Commonwealth Consolidated Acts

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COMMONWEALTH BANKS ACT 1959 - SECT 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)   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.

 



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