Commonwealth Banks Amendment Act 1981 (Cth)

Commonwealth Banks Amendment Act 1981

No. 29 of 1981

An Act to amend the Commonwealth Banks Act 1959, and for related purposes

[Assented to 14 April 1981]

[Date of commencement 12 May 1981]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c. 1. (1) This Act may be cited as the Commonwealth Banks Amendment Act 1981. (2) The Commonwealth Banks Act 19591 is in this Act referred to as the Principal Act. 2. Section 24 of the Principal Act is repealed and the following section substituted:

Disclosure of pecuniary interests "24. (1) A member of the Board who has a direct or indirect pecuniary interest—

(a) in a matter that is being considered or about to be considered by the Board; or (b) in a contract (other than a contract in relation to which a matter is being considered or about to be considered by the Board) made or proposed to be made by the Corporation, the Trading Bank, the Savings Bank or the Development Bank, shall, as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of the Board. "(2) A member of an Executive Committee for the Trading Bank, the Savings Bank or the Development Bank who has a direct or indirect pecuniary interest— (a) in a matter that is being considered or about to be considered by that Executive Committee; or (b) in a contract (other than a contract in relation to which a matter is being considered or about to be considered by that Executive Committee) made or proposed to be made by that bank, shall, unless he has previously disclosed the nature of his interest in that matter or contract to the Board in accordance with sub-section (1), as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of that Executive Committee. "(3) A disclosure under this section to the Board or to an Executive Committee shall be recorded in the minutes of the Board or of the Executive Committee, as the case may be. "(4) After a member of the Board has, in pursuance of this section, disclosed the nature of his interest in a matter that is being or about to be considered by the Board or by an Executive Committee to the Board or to that Executive Committee, the member shall not, unless either the Board or that Executive Committee, as the case requires, or the Treasurer otherwise determines— (a) be present during any deliberation of the Board, or of that Executive Committee, with respect to the matter; or (b) take part in any decision of the Board, or of that Executive Committee, with respect to the matter. "(5) For the purpose of the making of a determination by the Board or by an Executive Committee under sub-section (4) in relation to a member of the Board who has made a disclosure under this section to the Board or to that Executive Committee, a member of the Board who has a direct or indirect pecuniary interest in the matter to which the disclosure relates shall not— (a) be present during any deliberation of the Board or the Executive Committee, as the case may be, for the purpose of making the determination; or (b) take part in the making by the Board or by that Executive Committee, as the case may be, of that determination.".