Commonwealth Banks Act 1959

No. 5, 1959

Compilation No. 10

Compilation date: 24 June 2023

Includes amendments up to: Act No. 28, 2023

Registered: 12 July 2023

About this compilation

This compilation

This is a compilation of the Commonwealth Banks Act 1959 that shows the text of the law as amended and in force on 24 June 2023 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self - repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part I—Preliminary 1

1 Short title 1

2 Commencement 1

4 Interpretation 1

5 Application to Territories 2

6 This Act subject to Banking Act 2

Part IV—The Commonwealth Bank 3

Division 1—Preliminary steps before conversion of Commonwealth Bank into a public company 3

27A Share capital of Commonwealth Bank 3

27B Shares to be paid up and issued 3

27C Commonwealth Bank to apply to be registered as company etc. 4

Division 2—Conversion of Commonwealth Bank into a public company 6

27D Commonwealth Bank taken to be registered under Companies Act 6

27E Memorandum and articles of Commonwealth Bank 7

27F Membership of the Commonwealth Bank 7

27G Name of the Commonwealth Bank 7

27H Commonwealth Bank is not a Commonwealth authority or Commonwealth company etc. 7

27J Operation of section 25B of Acts Interpretation Act 8

Division 4—Miscellaneous 9

28 General functions of Commonwealth Bank 9

Part VII—The Commonwealth Development Bank 10

74A Preliminary steps to conversion of Development Bank into a company 10

74B Conversion of Development Bank into a company 11

74C Development Bank is not a Commonwealth authority or Commonwealth company etc. 13

Part VIII—The Commonwealth Bank Officers Superannuation Corporation 14

108A Preliminary steps to conversion of Corporation into a company 14

108B Conversion of Corporation into a company 15

108C Corporation is not a Commonwealth authority or Commonwealth company etc. 17

110 Superannuation fund 18

Part IX—Miscellaneous 19

117 Guarantee by the Commonwealth 19

129 Regulations 21

Endnotes 22

Endnote 1—About the endnotes 22

Endnote 2—Abbreviation key 24

Endnote 3—Legislation history 25

Endnote 4—Amendment history 32

An Act relating to the constitution and operations of the Commonwealth banks

 I Preliminary
1 Short title

This Act may be cited as the Commonwealth Banks Act 1959.
2 Commencement

This Act shall come into operation on the day on which the Reserve Bank Act 1959 comes into operation.
4 Interpretation

In this Act, unless the contrary intention appears:

articles means articles of association.

Australia includes the external Territories.

bank means a person carrying on the business of banking, and includes the Commonwealth Bank and the Development Bank.

Board means the Board of Directors of the Commonwealth Bank.

Commonwealth Bank means the Commonwealth Bank of Australia.

conversion time means the commencement of section 22 of the Commonwealth Banks Restructuring Act 1990.

Corporation means the Commonwealth Bank Officers Superannuation Corporation, including that body as continuing in existence with a different name.

Development Bank means the Commonwealth Development Bank of Australia, including that body as continuing in existence with a different name.

memorandum means memorandum of association.

pre-conversion time means the commencement of section 21 of the Commonwealth Banks Restructuring Act 1990.

Securities Commission means:

 a

before the date prescribed for the purposes of paragraph (b)—the National Companies and Securities Commission; or

 b

on and after the date prescribed for the purposes of this paragraph—the Australian Securities Commission.

share means a share in the share capital of the body corporate.
5 Application to Territories

This Act extends to all the Territories.
6 This Act subject to Banking Act

This Act has effect subject to the Banking Act 1959 and to the regulations under that Act.
IV The Commonwealth Bank 1 Preliminary steps before conversion of Commonwealth Bank into a public company
27A Share capital of Commonwealth Bank 1

As from the pre-conversion time, the Commonwealth Bank is to have a share capital divided into shares of $2 each or such other amount as is prescribed.

 2

The amount of the share capital is equal to the amount required to be applied under section 27B in paying up shares in the Commonwealth Bank.

 3

The share capital may be divided into classes of shares.

 4

Rights may be attached to shares included in a class of shares.

 5

(5) As from the conversion time, this section has effect subject to the Companies Act 1981.
27B Shares to be paid up and issued 1

As soon as practicable after the pre-conversion time, the Commonwealth Bank must apply its capital, calculated immediately before the pre-conversion time, in paying up in full shares in the Commonwealth Bank.

 2

If the amount of the capital is not a multiple of the nominal value of a share, subsection (1) applies as if the amount were reduced to the nearest multiple of the nominal value of a share.

 3

As soon as practicable after complying with subsection (1), the Commonwealth Bank must issue to the Commonwealth all the shares paid up under that subsection.

 4

The shares issued under subsection (3) are to be taken to have been issued for valuable consideration other than cash.

 5

The Commonwealth is not a member of Commonwealth Bank at any time before the conversion time merely because the Commonwealth holds shares in Commonwealth Bank.
27C Commonwealth Bank to apply to be registered as company etc. 1

The Commonwealth Bank must, before the conversion time:

 a

(a) apply to the Securities Commission under subsection 85(1) of the Companies Act 1981 to be registered as a company limited by shares within the meaning of that Act; and

 b

(b) apply to the Securities Commission under subsection 55(1) of the Companies Act 1981 for the reservation of the name “Commonwealth Bank of Australia”; and

 c

lodge with the Securities Commission a proposed memorandum, and proposed articles, for the Commonwealth Bank; and

 d

(d) if the rights attached to shares included in a class of shares under subsection 27A(4) are not provided for in the memorandum or articles, lodge with the Securities Commission the statement referred to in subsection 124(1) of the Companies Act 1981.

 2

(2) Subject to the regulations, the application mentioned in paragraph (1)(a) must be accompanied by the documents required by subsection 85(4) of the Companies Act 1981 to accompany such an application.

 3

The applications mentioned in paragraphs (1)(a) and (b) must be made to the Securities Commission by delivering them to the office of the Corporate Affairs Commission for the Australian Capital Territory and the documents mentioned in paragraphs (1)(c) and (d) and subsection (2) must be lodged with the Securities Commission by lodging them at that office.

 4

The Commonwealth Bank is to be taken to be entitled to make the applications referred to in paragraphs (1)(a) and (b), and to lodge the documents mentioned in paragraphs (1)(c) and (d) and subsection (2).

 5

The Securities Commission is to be taken:

 a

(a) to have been required to reserve the name “Commonwealth Bank of Australia” under subsection 55(2) of the Companies Act 1981; and

 b

to have so reserved that name immediately after the making of the application mentioned in paragraph (1)(b).
2 Conversion of Commonwealth Bank into a public company
27D Commonwealth Bank taken to be registered under Companies Act 1

The Securities Commission is to be taken:

 a

(a) to have been required to grant the application mentioned in paragraph 27C(1)(a) and to register the Commonwealth Bank as a company under subsection 86(2) of the Companies Act 1981; and

 b

to have granted the application at the conversion time; and

 c

to have so registered the Commonwealth Bank, at the conversion time:

 i

by the name “Commonwealth Bank of Australia”; and

 ii

(ii) in accordance with subsections 86(3) and (4) of the Companies Act 1981, as a public company, and as a company limited by shares, within the meaning of that Act; and

 d

(d) to have registered the name “Commonwealth Bank of Australia” in relation to the Commonwealth Bank at the conversion time, under subsection 55(4) of the Companies Act 1981.

 2

(2) The date of commencement of the Commonwealth Bank’s registration as a company under Companies Act 1981 is to be taken to be the day on which the conversion time occurs.Division 4 of Part III of the

3

(3) For the purposes of Companies Act 1981, the Commonwealth Bank shall be taken to have been on the day before the conversion time, and to be at the conversion time, a corporation within the meaning of that Act.Division 4 of Part III of the

27E Memorandum and articles of Commonwealth Bank 1

As from the conversion time, the proposed memorandum, and the proposed articles, lodged under paragraph 27C(1)(c):

 a

are respectively the memorandum, and the articles, of the Commonwealth Bank; and

 b

bind the Commonwealth Bank and its members accordingly.

 2

(2) As from the conversion time, the Companies Act 1981 applies in relation to the Commonwealth Bank’s memorandum and articles as if they had been registered as such under that Act.
27F Membership of the Commonwealth Bank

The Commonwealth:

 a

by force of this subsection, becomes a member of the Commonwealth Bank at the conversion time; and

 b

in relation to membership of the Commonwealth 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 Commonwealth had become a member of the Commonwealth Bank under the Commonwealth Bank’s memorandum and articles.
27G Name of the Commonwealth Bank

Notwithstanding subsection 148(2) of the Corporations Act 2001, the Commonwealth Bank need not have the word “Limited” at the end of its name.
27H Commonwealth Bank is not a Commonwealth authority or Commonwealth company etc. 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

(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.
27J Operation of section 25B of Acts Interpretation Act

Nothing in this Act or in the Corporations Act 2001 affects, or is affected by, section 25B of the Acts Interpretation Act 1901 as that section applies in relation to the Commonwealth Bank.
4 Miscellaneous
28 General functions of Commonwealth Bank 1

The Commonwealth Bank shall carry on general banking business.

 2

This section is not intended to imply any restriction on the functions or powers that may be conferred on the Commonwealth Bank otherwise than under this section.

 3

(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.
VII The Commonwealth Development Bank
74A Preliminary steps to conversion of Development Bank into a company

Share capital

 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).
74B Conversion of Development Bank into a company

Registration as a company

 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

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

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.
74C Development Bank is not a Commonwealth authority or Commonwealth company etc. 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

(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.
VIII The Commonwealth Bank Officers Superannuation Corporation
108A Preliminary steps to conversion of Corporation into a company

Share capital

 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).
108B Conversion of Corporation into a company

Registration as a company

 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

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

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.
108C Corporation is not a Commonwealth authority or Commonwealth company etc. 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

(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.
110 Superannuation fund 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.
IX Miscellaneous
117 Guarantee by the Commonwealth 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.

 3A

If:

 a

(a) immediately before the day (the commencement day) that Schedule 1 to the Treasury Laws Amendment (2023 Measures No. 2) Act 2023 commences a person holds an interest in the superannuation fund; and

 b

immediately before the commencement day the Commonwealth guarantees under subsection (3) the due payment of any amount in respect of the person; and

 c

on or after the commencement day:

 i

(i) the interest is transferred from the superannuation fund to a successor fund (within the meaning of the Income Tax Assessment Act 1997); and

 ii

the successor fund is a regulated superannuation fund;

then, so long as the person continues to hold an interest in the successor fund, the Commonwealth guarantees the due payment of any amount that is payable to or from the successor fund, by the trustee of the successor fund or by the Commonwealth Bank, in respect of the person.

 3B

Disregard subsection (3) when determining whether a regulated superannuation fund confers on a person equivalent rights in respect of an interest to the rights they had under another regulated superannuation fund in respect of the interest for the purposes of any law of the Commonwealth dealing with successor funds.

 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.

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

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.
129 Regulations

The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to this Act and, in particular:

 e

prescribing penalties not exceeding $100 for offences against the regulations.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under Legislation Act 2003.section 15V of the

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key
ad = added or inserted o = order(s)
am = amended Ord = Ordinance
amdt = amendment orig = original
c = clause(s) par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x /sub-subparagraph(s)
Ch = Chapter(s) pres = present
def = definition(s) prev = previous
Dict = Dictionary (prev…) = previously
disallowed = disallowed by Parliament Pt = Part(s)
Div = Division(s) r = regulation(s)/rule(s)
ed = editorial change reloc = relocated
exp = expires/expired or ceases/ceased to have renum = renumbered
effect rep = repealed
F = Federal Register of Legislation rs = repealed and substituted
gaz = gazette s = section(s)/subsection(s)
LA = Legislation Act 2003 Sch = Schedule(s)
LIA = Legislative Instruments Act 2003 Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given SLI = Select Legislative Instrument
effect SR = Statutory Rules
(md not incorp) = misdescribed amendment Sub-Ch = Sub-Chapter(s)
cannot be given effect SubPt = Subpart(s)
mod = modified/modification underlining = whole or part not
No. = Number(s) commenced or to be commenced

Endnote 3—Legislation history
Act Number and year Assent Commencement Application, saving and transitional provisions
Commonwealth Banks Act 1959 5, 1959 (see s. 2 and Gazette 1960, p. 47)
Commonwealth Banks Act 1961 75, 1961 s. 3(2)
Commonwealth Banks Act 1962 3, 1962 s. 3(2)
Commonwealth Banks Act 1963 57, 1963 s. 3(2)
Commonwealth Banks Act 1965 132, 1965 18 Dec 1965 s. 4
Commonwealth Banks Act 1966 58, 1966 —
Statute Law Revision (Decimal Currency) Act 1966 93, 1966 —
Commonwealth Banks Act 1968 144, 1968 s. 6: Remainder: Royal Assent s. 13(2)
Commonwealth Banks Act 1973 18, 1973 —
Commonwealth Banks Act (No. 2) 1973 117, 1973 —
Statute Law Revision Act 1973 216, 1973 ss. 9(1) and 10
Commonwealth Banks Act 1974 81, 1974 s. 4(2)
Administrative Changes (Consequential Provisions) Act 1978 36, 1978 —
Commonwealth Banks Amendment Act 1978 77, 1978 —
Public Service and Statutory Authorities Amendment Act 1980 177, 1980 Part IV (ss. 52, 53): Royal Assent (a) —
Commonwealth Banks Amendment Act 1981 29, 1981 12 May 1981 ss. 5(2), (3) and 16
Public Service and Statutory Authorities Amendment Act 1983 92, 1983 22 Nov 1983 —
Public Service Reform Act 1984 63, 1984 Part X (s. 153): (see Gazette 1984, No. S383) (b) —
Commonwealth Banks Amendment Act 1984 76, 1984 (see Gazette 1984, No. S241) ss. 8(2)–(4), 11(2), 12(2), (3), 17(2), (3), 19(2), 23(2) and 26
Commonwealth Banks Amendment Act 1985 194, 1985 s. 4(2)
Commonwealth Banks Amendment Act 1987 182, 1987 ss. 3 and 32: 30 June 1988 ss. 27–29, 34(2), 35 and Part II of the Schedule: Remainder: ss. 16(2), 24(2), (3) and 35
Government Business Enterprises (Miscellaneous Reforms) Act 1988 123, 1988 Part II (ss. 3–12): Part VI (ss. 26–31): 1 Jan 1989 (see Gazette 1988, No. S399) Part VII (ss. 32–37): 14 Nov 1988 Remainder: Royal Assent ss. 18 and 19
Banking Legislation Amendment Act 1989 129, 1989 Part I (ss. 1, 2), ss. 3, 26, 29–33, 35, 38 and 40: Royal Assent Remainder: (see Gazette 1989, No. S383) ss. 42(2) and 43
Commonwealth Banks Restructuring Act 1990 118, 1990 s. 6: Royal Assent (c) ss. 7, 8(2), 19, 36 and 58(1): (c) ss. 8(1), 10(b), 16, 43, 46 and 47: (c) ss. 8(3) and 21: (c) ss. 8(4), 22–24, 27–34, 41, 42, 50–52, 54–57, 58(2) and 59–61: (c) ss. 8(5), 9, 10(a), 12–15, 17, 18, 35, 40, 44, 48(a) and 49: (c) ss. 8(6), 11 and 53(2): (c) ss. 10(c) and 35A: 3 May 1991 (see Gazette 1991, No. S114) s. 20: (c) ss. 25(1) and 37–39: (c) ss. 25(2) and 26: (c) s. 48(b) and (c): (c) s. 53(1): 2 Jan 1993 (see Gazette 1992, No. GN45) ss. 2(4), 28(2), 39(2), 60 and 61
Bank Integration Act 1991 210, 1991 ss. 30–32 (d)
as amended by
Statute Law Revision Act 1996 43, 1996 Schedule 3 (item 6): (e) —
Banking Legislation Amendment Act 1992 193, 1992 Part 3 (ss. 19–21): (see Gazette 1993, No. GN4) (f) s. 2(6)
Commonwealth Banks Amendment Act 1993 46, 1993 ss. 3, 5, 6, 8 and 11
Commonwealth Bank Sale Act 1995 161, 1995 ss. 3, 20 and Schedule (items 16, 17, 21, 23, 26, 27, 31): Royal Assent (g) s. 17 and Schedule (items 18–20, 24, 25, 28–30, 32–47, 49): 19 July 1996 (g) Schedule (item 22): 19 July 1997 (g) Schedule (item 48): (g) ss. 3, 17 and 20
Statute Law Revision Act 1996 43, 1996 Schedule 2 (item 31): (h) —
Corporations (Repeals, Consequentials and Transitionals) Act 2001 55, 2001 ss. 4–14 and Schedule 3 (items 121–123): (see Gazette 2001, No. S285) (i) ss. 4–14
Designs (Consequential Amendments) Act 2003 148, 2003 Sch 2 (item 8): 17 June 2004 (s 2(1) item 2) —
Treasury Laws Amendment (2023 Measures No. 2) Act 2023 28, 2023 23 June 2023 Sch 2: 24 June 2023 (s 2(1) item 2) —
a

(a) The Commonwealth Banks Act 1959 was amended by Part IV (sections 52 and 53) only of the Public Service and Statutory Authorities Amendment Act 1980, subsection 2(1) of which provides as follows:

 1

Sections 1, 2, 3 and 4, subsections 5(2) and 7(2), (5), (6) and (7), sections 8, 9, 10, 11, 12, 13, 16, 17, 18 and 19, subsections 21(1) and 37(5), sections 38, 43 and 44, subsection 45(10) and sections 46 to 66 (inclusive) shall come into operation on the day on which this Act receives the Royal Assent.

 b

(b) The Commonwealth Banks Act 1959 was amended by Part X (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

(c) The Commonwealth Banks Act 1959 was amended by sections 6–61 only of the Commonwealth Banks Restructuring Act 1990, subsections 2(1)–(3) of which provide as follows:

 1

Sections 1, 2, 3, 4, 5 and 6 commence on the day on which this Act receives the Royal Assent.

 2

(2) The amendments made by paragraph 48(b) and (c) come into operation at the time when the first guidelines under Superannuation Benefits (Supervisory Mechanisms) Act 1990 come into force in relation to the fund referred to in section 110 of the amended Act.section 6 of the

3

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

In pursuance of section 2 the following dates were fixed:

Sections 48(b) and (c): (on commencement of Commonwealth Banks Restructuring Act 1990).section 22 of the

Sections 8(1), 10(b), 16, 43, 46 and 47: The end of that completion date (see Gazette 1990, No. S346). The completion date was (see Victorian Government Gazette, No. 573, ).

Sections 7, 8(2), 19, 36 and 58(1): The beginning of the day immediately following that completion date (see Gazette 1990, No. S346). The completion date was (see Victorian Government Gazette, No. 573, ).

 a

(a) Sections 25(1) and 37–39: The beginning of (see Gazette 1991, No. S72).

 b

(b) Sections 8(3) and 21: The beginning of (see Gazette 1991, No. S72).

 c

(c) Sections 25(2) and 26: The beginning of (see Gazette 1991, No. S72).

 d

(d) Sections 8(4), 22–24, 27–34, 41, 42, 50–52, 54–57, 58(2) and 59–61: The beginning of (see Gazette 1991, No. S72).

 e

(e) Section 20: Immediately after the beginning of (see Gazette 1991, No. S72).

 f

Sections 8(5), 9, 10(a), 12–15, 17, 18, 35, 40, 44, 48(a) and 49: Immediately after the commencement of section 20.

 g

Sections 8(6), 11 and 53(2): Immediately after the time referred to in paragraph (f).

 d

(d) 32 On the succession day for the Commonwealth Bank and the Commonwealth Savings Bank, the Acts referred to in Schedule 3 are amended as set out in that Schedule.

The succession day was 1 January 1993 (see Gazette 1992, No. GN36).

 e

(e) The Bank Integration Act 1991 was amended by Schedule 3 (item 6) 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.

 f

(f) The Commonwealth Banks Act 1959 was amended by Part 3 (sections 19–21) only of the Banking Legislation Amendment Act 1992, subsection 2(5) of which provides as follows:

 5

Part 3 commences on a day to be fixed by Proclamation.

 g

(g) The Commonwealth Banks Act 1959 was amended by the Commonwealth Bank Sale Act 1995, subsections 2(1), (2) and (4)–(6) 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.

 4

Item 22 of the Schedule commences on the first anniversary of the day on which the transfer time occurs.

 5

Item 37 of the Schedule commences at the transfer time or at the beginning of , whichever is later.

 6

Items 1 and 48 of the Schedule commence on the 10th anniversary of the day on which the transfer time occurs.

The transfer time occurred on .

 h

(h) The Commonwealth Banks Act 1959 was amended by Schedule 2 (item 31) only of the Statute Law Revision Act 1996, subsection 2(2) of which provides as follows:

 2

Each item in Schedule 2 commences or is taken to have commenced (as the case requires) at the time specified in the note at the end of the item.

Item 31 is taken to have commenced immediately after the commencement of Commonwealth Banks Restructuring Act 1990.section 55 of the

Section 55 commenced on (see Gazette 1991, No. S72).

i

(i) The Commonwealth Banks Act 1959 was amended by Schedule 3 (items 121–123) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

 3

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

Endnote 4—Amendment history
Provision affected How affected
Title am No 76, 1984
rs No 118, 1990
Part I
s 3 rep No 117, 1973
s 4 am No 117, 1973
rs No 76, 1984
am No 118, 1990; No 210, 1991 (as am by No 43, 1996); No 161, 1995
s 5 rs No 117, 1973
am No 182, 1987
s 5A ad No 117, 1973
am No 29, 1981
rep No 182, 1987
Part II heading rs No 118, 1990
rep No 161, 1995
s 7 am No 76, 1984; No 118, 1990
renum No 118, 1990
s 7A ad No 182, 1987
renum No 118, 1990
Part II rep No 161, 1995
s 8 rs No 118, 1990
rep No 161, 1995
ss 8A, 8B ad No 118, 1990
rep No 161, 1995
s 9 am No 76, 1984; No 182, 1987; No 118, 1990; No 210, 1991
rep No 161, 1995
s 10 rep No 76, 1984
ad No 182, 1987
rep No 161, 1995
s 11 am No 117, 1973; No 29, 1981; No 76, 1984; No 182, 1987; No 118, 1990; No 210, 1991
rep No 161, 1995
s 12 am No 117, 1973; No 29, 1981; No 182, 1987
rep No 118, 1990
s 12A ad No 182, 1987
am No 118, 1990
rep No 161, 1995
s 13 am No 76, 1984; No 118, 1990; No 210, 1991
rep No 161, 1995
Part III rep No 118, 1990
s 14 am Nos 117 and 216, 1973; No 81, 1974; No 29, 1981; No 182, 1987; No 123, 1988
rep No 118, 1990
s 15 am No 182, 1987
rep No 118, 1990
s 16 am No 58, 1966; No 117, 1973; No 29, 1981; No 76, 1984; No 182, 1987
rep No 118, 1990
s 17 am No 117, 1973; No 29, 1981; No 182, 1987
rep No 118, 1990
s 18 am No 117, 1973; No 29, 1981
rep No 118, 1990
s 19 am No 182, 1987
rep No 118, 1990
ss 20, 21 am No 29, 1981
rep No 76, 1984
s 22 am No 76, 1984
rep No 118, 1990
s 23 rs No 76, 1984
rep No 118, 1990
s 24 rs No 29, 1981
am No 76, 1984; No 182, 1987
rep No 118, 1990
s 25 am No 144, 1968; No 81, 1974; No 29, 1981
rs No 123, 1988
rep No 118, 1990
s 26 am No 182, 1987
rs No 123, 1988
rep No 118, 1990
ss 26A–26D ad No 123, 1988
rep No 118, 1990
Part IV
Part IV heading am No 76, 1984
Division 1A heading ad No 118, 1990
rep No 118, 1990
Division 1A rep No 118, 1990
s 27 am No 117, 1973; No 29, 1981
rs No 76, 1984
rep No 118, 1990
Division 1
Division 1 ad No 118, 1990
ss 27A–27C ad No 118, 1990
Division 2
Division 2 ad No 118, 1990
ss 27D–27F ad No 118, 1990
s 27G ad No 118, 1990
rs No 55, 2001
s 27H ad No 118, 1990
rs No 161, 1995
s 27J ad No 118, 1990
am No 55, 2001
Division 3 ad No 118, 1990
rep No 161, 1995
s 27K ad No 118, 1990
rep No 161, 1995
s 27L ad No 118, 1990
am No 46, 1993
rep No 161, 1995
Division 4
Division 4 heading ad No 118, 1990
s 28 am No 76, 1984; No 182, 1987; No 118, 1990; No 161, 1995
s 29 am No 29, 1981; No 76, 1984; No 182, 1987
rep No 118, 1990
s 30 am No 29, 1981
rs No 76, 1984
am No 129, 1989; No 118, 1990
rep No 118, 1990
s 30A ad No 129, 1989
rep No 118, 1990
s 31 am No 29, 1981
rs No 76, 1984
am No 129, 1989
rep No 118, 1990
s 32 rs No 76, 1984; No 182, 1987; No 118, 1990; No 193, 1992
rep No 161, 1995
s 33 am No 144, 1968; No 81, 1974; No 29, 1981
rep No 76, 1984
ad No 129, 1989
rep No 118, 1990
s 34 rep No 76, 1984
s 35 rs No 76, 1984
am No 182, 1987
rep No 118, 1990
s 36 rs No 76, 1984; No 182, 1987
rep No 118, 1990
ss 37, 38 am No 76, 1984
rep No 118, 1990
s 39 am No 76, 1984
rep No 182, 1987
Part V rep No 210, 1991
s 40 am No 117, 1973; No 29, 1981
rep No 210, 1991
s 41 am No 182, 1987; No 129, 1989
rep No 210, 1991
s 42 am No 29, 1981; No 76, 1984; No 182, 1987
rep No 210, 1991
s 42A ad No 76, 1984
am No 129, 1989
rep No 210, 1991
s 43 am No 29, 1981
rep No 210, 1991
s 44 rs No 76, 1984
am No 118, 1990
rep No 210, 1991
s 45 am No 144, 1968; No 81, 1974; No 29, 1981
rep No 76, 1984
s 46 rep No 76, 1984
s 47 rs No 76, 1984
am No 182, 1987; No 118, 1990
rep No 210, 1991
s 48 am No 182, 1987
rep No 118, 1990
s 49 am No 76, 1984
rep No 118, 1990
s 50 am No 129, 1989
rep No 118, 1990
s 51 am No 76, 1984
rep No 182, 1987
s 52 am No 132, 1965; No 29, 1981
rep No 182, 1987
s 53 am No 29, 1981
rep No 129, 1989
s 54 rep No 144, 1968
Part VI rep No 182, 1987
ss 55, 56 am No 76, 1984
rep No 182, 1987
s 57 rep No 182, 1987
ss 58, 59 am No 76, 1984
rep No 182, 1987
s 60 am No 29, 1981; No 76, 1984
rep No 182, 1987
s 61 rep No 182, 1987
s 62 am No 76, 1984
rep No 182, 1987
s 63 am No 117, 1973; No 76, 1984
rep No 182, 1987
s 64 am No 76, 1984
rep No 182, 1987
s 65 am No 29, 1981
rep No 182, 1987
s 66 rep No 18, 1973
s 67 am No 76, 1984
rep No 182, 1987
s 68 rs No 76, 1984
rep No 182, 1987
s 69 am No 93, 1966; No 117, 1973; No 29, 1981; No 76, 1984
rep No 182, 1987
s 70 am No 29, 1981; No 76, 1984
rep No 182, 1987
s 71 rep No 161, 1995
s 72 am No 81, 1974; No 77, 1978; No 29, 1981
rs No 194, 1985
am No 46, 1993
rep No 161, 1995
s 73 rep No 161, 1995
s 74 am No 29, 1981; No 194, 1985; No 182, 1987; No 161, 1995
rep No 161, 1995
Part VII
s 74A ad No 118, 1990
am No 46, 1993
rs No 161, 1995
ss 74B, 74C ad No 161, 1995
s 75 am No 75, 1961; No 3, 1962; No 57, 1963; No 29, 1981; No 76, 1984
rep No 118, 1990
s 76 am No 29, 1981; No 129, 1989; No 118, 1990
rep No 161, 1995
s 77 rep No 129, 1989
s 77A ad No 182, 1987
rs No 118, 1990
am No 46, 1993
rep No 161, 1995
s 78 am No 144, 1968; No 81, 1974; No 29, 1981
rep No 76, 1984
ad No 129, 1989
rep No 118, 1990
s 79 rep No 76, 1984
s 80 rs No 76, 1984
am No 182, 1987; No 118, 1990
rep No 161, 1995
s 81 am No 182, 1987
rep No 118, 1990
s 82 am No 76, 1984
rep No 118, 1990
s 83 am No 76, 1984; No 129, 1989
rep No 161, 1995
s 84 am No 93, 1966
rep No 77, 1978
s 85 rep No 161, 1995
s 85A ad No 77, 1978
rep No 182, 1987
ad No 46, 1993
rep No 161, 1995
s 86 rep No 161, 1995
Part VIII
Part VIII heading rs No 118, 1990
am No 161, 1995
Division 1 heading rep No 118, 1990
s 87 am No 117, 1973; No 29, 1981; No 182, 1987
rep No 118, 1990
Division 2 heading am No 182, 1987
rep No 118, 1990
s 87A ad No 182, 1987
rep No 161, 1995
s 88 rs No 182, 1987; No 118, 1990
rep No 161, 1995
s 89 rep No 182, 1987
s 89A ad No 177, 1980
am No 29, 1981
rep No 92, 1983
s 89B ad No 177, 1980
rep No 92, 1983
s 90 am No 117, 1973; Nos 63 and 76, 1984; No 194, 1985
rep No 182, 1987
s 91 rep No 194, 1985
ss 92, 93 rep No 182, 1987
s 94 am No 29, 1981
rep No 182, 1987
s 95 am No 117, 1973; No 29, 1981
rs No 76, 1984
rep No 182, 1987
s 96 am No 144, 1968; No 29, 1981
rep No 182, 1987
Division 3 rep No 182, 1987
s 97 rep No 182, 1987
s 98 am No 29, 1981
rep No 182, 1987
s 99 am No 144, 1968; No 117, 1973; No 29, 1981
rep No 182, 1987
s 100 am No 29, 1981
rep No 182, 1987
s 101 am No 117, 1973; No 81, 1974; No 29, 1981
rep No 182, 1987
Division 4 rep No 182, 1987
ss 102, 103 am No 29, 1981
rep No 182, 1987
s 104 rep No 144, 1968
s 105 am No 29, 1981
rep No 182, 1987
s 106 am No 144, 1968; No 29, 1981
rep No 182, 1987
Division 5 heading rs No 29, 1981
Division 5 rep No 182, 1987
s 107 rs No 144, 1968
am No 117, 1973; No 29, 1981
rep No 182, 1987
Division 5A heading ad No 29, 1981
Division 5A rep No 182, 1987
s 108 (prev s 7) am No 144, 1968; No 117, 1973; No 29, 1981
rep No 182, 1987
rep No 161, 1995
ss 108A–108C ad No 161, 1995
s 109 (prev s 7A) am No 117, 1973; No 81, 1974; No 29, 1981
rep No 182, 1987
rep No 161, 1995
Division 6 heading rep No 118, 1990
s 110 am No 36, 1978; No 118, 1990
rs No 161, 1995
s 110A ad No 29, 1981
am No 182, 1987
rep No 118, 1990
s 111 am No 93, 1966; No 144, 1968; No 77, 1978; No 76, 1984
rep No 182, 1987
s 112 am No 29, 1981; No 76, 1984
rs No 182, 1987
rep No 123, 1988
s 113 rep No 182, 1987
s 114 am No 76, 1984
rs No 118, 1990
am No 210, 1991
rep No 161, 1995
s 115 rep No 182, 1987
s 116 am No 118, 1990
rep No 161, 1995
Part IX
s 117 rs No 76, 1984; No 161, 1995
am No 28, 2023
s 118 am No 76, 1984
rs No 182, 1987; No 118, 1990
rep No 161, 1995
s 119 am No 117, 1973; No 29, 1981
rs No 76, 1984
am No 182, 1987; No 118, 1990
rep No 161, 1995
s 120 am No 29, 1981; No 76, 1984
rep No 118, 1990
s 121 am No 117, 1973; No 29, 1981; No 129, 1989
rep No 118, 1990
s 121A ad No 123, 1988
rep No 118, 1990
s 122 rep No 118, 1990
s 123 am No 76, 1984; No 118, 1990; No 210, 1991; No 43, 1996
rep No 161, 1995
s 124 am No 118, 1990
rep No 161, 1995
s 124A ad No 182, 1987
am No 118, 1990
rep No 161, 1995
s 124B ad No 182, 1987
rep No 161, 1995
s 125 rep No 161, 1995
s 126 am No 76, 1984; No 210, 1991
rep No 161, 1995
s 127 rep No 161, 1995
s 128 am No 216, 1973
rep No 194, 1985
ad No 118, 1990
am No 118, 1990; No 193, 1992; No 161, 1995; No 148, 2003
rep No 161, 1995
s 129 am No 93, 1966; No 29, 1981; No 76, 1984; No 182, 1987; No 118, 1990; No 210, 1991; No 161, 1995