Commonwealth Numbered Acts

COMMONWEALTH BANKS AMENDMENT ACT 1987 No. 182 of 1987 - SECT 8

8. After section 12 of the Principal Act the following section is inserted:
Delegation by the Managing Director

"12A. (1) The Managing Director may, either generally or as otherwise provided
by the instrument of delegation, by instrument in writing, delegate to an
officer of the Corporation all or any of the Managing Director's powers or
functions under this Act, other than this power of delegation.

"(2) A power or function so delegated, when exercised or performed by the
delegate, shall for the purposes of this Act be deemed to have been exercised
or performed by the Managing Director.

"(3) A delegation does not prevent the exercise of a power or performance of a
function by the Managing Director.".