Commonwealth Numbered Acts

COMMONWEALTH BANK SALE ACT 1995 No. 161 of 1995 - SCHEDULE

                            SCHEDULE                   Section 4

AMENDMENT OF ACTS
Administrative Decisions (Judicial Review) Act 1977 1. Schedule 1: Omit
paragraph (b).
Australian Bicentennial Authority Act 1980 2. Section 3 (definition of
approved bank): Omit "the Commonwealth Bank of Australia or another",
substitute "a".
Banking Act 1959 3. Section 5 (definition of bank): Omit "the Commonwealth
Bank and the Commonwealth Development Bank". 4. Section 5 (definition of the
Commonwealth Bank): Omit the definition. 5. Section 5 (definition of the
Commonwealth Development Bank): Omit the definition. 6. Subsection 5(2): Omit
the subsection.
Banks (Shareholdings) Act 1972 7. Subsection 6(1) (definition of bank): Omit
paragraph (b). 8. Subsection 6(1) (definition of banking entity): Omit the
definition. 9. Subsection 6(1) (definition of Commonwealth Bank): Omit the
definition. 10. Subsection 10(1AA): Omit the subsection. 11. After
subsection 10(11): Insert: "(11A) The following interests are to be
disregarded for the purposes of this section:

   (a)  any interest that the Commonwealth has in any shares in the
Commonwealth Bank of Australia;   (b) any interest that any other
person has in any shares in the Commonwealth Bank of Australia only because
the person is an associate of the Commonwealth.". 12. Subsection 10(11A): Omit
the subsection: 13. Section 10A: Repeal the section. 14. Subsection 12(1):
Omit "or 10A(1) or (3)". 15. Subsection 13(1): Omit "or 10A(4)".

Commonwealth Banks Act 1959 16. Section 4 (definition of Corporation): Add at
the end ", including that body as continuing in existence with a different
name". 17. Section 4 (definition of Development Bank): Add at the end ",
including that body as continuing in existence with a different name". 18.
Section 4 (definitions of Managing Director, net profits, officer, Reserve
Bank and Service): Omit the definitions. 19. Part II: Repeal the Part. 20.
Section 27H: Repeal the section, substitute: Commonwealth Bank is not a
Commonwealth authority or Commonwealth company etc.

"27H.(1) This section has effect for the purposes of the laws of the
Commonwealth, a State or a Territory. However, the effect of this section is
subject to any express provision in the law concerned that refers specifically
to the Commonwealth Bank.

"(2) The Commonwealth Bank is to be taken:

   (a)  not to have been incorporated or established for a public purpose or
        for a purpose of the Commonwealth; and

   (b)  not to be a public authority or an instrumentality or agency of the
        Crown; and

   (c)  without limiting paragraphs (a) and (b), not to be a public authority
        under the Commonwealth for the purposes of the Crimes Act  1914 .

"(3) The Commonwealth is to be taken:

   (a)  not to have a controlling interest or substantial interest in the
        Commonwealth Bank; and

   (b)  not to be in a position to control the Commonwealth Bank.". 21.
        Division 3 of Part IV: Repeal the Division. 22. Subsection 28(1A):
        Omit the subsection. 23. Section 28: Add at the end:

"(3) This section does not prevent the Commonwealth Bank also being in
possession of an authority under the Banking Act 1959 to carry on banking
business.". 24. Section 32: Repeal the section. 25. Sections 71, 72, 73 and
74: Repeal the sections. 26. After subsection 74(1): Insert: "(1A) This
section does not prevent the Development Bank also being in possession of an
authority under the Banking Act 1959 to carry on banking business.". 27.
Section 74A: Repeal the section, substitute: Preliminary steps to conversion
of Development Bank into a company Share capital

"74A.(1) The Development Bank continues to have the share capital that it had
immediately before the commencement of this section.

"(2) The persons who held shares in the Development Bank immediately before
the commencement of this section continue to hold those shares immediately
after the commencement of this section.

"(3) A person is not a member of the Development Bank at any time before the
commencement of section 74B merely because of holding shares in the
Development Bank.

Application for registration as a company

"(4) The Development Bank must:

   (a)  apply to the Australian Securities Commission under section 133 of the
        Corporations Law for the Development Bank to be registered as a
        company limited by shares within the meaning of the Corporations Law;
        and

   (b)  apply to the Australian Securities Commission under section 374 of the
        Corporations Law for reservation of the name `Commonwealth Development
        Bank of Australia Limited'; and

   (c)  lodge with the Australian Securities Commission a proposed memorandum
        and proposed articles for the Development Bank.

"(5) Subject to the regulations, the application mentioned in paragraph (4)(a)
must be accompanied by the documents required by section 136 of the
Corporations Law.

"(6) The Development Bank must deliver the applications and any accompanying
documents to an office of the Australian Securities Commission in the
Australian Capital Territory.

"(7) The Development Bank is taken to be entitled to make the applications,
and to lodge the documents, mentioned in subsections (4) and (5).

"(8) The Australian Securities Commission is taken:

   (a)  to have been required to reserve the name `Commonwealth Development
        Bank of Australia Limited' under section 374 of the Corporations Law;
        and

   (b)  to have reserved that name immediately after lodgment of the
        application referred to in paragraph (4)(b).". 28. After section 74A:
        Insert: Conversion of Development Bank into a company Registration as
        a company

"74B.(1) The Australian Securities Commission is taken:

   (a)  to have been required to grant the application mentioned in paragraph
        74A(4)(a) and to register the Development Bank as a company under
        subsection 137(2) of the Corporations Law; and

   (b)  to have been satisfied that sections 134 and 135 of the Corporations
        Law do not prevent registration of the Development Bank; and

   (c)  to have granted the application at the commencement of this section;
        and

   (d)  to have registered the Development Bank at the commencement of this
        section:

        (i)    by the name `Commonwealth Development Bank of Australia
               Limited'; and

        (ii)   in accordance with subsections 137(3) and (5) of the
               Corporations Law, as a public company, and as a company limited
               by shares, within the meaning of the Corporations Law; and

   (e)  to have registered the name `Commonwealth Development Bank of
        Australia Limited' in relation to the Corporation at the commencement
        of this section under subsection 374(5) of the Corporations Law.
        Memorandum and articles

"(2) As from the commencement of this section, the proposed memorandum, and
proposed articles, lodged under section 74A:

   (a)  are the memorandum and articles of the Development Bank; and

   (b)  bind the Development Bank and its members accordingly.

"(3) As from the commencement of this section, the Corporations Law applies in
relation to the Development Bank's memorandum and articles as if they had been
registered as such under the Corporations Law. Membership

"(4) Each person who holds shares in the Development Bank at the commencement
of this section:

   (a)  by force of this section, becomes a member of the Development Bank at
        the commencement of this section; and

   (b)  in relation to the person's membership of the Development Bank:

        (i)    is entitled to the same rights, privileges and benefits; and

        (ii)   is subject to the same duties, liabilities and obligations; as
               if the person had become a member of the Development Bank under
               the memorandum and articles of the Development Bank.
               Section 25B of the Acts Interpretation Act

"(5) Nothing in this Act or in the Corporations Law affects, or is affected
by, section 25B of the Acts Interpretation Act 1901 as that section applies in
relation to the Development Bank. Miscellaneous

"(6) Nothing in section 74A prevents:

   (a)  variation of the share capital of the Development Bank; or

   (b)  a change in the name of the Development Bank; or

   (c)  a change in the structure, memorandum, articles or membership of the
        Development Bank. Development Bank is not a Commonwealth authority or
        Commonwealth company etc.

"74C.(1) This section has effect for the purposes of the laws of the
Commonwealth, a State or a Territory. However, the effect of this section is
subject to any express provision in the law concerned that refers specifically
to the Development Bank.

"(2) The Development Bank is to be taken:

   (a)  not to have been incorporated or established for a public purpose or
        for a purpose of the Commonwealth; and

   (b)  not to be a public authority or an instrumentality or agency of the
        Crown; and

   (c)  without limiting paragraphs (a) and (b), not to be a public authority
        under the Commonwealth for the purposes of the Crimes Act  1914 .

"(3) The Commonwealth is to be taken:

   (a)  not to have a controlling interest or substantial interest in the
        Development Bank; and

   (b)  not to be in a position to control the Development Bank.". 29.
        Sections 76, 77A, 80, 83, 85, 85A, 86, 87A, 88 and 108: Repeal the
        sections. 30. Heading to Part VIII: Omit "BANKS SERVICE", substitute
        "BANK OFFICERS SUPERANNUATION CORPORATION". 31. After section 108:
        Insert: Preliminary steps to conversion of Corporation into a company
        Share capital

"108A.(1) From the commencement of this section, the Corporation is to have a
share capital of $2, divided into shares of $1 each.

"(2) As soon as practicable after the commencement of this section, the
Corporation must apply $2 (paid to the Corporation by the Commonwealth Bank)
in paying up in full the shares in the Corporation.

Issue of shares

"(3) As soon as practicable after the Corporation complies with subsection
(2), the Corporation must issue to the Commonwealth Bank all the shares that
were paid up under that subsection.

"(4) The Commonwealth Bank is not a member of the Corporation at any time
before the commencement of section 108B merely because it holds shares in the
Corporation. Application for registration as a company

"(5) The Commonwealth Bank must:

   (a)  apply to the Australian Securities Commission under section 133 of the
        Corporations Law for the Corporation to be registered as a company
        limited by shares within the meaning of the Corporations Law; and

   (b)  apply to the Australian Securities Commission under section 374 of the
        Corporations Law for reservation of the name `Commonwealth Bank
        Officers Superannuation Corporation'; and

   (c)  lodge with the Australian Securities Commission a proposed memorandum
        and proposed articles for the Corporation.

"(6) Subject to the regulations, the application mentioned in paragraph (5)(a)
must be accompanied by the documents required by section 136 of the
Corporations Law.

"(7) The Commonwealth Bank must deliver the applications and any accompanying
documents to an office of the Australian Securities Commission in the
Australian Capital Territory.

"(8) The Commonwealth Bank is taken to be entitled to make the applications,
and to lodge the documents, mentioned in subsections (5) and (6).

"(9) The Australian Securities Commission is taken:

   (a)  to have been required to reserve the name `Commonwealth Bank Officers
        Superannuation Corporation' under section 374 of the Corporations Law;
        and

   (b)  to have reserved that name immediately after lodgment of the
        application referred to in paragraph (5)(b).". 32. After section 108A:
        Insert: Conversion of Corporation into a company Registration as a
        company "108B.(1) The Australian Securities Commission is taken:

   (a)  to have been required to grant the application mentioned in paragraph
        108A(5)(a) and to register the Corporation as a company under
        subsection 137(2) of the Corporations Law; and

   (b)  to have been satisfied that sections 134 and 135 of the Corporations
        Law do not prevent registration of the Corporation; and

   (c)  to have granted the application at the commencement of this section;
        and

   (d)  to have registered the Corporation at the commencement of this
        section:

        (i)    by the name `Commonwealth Bank Officers Superannuation
               Corporation'; and

        (ii)   in accordance with subsections 137(3) and (5) of the
               Corporations Law, as a public company, and as a company limited
               by shares, within the meaning of the Corporations Law; and

   (e)  to have registered the name `Commonwealth Bank Officers Superannuation
        Corporation' in relation to the Corporation at the commencement of
        this section under subsection 374(5) of the Corporations Law; and

   (f)  to have granted a licence to the Corporation under section 383 of the
        Corporations Law (which licence may be revoked in accordance with that
        section). Memorandum and articles

"(2) As from the commencement of this section, the proposed memorandum, and
proposed articles, lodged under section 108A:

   (a)  are the memorandum and articles of the Corporation; and

   (b)  bind the Corporation and its members accordingly.

"(3) As from the commencement of this section, the Corporations Law applies in
relation to the Corporation's memorandum and articles as if they had been
registered as such under the Corporations Law. Membership

"(4) By force of this section, the Commonwealth Bank becomes a member of the
Corporation at the commencement of this section.

"(5) In relation to its membership of the Corporation, the Commonwealth Bank:

   (a)  is entitled to the same rights, privileges and benefits; and

   (b)  is subject to the same duties, liabilities and obligations; as if the
        Commonwealth Bank had become a member of the Corporation under the
        memorandum and articles of the Corporation. Section 25B of the
        Acts Interpretation Act

"(6) Nothing in this Act or in the Corporations Law affects, or is affected
by, section 25B of the Acts Interpretation Act 1901 as that section applies in
relation to the Corporation. Miscellaneous

"(7) Nothing in section 108A prevents:

   (a)  variation of the share capital of the Corporation; or

   (b)  a change in the name of the Corporation; or

   (c)  a change in the structure, memorandum, articles or membership of the
        Corporation. Corporation is not a Commonwealth authority or
        Commonwealth company etc.

"108C.(1) This section has effect for the purposes of the laws of the
Commonwealth, a State or a Territory. However, the effect of this section is
subject to any express provision in the law concerned that refers specifically
to the Corporation.

"(2) The Corporation is to be taken:

   (a)  not to have been incorporated or established for a public purpose or
        for a purpose of the Commonwealth; and

   (b)  not to be a public authority or an instrumentality or agency of the
        Crown; and

   (c)  without limiting paragraphs (a) and (b), not to be a public authority
        under the Commonwealth for the purposes of the Crimes Act  1914 .

"(3) The Commonwealth is to be taken:

   (a)  not to have a controlling interest or substantial interest in the
        Corporation; and

   (b)  not to be in a position to control the Corporation.". 33. Section 109:
        Repeal the section. 34. Section 110: Repeal the section, substitute:
        Superannuation fund

"110.(1) The Corporation's superannuation fund that was in existence
immediately before the commencement of this section:

   (a)  continues in existence; and

   (b)  is to be governed by the Trust Deed.

"(2) All the rights and liabilities of members and beneficiaries of the fund
that existed immediately before the commencement of this section continue
after the commencement of this section, subject to the Trust Deed.

"(3) In this section: Trust Deed means the trust deed made before the
commencement of this section between the Corporation and the Commonwealth
Bank, and includes any amendments to that deed.". 35. Section 114: Repeal the
section. 36. Section 116: Repeal the section. 37. Section 117: Repeal the
section, substitute: Guarantee by the Commonwealth

"117.(1) The Commonwealth guarantees the due payment of the following amounts:

   (a)  any amount that is payable by the Commonwealth Bank before the cut-off
        time in respect of a demand deposit made with the bank;

   (b)  any amount that is payable by the Commonwealth Bank at any time in
        respect of a term deposit made with the bank before the cut-off time;

   (c)  any amount that:

        (i)    is not in respect of a demand deposit or term deposit; and

        (ii)   is payable by the Commonwealth Bank under a contract that was
               entered into, or any other instrument that was executed,
               issued, endorsed or accepted, before the commencement of this
               section by the Commonwealth Bank or the Corporation.

"(2) The Commonwealth guarantees the due payment by the Development Bank of
any amount that is payable by the Development Bank to a person other than the
Commonwealth.

"(3) The Commonwealth guarantees the due payment of any amount that is payable
to or from the superannuation fund, by the Corporation or by the Commonwealth
Bank, in respect of a person who was a member, retired member or beneficiary
of the fund immediately before the commencement of this section.

"(4) In this section:
cut-off time means the end of the day that is the third anniversary of the
date of commencement of this section.
demand deposit means any deposit that is not a term deposit.
superannuation fund means the superannuation fund referred to in section 110.
term deposit means a deposit made with a bank that matures on a particular
date, whether or not the bank can be required to repay the deposit before that
maturity date.". 38. Sections 118, 119, 123, 124, 124A, 124B, 125, 126 and
127: Repeal the sections. 39. Subsection 128(1): Omit "The Commonwealth Bank",
substitute "A Bank body". 40. Subsection 128(1): Omit "the Commonwealth Bank",
substitute "the Bank body". 41. Subsection 128(2): Omit "the Commonwealth
Bank", substitute "a Bank body". 42. Subsection 128(2A): Omit the subsection,
substitute:

"(2B) For 6 months after the date of commencement of this subsection, each
protected name is to be regarded as a name of the Development Bank for the
purposes of section 219 of the Corporations Law.". 43. Subsection 128(3): Omit
"consent in writing of the Commonwealth Bank", substitute "consent in writing
of the Bank body concerned". 44. Subsection 128(3): Omit "other than the
Commonwealth Bank", substitute "other than a Bank body". 45. Subsection 128(6)
(definition of protected name): Omit "means", substitute ", in relation to the
Commonwealth Bank, means". 46. Subsection 128(6): Insert the following
definition:

"Bank body means the Commonwealth Bank or the Development Bank.". 47.
Subsection 128(6): Add at the end:

"protected name, in relation to the Development Bank, means any of the
following names:

   (a)  Commonwealth Development Bank of Australia;

   (b)  Commonwealth Development Bank;

   (c)  CDB.". 48. Section 128: Repeal the section. 49. Section 129: Omit "or
        for the conduct of business by the Development Bank".
        Crimes (Currency) Act 1981 50. Subsection 28(1): Omit "or of the
        Commonwealth Banking Corporation Service".

Defence (Re-establishment) Act 1965 51. Subsection 57(1): Omit "the
Commonwealth Bank of Australia, the Commonwealth Development Bank of
Australia," (wherever occurring).
Freedom of Information Act 1982 52. Part I of Schedule 2: Omit "Commonwealth
Bank Officers Superannuation Corporation; Commonwealth Trading Bank;
Commonwealth Savings Bank; Commonwealth Development Bank".
National Crime Authority Act 1984 53. Schedule 2: Omit "Commonwealth Bank
Officers Superannuation Corporation; Commonwealth Bank of Australia;
Commonwealth Savings Bank of Australia; Commonwealth Development Bank of
Australia".
Northern Territory (Lessees' Loan Guarantees) Act 1954 54. Section 3
(definition of bank): Omit "the Commonwealth Bank of Australia, the
Commonwealth Savings Bank of Australia, the Commonwealth Development Bank of
Australia or".
Occupational Health and Safety (Commonwealth Employment) Act 1991 55.
Schedule: Omit "Commonwealth Banking Corporation".
Papua New Guinea (Transfer of Banking Business) Act 1973 56. Section 10
(definition of authorized officer): Omit paragraph (a).
Reserve Bank Act 1959 57. Section 5 (definition of bank): Omit ", and includes
the Commonwealth Bank of Australia, the Commonwealth Savings Bank of Australia
and the Commonwealth Development Bank of Australia". 58. Subsection 17(2):
Omit the subsection.
Superannuation Industry (Supervision) Act 1993 59. Section 10 (definition of
approved bank): Omit paragraph (b).