Commonwealth Numbered Acts

BANKING LEGISLATION AMENDMENT ACT 1992 No. 193 of 1992 - SECT 20

20. Section 32 of the Principal Act is repealed and the following section is
substituted: Declaration of dividends

"32.(1) Before declaring a dividend to be paid to shareholders in the
Commonwealth Bank, the Board must notify the Treasurer, in writing, of the
proposed amount of the dividend.

"(2) The Treasurer must, not later than 14 days after being notified of the
proposed amount of the dividend:

   (a)  accept the proposed amount of the dividend; or

   (b)  vary the proposed amount of the dividend by specifying an amount of
        dividend that does not exceed 45% of the consolidated profit
        (excluding abnormal items of a capital nature and extraordinary items
        and after income tax expense), according to the relevant accounts, of
        the Commonwealth Bank and all its subsidiaries.

"(3) Before making a decision under paragraph (2)(b), the Treasurer must:

   (a)  try to reach agreement with the Board; and

   (b)  take into consideration the reasons for the Board's proposed amount of
        dividend.

"(4) If the Treasurer varies the proposed amount of dividend, the Board must
declare a dividend of the same amount as the amount specified by the
Treasurer.".