where the Board so directs, the
Commonwealth Bank shall comply with the direction.".

(2) The section inserted in the Principal Act by sub-section (1) applies in
relation to the net profits of the Commonwealth Bank, after provision for
income tax, for the year commencing on 1 July 1984 and for subsequent years.

(3) The net profits of the Commonwealth Bank, after provision for income tax,
for the year ending on 30 June 1984 shall be dealt with as follows:

   (a)  a percentage, not being greater than 45, determined in writing by the
        Treasurer shall be paid to the Commonwealth; and

   (b)  the remainder shall be placed to the credit of the Commonwealth Bank
        Reserve Fund.