Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 7

    Notwithstanding the repeal effected by subsection   4(1), the body corporate established under the Commonwealth Bank Act 1911 and continued in existence under the Commonwealth Bank Act 1945 , under the name Commonwealth Bank of Australia:

  (a)   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;

  (b)   shall have a seal; and

  (c)   is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.

Note:   Subject to section   7A, the Public Governance, Performance and Accountability Act 2013 applies to the Bank. That Act deals with matters relating to corporate Commonwealth entities, including reporting and the use and management of public resources.