RESERVE BANK ACT 1959

This compilation was prepared on 28 March 2012
taking into account amendments up to Act No. 46 of 2011

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

Part I--Preliminary 1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

4............ Repeal and saving ............................................................................... 1

5............ Interpretation ....................................................................................... 1

6............ Application to Territories .................................................................... 2

6A......... Cessation of application to Territory ................................................... 3

6B......... Application of Criminal Code ............................................................. 3

Part II--Constitution, policy and management of the Reserve Bank 4

Division 1--Constitution of the Reserve Bank 4

7............ The Reserve Bank of Australia ........................................................... 4

7A......... Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank 4

8............ General powers ................................................................................... 5

Division 2--Policy and management of the Reserve Bank 6

8A......... The Boards of the Bank ...................................................................... 6

9............ Establishment of Reserve Bank Board ................................................ 6

10.......... Functions of Reserve Bank Board ...................................................... 6

10A....... Establishment of Payments System Board .......................................... 7

10B....... Functions of Payments System Board ................................................ 7

10C....... Resolving differences between the Boards .......................................... 7

11.......... Differences of opinion with Government on questions of policy ........ 8

12.......... Management of the Bank .................................................................... 9

13.......... Governor and Secretary to Treasury to establish liaison ..................... 9

Part III--The Reserve Bank Board and the Governor and Deputy Governor of the Bank 10

14.......... Membership of Reserve Bank Board ................................................ 10

15.......... Remuneration of members ................................................................ 10

16.......... Declaration by members .................................................................... 11

17.......... Disqualifications from membership .................................................. 11

17A....... Resignation ....................................................................................... 11

18.......... Termination of appointment .............................................................. 11

18A....... Leave of absence ............................................................................... 12

20.......... Chairperson and Deputy Chairperson ............................................... 12

21.......... Meetings of Reserve Bank Board ..................................................... 12

21A....... Exclusion of Governor and Deputy Governor from certain deliberations 13

22.......... Secretary may nominate alternate to attend meetings of Reserve Bank Board 13

22A....... Conduct of meetings ......................................................................... 14

22B....... Resolutions without meetings ........................................................... 14

24.......... Governor and Deputy Governor ....................................................... 14

24A....... Terms and conditions of employment not provided for by Act ......... 14

24B....... Resignation ....................................................................................... 15

25.......... Vacation of Office ............................................................................. 15

Part IIIA--The Payments System Board 16

Division 1--The members of the Payments System Board 16

25A....... Membership of Payments System Board .......................................... 16

25B....... Appointment of members .................................................................. 16

25C....... Chair of the Payments System Board ................................................ 16

25D....... Deputy Chair of the Payments System Board ................................... 17

25E........ Declaration by members .................................................................... 17

Division 2--Meetings 18

25F........ Meetings ........................................................................................... 18

25G....... Conduct of meetings ......................................................................... 18

25H....... Resolutions without meetings ........................................................... 18

Division 3--Other administrative provisions 20

25I......... Remuneration .................................................................................... 20

25J........ Leave of absence ............................................................................... 20

25K....... Resignation ....................................................................................... 20

25L........ Termination of appointment .............................................................. 20

25M...... Payments System Board's report to the Minister .............................. 21

Part IV--Central banking 23

26.......... Reserve Bank to act as a central bank ................................................ 23

27.......... Bank to be banker for Commonwealth .............................................. 23

28.......... Capital ............................................................................................... 23

29.......... Reserve Fund .................................................................................... 23

30.......... Profits ............................................................................................... 24

Part V--The note issue 25

32.......... Interpretation ..................................................................................... 25

34.......... Issue, re-issue and cancellation of notes ............................................ 25

35.......... Denominations of notes .................................................................... 25

36.......... Notes to be legal tender ..................................................................... 25

37.......... Signature on notes ............................................................................. 26

43.......... Bank not to issue notes other than Australian notes .......................... 26

44.......... Other persons not to issue notes ....................................................... 26

Part VII--The Reserve Bank Service 27

66.......... The Reserve Bank Service ................................................................ 27

67.......... Appointment of staff ......................................................................... 27

68.......... Consultants and other people engaged to perform services ............... 27

Part VIII--Miscellaneous 28

74.......... Head office ........................................................................................ 28

75.......... Agents etc. ........................................................................................ 28

76.......... Attorney of Bank .............................................................................. 28

77.......... Guarantee by Commonwealth ........................................................... 28

79.......... Taxation ............................................................................................ 28

79A....... Secrecy .............................................................................................. 29

79B....... Secrecy: documents or information to which section 79A does not apply 32

82.......... Returns .............................................................................................. 33

83.......... Power to improve property and carry on business ............................ 33

84.......... Execution of contracts ....................................................................... 33

85.......... The Reserve Bank's seal ................................................................... 34

85A....... Judicial notice of statistical information published by Bank .............. 34

86.......... Priority of debts due by other ADIs .................................................. 35

87.......... Validity of acts and transactions of Bank .......................................... 35

89.......... Regulations ....................................................................................... 35

Notes 37

An Act relating to the Reserve Bank of Australia, and for other purposes

Notes to the Reserve Bank Act 1959

Note 1

The Reserve Bank Act 1959 as shown in this compilation comprises Act No. 4, 1959 amended as indicated in the Tables below.

The Banking (Transitional Provisions) Act 1959 enacts certain transitional provisions consequential upon the enactment of the Reserve Bank Act and other Acts relating to banking.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

All relevant information pertaining to application, saving or transitional provisions prior to 16 December 1995 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Reserve Bank Act 1959	4, 1959	23 Apr 1959	14 Jan 1960 (see Gazette 1960, p. 47)
Reserve Bank Act 1965	96, 1965	10 Dec 1965	14 Feb 1966	S. 7
Statute Law Revision (Decimal Currency) Act 1966	93, 1966	29 Oct 1966	1 Dec 1966	--
Reserve Bank Act 1973	118, 1973	26 Oct 1973	S. 5: 22 Mar 1971 Remainder: Royal Assent	--
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973	Ss. 9(1) and 10
Administrative Changes (Consequential Provisions) Act 1978	36, 1978	12 June 1978	12 June 1978	--
Australian Federal Police (Consequential Amendments) Act 1979	155, 1979	28 Nov 1979	19 Oct 1979 (see s. 2 and Gazette 1979, No. S206)	--
Australian Federal Police (Consequential Amendments) Act 1980	70, 1980	28 May 1980	28 May 1980	--
Crimes (Currency) Act 1981	122, 1981	17 Sept 1981	Ss. 1-3: Royal Assent Remainder: 16 Dec 1985 (see s. 2(2))	S. 40(2)
as amended by
Statute Law (Miscellaneous Provisions) Act (No. 2) 1985	193, 1985	16 Dec 1985	S. 3: 16 Dec 1985 (a)	S. 16
Public Service Reform Act 1984	63, 1984	25 June 1984	S. 153: 1 Nov 1984 (see Gazette 1984, No. S383) (b)	--
Commonwealth Banks Amendment Act 1984	76, 1984	25 June 1984	29 June 1984 (see Gazette 1984, No. S241)	--
Statute Law (Miscellaneous Provisions) Act (No. 1) 1985	65, 1985	5 June 1985	S. 3: 3 July 1985 (c)	--
Banking Legislation Amendment Act 1986	166, 1986	18 Dec 1986	Ss. 3-8 and 12: 18 Dec 1986 Ss. 9-11 and Part III (ss.13-17): 30 Nov 1988 (see Gazette 1988, No. S362) Remainder: 15 Jan 1987	--
Government Business Enterprises (Miscellaneous Reforms) Act 1988	123, 1988	14 Dec 1988	Part II (ss. 3-12): 26 Jan 1989 Part VI (ss. 26-31): 1 Jan 1989 (see Gazette 1988, No. S399) Part VII (ss. 32-37): 14 Nov 1988 Remainder: Royal Assent	--
Banking Legislation Amendment Act 1989	129, 1989	7 Nov 1989	Part I (ss. 1, 2), ss. 3, 26, 29-33, 35, 38 and 40: Royal Assent S. 23(1): 4 May 1989 S. 39: 23 Jan 1988 Remainder: 28 Dec 1989 (see Gazette 1989, No. S383)	S. 51
Commonwealth Banks Restructuring Act 1990	118, 1990	28 Dec 1990	S. 62: 17 Apr 1991 (see Gazette 1991, No. S72) (d)	--
Banking Legislation Amendment Act 1992	193, 1992	21 Dec 1992	Ss. 2(6) and 22-34: Royal Assent (e) S. 35: 5 Feb 1993 (see Gazette 1993, No. GN4) (e)	Ss. 2(6) and 35
as amended by
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 3 (item 7): 21 Dec 1992 (f)	--
Banking (State Bank of South Australia and Other Matters) Act 1994	69, 1994	9 June 1994	Ss. 69-74: Royal Assent (g)	Ss. 69, 73 and 74
Commonwealth Bank Sale Act 1995	161, 1995	16 Dec 1995	Ss. 3 and 20: Royal Assent (h) Schedule (items 57, 58): (h)	Ss. 3 and 20 [see Table A]
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 4 (item 127): Royal Assent (i)	--
Financial Laws Amendment Act 1997	107, 1997	30 June 1997	Schedule 13: Royal Assent (j)	--
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Schedule 2 (items 1149-1159): 1 Jan 1998 (see Gazette 1997, No. GN49) (k)	Sch. 4 (item 4) [see Table A]
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Schedule 1 (items 149-154): 1 July 1998 (l)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998	54, 1998	29 June 1998	Schedule 14: 1 July 1998 (m) Schedule 19: 29 June 1998	Sch. 19 (items 40-43) [see Table A]
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedule 5: Royal Assent (n) Schedule 8: Royal Assent (n)	Sch. 8 (items 22, 23) [see Table A]
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (items 789-793): 5 Dec 1999 (see Gazette 1999, No. S584) (o)	--
Corporate Law Economic Reform Program Act 1999	156, 1999	24 Nov 1999	Schedule 10 (item 114): 13 Mar 2000 (see Gazette 2000, No. S114) (p)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000	24, 2000	3 Apr 2000	Schedule 7 and Schedule 12 (item 9): Royal Assent (q) Schedule 12 (items 1-3): 3 Apr 2000 (q)	Sch. 12 (items 1-3, 9) [see Table A]
Financial Sector Legislation Amendment Act (No. 1) 2000	160, 2000	21 Dec 2000	Schedule 1 (item 21): Royal Assent Remainder: 18 Jan 2001	Sch. 2 (item 9) [see Table A]
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (item 458): 15 July 2001 (see Gazette 2001, No. S285 (r)	Ss. 4-14 [see Note 1]
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001	121, 2001	24 Sept 2001	Ss. 1-3: Royal Assent Remainder:1 July 2002 (see s. 2(2) and Gazette 2002, No. GN24)	--
Financial Services Reform Act 2001	122, 2001	27 Sept 2001	Ss. 1, 2 and Schedule 3 (items 1-27): Royal Assent Remainder: 11 Mar 2002 (see Gazette 2001, No. GN42)	--
Financial Sector Legislation Amendment Act (No. 1) 2002	37, 2002	26 June 2002	Schedule 7: 27 June 2002	Sch. 7 (item 21) [see Table A]
Australian Prudential Regulation Authority Amendment Act 2003	42, 2003	24 June 2003	Ss. 1-3: Royal Assent Remainder: 1 July 2003 (see s. 2(1) and Gazette 2003, No. S230)	Sch. 3 [see Table A]
Statute Law Revision Act 2008	73, 2008	3 July 2008	Schedule 4 (items 450, 451): 4 July 2008	--
Financial Framework Legislation Amendment Act 2008	90, 2008	20 Sept 2008	Schedule 1 (items 63-66): 20 Mar 2009	--
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008	105, 2008	17 Oct 2008	Schedule 1 (item 59): (s)	--
Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010	82, 2010	29 June 2010	Schedule 4 (item 27): 27 July 2010	--
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Schedule 2 (items 991-993) and Schedule 3 (items 10, 11): 27 Dec 2011	Sch. 3 (items 10, 11) [see Table A]

(a) The Crimes (Currency) Act 1981 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 2) 1985, subsections 2(1) and (7) of which provide as follows:

(1) Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

(7) The amendments of the Crimes (Currency) Act 1981 made by this Act (other than the amendment of section 2 of that Act) shall come into operation immediately after the amendment of section 2 of that Act made by this Act comes into operation.

(b) The Reserve Bank Act 1959 was amended by section 153 only of the Public Service Reform Act 1984, subsection 2(4) of which provides as follows:

(4) The remaining provisions of this Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation.

(c) The Reserve Bank Act 1959 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1985, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act shall come into operation on the twenty-eighth day after the day on which it receives the Royal Assent.

(d) The Reserve Bank Act 1959 was amended by section 62 only of the Commonwealth Banks Restructuring Act 1990, subsection 2(3) of which provides as follows:

(3) Each of the remaining provisions of this Act commences on a day, or at a time, fixed by Proclamation in relation to the provision concerned.

(e) The Reserve Bank Act 1959 was amended by sections 22-35 only of the Banking Legislation Amendment Act 1992, subsections 2(1) and (2) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Subsections 4(2) and 5(1) and sections 16, 17 and 35 commence on a day to be fixed by Proclamation, being a day not earlier than the day on which the State Act commences.

(f) The Banking Legislation Amendment Act 1922 was amended by Schedule 3 (item 7) only of the Statute Law Revision Act 1996, subsection 2(3) of which provides as follows:

(3) Each item in Schedule 3 is taken to have commenced when the Act containing the provision amended by the item received the Royal Assent.

(g) The Reserve Bank Act 1959 was amended by sections 69-74 only of the Banking (State Bank of South Australia and Other Matters) Act 1994, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(h) The Reserve Bank Act 1959 was amended by sections 3, 20 and the Schedule (items 57 and 58) only of the Commonwealth Bank Sale Act 1995, subsections 2(1) and (2) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Part 3, and all the items of the Schedule (except items 1, 12, 16, 17, 21, 22, 23, 26, 27, 31, 37 and 48), commence at the transfer time.

The transfer time occurred on 19 July 1996.

(i) The Reserve Bank Act 1959 was amended by Schedule 4 (item 127) only of the Statute Law Revision Act 1996, subsection 2(1) of which provides as follows:

(1) Subject to subsections (2) and (3), this Act commences on the day on which it receives the Royal Assent.

(j) The Reserve Bank Act 1959 was amended by Schedule 13 only of the Financial Laws Amendment Act 1997, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(k) The Reserve Bank Act 1959 was amended by Schedule 2 (items 1149-1159) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

(2) Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1997.

(l) The Reserve Bank Act 1959 was amended by Schedule 1 (items 149-154) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

(2) Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(m) The Reserve Bank Act 1959 was amended by Schedules 14 and 19 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, subsections 2(2)(l) and (19) of which provide as follows:

(2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998:

(l) Schedule 14;

(19) Schedule 19 commences on the day on which this Act receives the Royal Assent.

(n) The Reserve Bank Act 1959 was amended by Schedule 5 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsection 3(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(o) The Reserve Bank Act 1959 was amended by Schedule 1 (items 789-793) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

(1) In this Act, commencing time means the time when the Public Service Act 1999 commences.

(2) Subject to this section, this Act commences at the commencing time.

(p) The Reserve Bank Act 1959 was amended by Schedule 10 (item 114) only of the Corporate Law Economic Reform Program Act 1999, subsection 2(2)(c) of which provides as follows:

(2) The following provisions commence on a day or days to be fixed by Proclamation:

(q) The Reserve Bank Act 1959 was amended by Schedule 7 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (12) and (13) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(12) Part 1 of Schedule 12 commences:

(a) after all of the Acts listed in subsection (13) have received the Royal Assent; and

(b) on the day that is the last day on which any of those Acts received the Royal Assent.

(13) These are the relevant Acts for the purposes of paragraph (12)(a):

(a) this Act;

(b) each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.

(r) The Reserve Bank Act 1959 was amended by Schedule 3 (item 458) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(s) Subsection 2(1) (items 2 and 3) of the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
2. Schedule 1	Immediately after the provision(s) covered by table item 3.	18 October 2008
3. Schedules 2 to 5	The day after this Act receives the Royal Assent.	18 October 2008

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part I
S. 3......................................	rep. No. 118, 1973
S. 4......................................	am. No. 166, 1986
S. 5......................................	am. No. 118, 1973; No. 76, 1984; No. 118, 1990; No. 193, 1992; No. 161, 1995; Nos. 48 and 54, 1998; No. 160, 2000; No. 122, 2001; No. 42, 2003
S. 6......................................	rs. No. 118, 1973
S. 6A...................................	ad. No. 118, 1973
	am. No. 166, 1986; No. 46, 2011
S. 6B...................................	ad. No. 44, 1999
Part II
Division 1
Heading to Div. 1 of Part II........................................	ad. No. 54, 1998
S. 7......................................	am. No. 118, 1973; No. 76, 1984; No. 166, 1986
Note to s. 7.........................	ad. No. 152, 1997
Heading to s. 7A................	rs. No. 54, 1998
S. 7A...................................	ad. No. 152, 1997
	am. No. 54, 1998; No. 90, 2008
S. 8......................................	am. No. 54, 1998
Division 2
Heading to Div. 2 of Part II........................................	ad. No. 54, 1998
S. 8A...................................	ad. No. 54, 1998
S. 10....................................	am. No. 54, 1998; No. 122, 2001
S. 10A.................................	ad. No. 54, 1998
S. 10B.................................	ad. No. 54, 1998
	am. No. 122, 2001; No. 37, 2002
S. 10C.................................	ad. No. 54, 1998
Heading to s. 11................	am. No. 54, 1998
S. 11....................................	am. No. 118, 1973; No. 166, 1986; No. 54, 1998
S. 12....................................	am. No. 118, 1973; No. 166, 1986; No. 193, 1992; No. 54, 1998
Part III
Heading to s. 14................	am. No. 54, 1998
S. 14....................................	am. No. 118, 1973; No. 166, 1986; No. 193, 1992; No. 54, 1998; No. 146, 1999; No. 160, 2000; No. 37, 2002
S. 15....................................	rs. No. 166, 1986
	am. No. 193, 1992; No. 43, 1996; No. 54, 1998
S. 16....................................	am. No. 166, 1986; No. 54, 1998
S. 17....................................	am. No. 118, 1973; No. 76, 1984; No. 166, 1986
	rs. No. 118, 1990
	am. No. 161, 1995; No. 54, 1998; No. 24, 2000
S. 17A.................................	ad. No. 37, 2002
S. 18....................................	am. No. 118, 1973; No. 166, 1986; No. 69, 1994; No. 152, 1997; No. 54, 1998; No. 156, 1999; No. 37, 2002; No. 73, 2008
S. 18A.................................	ad. No. 69, 1994
	am. No. 54, 1998
S. 19....................................	rep. No. 54, 1998
S. 20....................................	am. No. 166, 1986; No. 193, 1992; No. 152, 1997; No. 54, 1998
Note to s. 20.......................	ad. No. 152, 1997
Heading to s. 21................	am. No. 54, 1998
S. 21....................................	am. No. 166, 1986; No. 123, 1988; No. 54, 1998
S. 21A.................................	ad. No. 123, 1988
	am. No. 193, 1992; No. 54, 1998
Heading to s. 22................	am. No. 54, 1998
S. 22....................................	rs. No. 65, 1985
	am. No. 54, 1998
	rs. No. 37, 2002
Ss. 22A-22B.......................	ad. No. 54, 1998
S. 23....................................	am. No. 166, 1986
	rep. No. 152, 1997
S. 24....................................	am. No. 166, 1986; No. 193, 1992; No. 54, 1998; No. 37, 2002
S. 24A.................................	ad. No. 166, 1986
	rs. No. 123, 1988
	am. No. 193, 1992; No. 54, 1998
S. 24B.................................	ad. No. 37, 2002
S. 25....................................	am. No. 166, 1986; No. 193, 1992; No. 54, 1998; No. 37, 2002
Part IIIA
Part IIIA...............................	ad. No. 54, 1998
Division 1
S. 25A.................................	ad. No. 54, 1998
S. 25B.................................	ad. No. 54, 1998
	am. No. 160, 2000; No. 37, 2002; No. 42, 2003
Ss. 25C-25E.......................	ad. No. 54, 1998
Division 2
Ss. 25F-25H.......................	ad. No. 54, 1998
Division 3
Ss. 25I, 25J.........................	ad. No. 54, 1998
S. 25K.................................	ad. No. 54, 1998
	am. No. 37, 2002; No. 42, 2003
S. 25L..................................	ad. No. 54, 1998
	am. No. 160, 2000; No. 37, 2002; No. 42, 2003; No. 90, 2008
S. 25M.................................	ad. No. 122, 2001
Part IV
S. 28....................................	am. No. 76, 1984; No. 166, 1986
S. 29....................................	am. No. 166, 1986; No. 54, 1998
S. 30....................................	am. No. 129, 1989; No. 152, 1997; No. 54, 1998
S. 31....................................	rep. No. 54, 1998
Part V
Heading to Div. 1 of Part V........................................	rep. No. 122, 1981
S. 32....................................	am. No. 96, 1965; No. 118, 1973; No. 155, 1979; No. 70, 1980; No. 122, 1981; No. 166, 1986
S. 33....................................	rep. No. 129, 1989
S. 34....................................	am. No. 129, 1989
S. 35....................................	rs. No. 96, 1965
	am. No. 54, 1998
S. 36....................................	am. No. 96, 1965; No. 166, 1986
S. 37....................................	am. No. 193, 1992 (as am. by No. 43, 1996); No. 54, 1998; No. 160, 2000
S. 38....................................	rep. No. 129, 1989
S. 39....................................	am. No. 118, 1973; No. 166, 1986
	rep. No. 129, 1989
S. 40....................................	rep. No. 129, 1989
S. 41....................................	am. No. 96, 1965; No. 166, 1986
	rep. No. 129, 1989
S. 42....................................	am. No. 93, 1966; No. 166, 1986
	rep. No. 129, 1989
Heading to s. 43................	rs. No. 48, 1998
S. 44....................................	am. No. 93, 1966; No. 166, 1986; No. 107, 1997; No. 54, 1998
Note to s. 44(1)..................	ad, No. 44, 1999
S. 45....................................	rep. No. 54, 1998
Div. 2 of Part V ..................	rep. No. 122, 1981
Ss. 46-50............................	rep. No. 122, 1981
Ss. 51, 52............................	am. No. 93, 1966
	rep. No. 122, 1981
S. 53....................................	rep. No. 122, 1981
S. 54....................................	am. No. 118, 1973
	rep. No. 122, 1981
S. 55....................................	rep. No. 122, 1981
Part VI ................................	rep. No. 166, 1986
S. 56....................................	rep. No. 166, 1986
S. 57....................................	am. No. 118, 1973; No. 166, 1986
	rep. No. 166, 1986
S. 58....................................	am. No. 76, 1984
	rep. No. 166, 1986
S. 59....................................	am. No. 118, 1973; No. 166, 1986
	rep. No. 166, 1986
S. 60....................................	am. No. 93, 1966; No. 166, 1986
	rep. No. 166, 1986
S. 61....................................	rep. No. 166, 1986
S. 62....................................	am. No. 166, 1986
	rep. No. 166, 1986
Ss. 63-65............................	rep. No. 166, 1986
S. 65A.................................	ad. No. 166, 1986
	rep. No. 166, 1986
Part VII
Ss. 66, 67............................	rs. No. 160, 2000
S. 68....................................	am. No. 63, 1984; No. 166, 1986
	rs. No. 160, 2000
S. 69....................................	rep. No. 160, 2000
S. 70....................................	am. No. 36, 1978
	rep. No. 37, 2002
S. 71....................................	am. No. 93, 1966; No. 166, 1986
	rep. No. 160, 2000
S. 72....................................	am. No. 76, 1984; No. 166, 1986
	rep. No. 123, 1988
S. 73....................................	rep. No. 160, 2000
Part VIII
S. 74....................................	am. No. 118, 1990; No. 48, 1998; No. 37, 2002
S. 75....................................	am. No. 48, 1998
Ss. 76, 77............................	am. No. 166, 1986
S. 78....................................	am. No. 166, 1986; No. 129, 1989
	rep. No. 152, 1997
S. 79....................................	am. No. 118, 1973
S. 79A.................................	ad. No. 107, 1997
	am. No. 4, 1959; No. 54, 1998; No. 160, 2000; Nos. 55, 121 and 122, 2001; No. 105, 2008
Note to s. 79A ...................	am. No. 44, 1999
Note 2 to s. 79A(2).............	ad. No. 44, 1999
S. 79B.................................	ad. No. 107, 1997
	am. No. 160, 2000
Note to s. 79B(1)................	ad. No. 44, 1999
S. 80....................................	am. No. 166, 1986; No. 193, 1992
	rep. No. 152, 1997
S. 81....................................	am. No. 118, 1973; No. 166, 1986; No. 129, 1989
	rs. No. 152, 1997
	rep. No. 54, 1998
S. 81A.................................	ad. No. 123, 1988
	am. No. 193, 1992; No. 107, 1997
	rep. No. 152, 1997
S. 84....................................	am. No. 73, 2008
Heading to s. 85................	rs. No. 54, 1998
S. 85....................................	am. No. 54, 1998
S. 85A.................................	ad. No. 107, 1997
Heading to s. 86................	am. No. 48, 1998
S. 86....................................	am. No. 118, 1973; No. 48, 1998; No. 82, 2010
S. 88....................................	am. No. 216, 1973
	rep. No. 65, 1985
S. 89....................................	am. No. 93, 1966; No. 166, 1986; No. 54, 1998
First Schedule...................	rep. No. 76, 1984
Second Schedule..............	rep. No. 166, 1986

Table A

Application, saving or transitional provisions

Commonwealth Bank Sale Act 1995 (No. 161, 1995)

3 Interpretation

In this Act, unless the contrary intention appears:

Bank body means:

(a) the Commonwealth Bank, the Commonwealth Development Bank of Australia Limited or the Commonwealth Bank Officers Superannuation Corporation; or

(b) a body corporate that is a subsidiary (as defined in Division 6 of Part 1.2 of the Corporations Law) of the Commonwealth Bank.

Commonwealth Bank means the Commonwealth Bank of Australia.

transfer time means the time when the Commonwealth ceases to have the status of being the holder of shares in the Commonwealth Bank that carry more than 50% of the total voting rights attached to the voting shares in the Commonwealth Bank.

20 Exemption from certain State and Territory taxes

(1) No tax is payable under a law of a State or Territory in respect of an exempt matter or anything connected with an exempt matter.

(2) An authorised person may, by signed writing, certify that:

(a) a specified matter or thing is an exempt matter; or

(b) a specified thing was done in connection with a specified exempt matter.

(3) For all purposes and in all proceedings, a certificate under subsection (2) is evidence of the matter stated in the certificate.

(4) A document that appears to be a certificate under subsection (2) is taken to be such a certificate and to have been properly given unless the contrary is established.

(5) In this section:

authorised person means:

(a) the Minister; or

(b) the Secretary to the Department; or

(i) holds, or performs the duties of, a Senior Executive Service office in the Department; and

(ii) is authorised in writing by the Secretary to the Department for the purposes of this section.

exempt matter means any of the following:

(a) the sale by the Commonwealth of any of its shares in the Commonwealth Bank (other than a sale of those shares to the Commonwealth Bank);

(b) an agreement relating to a sale that is covered by paragraph (a);

(c) the transfer of any of the Commonwealth's shares in the Commonwealth Bank to a person other than the Commonwealth Bank;

(d) the receipt of money by the Commonwealth in respect of a sale that is covered by paragraph (a).

tax means stamp duty, or any other tax, fee, duty, levy or charge, but does not include:

(a) a fee payable under the Corporations Law of a State or Territory; or

(b) a tax, fee, duty, levy or charge specified in a notice signed by the Minister and published in the Gazette.

Audit (Transitional and Miscellaneous) Amendment Act 1997
(No. 152, 1997)

Schedule 4

4 Transfers from old Funds to new Funds

(1) Money in the old Loan Fund immediately before the commencement of this Schedule must be transferred to the new Loan Fund.

(2) If:

(a) immediately before the commencement of this Schedule, money was in an account (however described) that was established or continued in existence by an Act that is amended by Schedule 2 to this Act; and

(b) that account formed part of the old Trust Fund;

the money must be transferred from that account to the component of the Reserved Money Fund that is established to replace that account.

(3) If an amendment made by Schedule 2 substitutes a component of the Reserved Money Fund for an account (however described), any reference in any Act or other instrument to that component is to be read as including a reference to the account for which it is substituted, unless the context otherwise requires.

(4) Money in the old Trust Fund immediately before the commencement of this Schedule (other than money covered by subitem (2)) must be transferred to components of the Reserved Money Fund and Commercial Activities Fund that are established by determinations under subsections 20(2) and 21(2) of the Financial Management and Accountability Act 1997.

(5) The disallowance rules in section 22 of the Financial Management and Accountability Act 1997 do not apply to an original determination made for the purposes of subitem (4) of this item. However, the disallowance rules do apply to any revocation or variation of an original determination.

(6) The old Loan Fund and the old Trust Fund are appropriated for the purposes of this item.

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 (No. 54, 1998)

Schedule 19

40 Interpretation

In this Part:

amended Act means the Reserve Bank Act 1959 as in force immediately after the APRA commencement.

APRA commencement means the commencement of the Australian Prudential Regulation Authority Act 1998.

old Act means the Reserve Bank Act 1959 as in force immediately before the APRA commencement.

41 Effect of amendments reducing number of Deputy Governors

If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor:

(a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia;

(b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members;

(c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors.

42 Continued effect of subsection 14(5)

The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection.

43 Treatment of investigations under section 81

Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (No. 44, 1999)

Schedule 8

22 Regulations may deal with transitional, saving or application matters

(1) The regulations may deal with matters of a transitional, saving or application nature relating to:

(a) the transition from the application of provisions of the replaced legislation to the application of provisions of the Banking Act 1959, the Life Insurance Act 1995, the Financial Sector (Transfers of Business) Act 1999, the Financial Sector (Shareholdings) Act 1998 or the Australian Prudential Regulation Authority Act 1998; or

(b) the transition, for The Cairns Cooperative Weekly Penny Savings Bank Limited, from the application of provisions of the Financial Intermediaries Act 1996 of Queensland to the application of provisions of any of the Acts referred to in paragraph (a); or

(2) Without limiting subitem (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:

(a) by applying (with or without modifications) to the matter:

(i) provisions of a law of the Commonwealth, or of a State or Territory; or

(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or

(iii) a combination of provisions referred to in subparagraphs (i) and (ii);

(b) by otherwise specifying rules for dealing with the matter;

(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.

(3) Without limiting subitems (1) and (2), the regulations may provide for the continued effect, for the purposes of a provision of a law of the Commonwealth, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a law of a State or Territory. In the case of an instrument or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.

(4) Without limiting subitem (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:

(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;

(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;

(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.

(5) Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations for the purposes of this item:

(a) may be expressed to take effect from a date before the regulations are notified in the Gazette; and

(b) may provide for a determination of a kind referred to in subitem (4) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).

(6) In this item, a reference to a law, whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.

(7) In this item:

replaced legislation means:

(a) the AFIC Codes; and

(b) the Financial Institutions Codes; and

(d) the Australian Financial Institutions Commission Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 21 of the Australian Financial Institutions Commission Act 1992 of Queensland; and

(e) the Financial Institutions (Queensland) Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; and

(f) the Friendly Societies (Victoria) Act 1996 of Victoria, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in the Schedule to the Friendly Societies (Victoria) Act 1996 of Victoria; and

(g) the Friendly Societies (Western Australia) Act 1999; and

(h) any other law of a State or Territory prescribed by the regulations for the purposes of this definition.

23 Power to make regulations

The Governor-General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

Schedule 12

1 Definitions

In this Part:

Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.

deferred payment day means the day that is 6 weeks after the day on which this Part commences.

Imposition Act means any of the following Acts:

(a) the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998;

(b) the General Insurance Supervisory Levy Imposition Act 1998;

(d) the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

(e) the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.

Validation Act means any of the following Acts:

(a) the Authorised Non-operating Holding Companies Supervisory Levy Determination Validation Act 2000;

(b) the General Insurance Supervisory Levy Determination Validation Act 2000;

(d) the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

(e) the Superannuation Supervisory Levy Determination Validation Act 2000.

2 Deferral of date for paying levy

(1) This item applies to a levy paying entity if, because of section 4 of a Validation Act:

(a) the entity is liable to pay levy imposed by an Imposition Act; and

(b) the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2) The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

3 No retrospective criminal liability

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

9 Disqualification

(1) This item applies if a person:

(a) was a member of the Reserve Bank Board immediately before the commencement of Schedule 7 to this Act; and

(b) held a position as a director, officer or employee of a particular ADI immediately before that commencement; and

(c) was not disqualified from the Reserve Bank Board under section 17 of the old Act, immediately before that commencement, because of holding that position with that ADI; and

(d) would, apart from this item, have been disqualified from the Reserve Bank Board under section 17 of the amended Act, immediately after that commencement, because of holding that position with that ADI.

(2) Despite section 17 of the amended Act, the person is not disqualified from the Reserve Bank Board under that section merely because the person continues to hold that position with that ADI after that commencement.

(3) In this item:

ADI has the same meaning as in the amended Act.

amended Act means the Reserve Bank Act 1959 as in force immediately after the commencement of Schedule 7 to this Act.

disqualified from the Reserve Bank Board means not capable of appointment, or of continuing to act, as a member of the Reserve Bank Board.

old Act means the Reserve Bank Act 1959 as in force immediately before the commencement of Schedule 7 to this Act.

Reserve Bank means the Reserve Bank of Australia.

Financial Sector Legislation Amendment Act (No. 1) 2000 (No. 160, 2000)

Schedule 2

9 Transitional provision for staff of the Reserve Bank

(1) A person appointed as an officer or a temporary or casual employee under Part VII of the Reserve Bank Act 1959 as in force immediately before the commencement of this item and whose appointment is in force immediately before that commencement, is taken to have been appointed as a member of the Reserve Bank Service under section 67 of that Act as in force immediately after the commencement of this item.

(2) The rights and entitlements of a person covered by subitem (1) are not affected merely because they cease to be appointed under Part VII of the Reserve Bank Act 1959 as in force immediately before the commencement of this item and are taken to have been appointed under section 67 of that Act as in force immediately after the commencement of this item.

Financial Sector Legislation Amendment Act (No. 1) 2002 (No. 37, 2002)

Schedule 7

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.

Australian Prudential Regulation Authority Amendment Act 2003
(No. 42, 2003)

Schedule 3

1 Definitions

In this Schedule:

amended Act means the Australian Prudential Regulation Authority Act 1998 as in force after the commencement of the amendments.

commencement of the amendments means the commencement of the amendments made by Schedule 1.

old Act means the Australian Prudential Regulation Authority Act 1998 as in force immediately before the commencement of the amendments.

2 APRA's corporate existence is continued

(1) The body corporate that was, immediately before the commencement of the amendments, the Australian Prudential Regulation Authority (APRA) continues in existence after that commencement by force of this item under the corporate structure provided for by the amended Act.

Note: Rights, liabilities and obligations as between APRA and other people, and things done by or on behalf of APRA, or in relation to APRA, are therefore not affected by the restructure of APRA.

(2) However, this does not imply that any person who, immediately before the commencement of the amendments, was a member of APRA's Board, or was APRA's Chief Executive Officer, continues to hold office after that commencement.

Note: These people cease to hold office on the commencement of the amendments because of the repeal of the provisions under which they were appointed.

3 Continued protection from liability

Section 58 of the old Act continues to apply in relation to conduct, before the commencement of the amendments, of APRA's Board, a member of APRA's Board or an agent of a member of APRA's Board.

Note: The reference to a member of APRA's Board covers APRA's Chief Executive Officer.

4 Continued effect of certain delegations

(1) A delegation in force, immediately before the commencement of the amendments, under subsection 15(1) or (2) of the old Act continues to have effect after that commencement as if it were a delegation under APRA's seal under that subsection of the amended Act. If the delegation was to one or more members of APRA's Board, it continues to have effect as if it were a delegation to any APRA member.

(2) A direction in force, immediately before the commencement of the amendments, under subsection 15(3) of the old Act continues to have effect after that commencement, in relation to a delegation to which subitem (1) applies, as if it were a direction given by APRA under that subsection of the amended Act.

(3) A delegation to one or more members of APRA's Board in force, immediately before the commencement of the amendments, under a provision amended by Schedule 2 continues to have effect after that commencement as if it were a delegation under the amended provision to any APRA member.

Note: Delegations in favour of APRA, or APRA staff members, are not affected by the Schedule 2 amendments.

5 Continued effect of determinations of terms and conditions for staff and consultants

A determination of terms and conditions in force, immediately before the commencement of the amendments, under subsection 45(2) or 47(2) of the old Act continues to have effect after that commencement as if it were a determination by APRA under that subsection of the amended Act.

6 Continued effect of approvals under paragraph 56(5)(b)

An approval in force, immediately before the commencement of the amendments, under paragraph 56(5)(b) of the old Act continues to have effect after that commencement as if it were an approval by APRA under that paragraph of the amended Act.

7 Continued or extended effect of certain regulations

(1) Regulations in force, immediately before the commencement of the amendments, under paragraph (k) of the definition of Act covered by this section in subsection 56(1) of the old Act continue to have effect after that commencement as if they were made under paragraph (o) of the definition of prudential regulation framework law in subsection 3(1) of the amended Act, but only as that paragraph applies for the purposes of section 56 of the amended Act.

(2) Regulations in force, immediately before the commencement of the amendments, under paragraph 56(5)(a) of the old Act have effect after that commencement (in addition to the effect they continue to have for that paragraph of the amended Act) as if they were also made under subsection 10A(1) of the amended Act.

8 Delegations by ASIC to APRA staff members

(1) Subsection 102(2A) of the Australian Securities and Investments Commission Act 2001 has effect after the commencement of the amendments as if the reference in that subsection to the Chief Executive Officer of APRA were instead a reference to APRA.

(2) For the purposes of that subsection as it continues to have effect, an agreement to a delegation, in force under that subsection immediately before the commencement of the amendments, continues to have effect after that commencement as if it were given by APRA.

Acts Interpretation Amendment Act 2011 (No. 46, 2011)

Schedule 3

10 Saving--appointments

The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.

11 Transitional regulations

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.

Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - NOTES