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FINANCIAL SECTOR LEGISLATION AMENDMENT ACT (NO. 1) 2002 NO. 37, 2002 - SCHEDULE 7

- Amendment of the Reserve Bank Act 1959

1 Subparagraph 10B(3)(b)(ii)

After "efficiency of", insert "the".

2 Paragraph 14(1)(d)

Omit "Governor-General", substitute "Treasurer".

3 Subsection 14(3)

Omit "Governor-General", substitute "Treasurer".

4 After section 17

Insert:

A member of the Reserve Bank Board appointed under paragraph 14(1)(d) may resign his or her appointment by giving a written resignation to the Treasurer.
5 At the end of paragraphs 18(1)(a) and (b)

Add "or".

6 Paragraph 18(1)(c)

Repeal the paragraph.

7 Subsection 18(1)

Omit "Governor-General", substitute "Treasurer".

8 Section 22

Repeal the section, substitute:

22 Secretary may nominate alternate to attend meetings of Reserve Bank Board
(1) The Secretary may, by writing, nominate a specified person who is an SES employee or acting SES employee in the Department to attend a particular meeting, or all meetings, of the Reserve Bank Board at which the Secretary is not present.
(2) A person so nominated may attend a meeting to which the nomination applies and, if the person does so, he or she is taken, for the purposes of this Part, to be a member of the Reserve Bank Board.
9 Paragraph 24(a)

Repeal the paragraph, substitute:

(a)
are to be appointed by the Treasurer; and

10 Paragraph 24(b)

Omit "Governor-General", substitute "Treasurer".

11 After section 24A

Insert:

The Governor or the Deputy Governor may resign his or her appointment by giving a written resignation to the Treasurer.
12 At the end of paragraphs 25(a) and (b)

Add "or".

13 Paragraph 25(c)

Omit "benefit; or", substitute "benefit;".

14 Paragraph 25(d)

Repeal the paragraph.

15 Section 25

Omit "Governor-General", substitute "Treasurer".

16 Subsection 25B(3)

Omit "Governor-General", substitute "Treasurer".

17 Paragraph 25K(c)

Omit "Governor-General", substitute "Treasurer".

18 Subsections 25L(3) and (4)

Omit "Governor-General", substitute "Treasurer".

19 Section 70

Repeal the section.

20 Subsection 74(2)

Repeal the subsection.

21 Application

(1) The amendments made by items 2, 9, 10 and 16 apply only in respect of appointments made after the commencement of this Schedule.
(2) The amendments made by items 6, 7, 14 and 15 do not apply to a person who resigned the relevant office before the commencement of this Schedule but whose appointment had not been terminated before that commencement.



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