Commonwealth Numbered Acts

COMMONWEALTH BANKS AMENDMENT ACT 1984 No. 76 of 1984 - SECT 7

7. Section 24 of the Principal Act is amended-
(a) by omitting from paragraph (1)(b) "Trading Bank" and substituting

"Commonwealth Bank"; and

   (b)  by omitting sub-sections (2), (3), (4) and (5) and substituting the
        following sub-sections:



"(3) A disclosure under this section shall be recorded in the minutes of the
Board.



"(4) A member of the Board who has disclosed under this section the nature of
the member's interest in a matter that is being or is about to be considered
by the Board shall not, unless the Board or the Treasurer otherwise
determines, be present during any deliberations of the Board, or take part in
any decision of the Board, with respect to the matter.



"(5) For the purpose of the making of a determination by the Board under
sub-section (4) in relation to a member of the Board who has made a disclosure
under this section, a member of the Board who has a direct or indirect
pecuniary interest in the matter to which the disclosure relates shall not-

   (a)  be present during any deliberation of the Board for the purpose of the
        making of the determination; or

   (b)  take part in the making by the Board of the determination.".