Reserve Bank of Australia Annual Report – 1961 Reserve Bank Act

Reserve Bank of Australia is the name of the corporate body long known as the Commonwealth Bank of Australia. The history of the legislative provisions relating to the legal personality and name of the Bank is recorded here.

Commonwealth Bank Act 1911([1])

“5 A Commonwealth Bank, to be called the Commonwealth Bank of Australia, is hereby established.

6 The Bank shall be a body corporate with perpetual succession and a common seal, and may hold land, and may sue and be sued in its corporate name.”

Commonwealth Bank Act 1945([2])

“7 Notwithstanding the repeal effected by section four of this Act, the Commonwealth Bank of Australia established under the Commonwealth Bank Act 1911–43([3])—

  1. shall be preserved and continue in existence under and subject to the provisions of this Act, so that the corporate identity of the Commonwealth Bank of Australia shall not be affected; and
  2. shall continue to be a body corporate with perpetual succession and a common seal, and shall continue to have power to hold land, and to sue or be sued in its corporate name.”

Reserve Bank Act 1959([4])

“7-(1) Notwithstanding the repeal effected by sub-section (1) of section four of this Act, the body corporate established under the Commonwealth Bank Act 1911–1943(3) and continued in existence under the Commonwealth Bank Act 1945–53([5]), under the name Commonwealth Bank of Australia—

  1. is preserved and continues in existence as a body corporate under and subject to the provisions of this Act, under the name Reserve Bank of Australia, but so that the corporate identity of the body corporate shall not be affected;
  2. shall have a seal; and
  3. is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.”

Footnotes

Act No. 18 of 1911, assented to 22nd December, 1911, proclaimed to commence on 15th July, 1912. [1]

Act No. 13 of 1945, relevant Part proclaimed to commence on 21st August, 1945. S. 4. repealed the Acts specified in the First Schedule which included the Commonwealth Bank Act 1911 as amended. [2]

Act No. 18–1911 as amended by No. 24–1914, No. 43–1920, No. 15–1924, No. 16–1925, No. 36–1927, No. 31–1929, No. 6–1931, No. 16–1932, No. 13–1943. [3]

Act No. 4 of 1959, assented to 23rd April, 1959, proclaimed to commence on 14th January, 1960. S. 4(1) repealed Commonwealth Bank Acts 1945, 1948, 1951 and 1953. [4]

Act No. 13 of 1945 as amended by No. 68–1948, No. 16–1951, No. 12–1953. [5]