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COMMONWEALTH BANKS REGULATIONS (AMENDMENT) 1991 NO. 55EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 55
ISSUED BY THE AUTHORITY OF THE TREASURER
COMMONWEALTH BANKS ACT 1959
COMMONWEALTH BANKS REGULATIONS (AMENDMENT)
Section 129 of the Commonwealth Banks Act 1959 (the Act) provides that regulations may be made for the purposes of the Act.
The provisions of the Commonwealth Banks Restructuring Act 1990 (the Restructuring Act), once proclaimed, have the effect of converting the Commonwealth Bank into a public company on 17 April 1991.
Subsection 8(3) of the Restructuring Act 1990, which is to commence on 2 April 1991, inserts a definition in the Act. It provides that "Securities Commission" means:
(a) before the date prescribed. the National Companies and Securities Commission; or
(b) on and after the date prescribed, the Australian Securities Commission.
A date was not specified in the definition because of uncertainty over the commencement of operation of the Australian Securities Commission (ASC). As the ASC commenced operation on 1 January 1991, the Regulations specify this date. This will enable the Commonwealth Bank to lodge the necessary documents with the ASC in order to be converted into a public company.
The Regulations are to commence on 2 April 1991. This date is chosen because the new definition mentioned above is also scheduled to commence on 2 April 1991.