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Reserve Bank Act 1959
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Administered by
Department of the Treasury
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C2024C00696 (C31)
24 September 2024
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Part I—Preliminary
1 Short title
2 Commencement
4 Repeal and saving
5 Interpretation
6 Application to Territories
6A Cessation of application to Territory
6B Application of Criminal Code
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Part II—Constitution, policy and management of the Reserve Bank
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Division 1—Constitution of the Reserve Bank
7 The Reserve Bank of Australia
7A Application of the Public Governance, Performance and Accountability Act 2013
7B Disclosure of interests by members of the Reserve Bank Board in relation to certain matters
7C Other disclosures of material personal interests by members of the Reserve Bank Board and the Payments System Board
8 General powers
Division 2—Policy and management of the Reserve Bank
8A The Boards of the Bank
9 Establishment of Reserve Bank Board
10 Functions of Reserve Bank Board
10A Establishment of Payments System Board
10B Functions of Payments System Board
10C Resolving differences between the Boards
11 Differences of opinion with Government on questions of policy
12 Management of the Bank
13 Governor and Secretary to Treasury to establish liaison
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Part III—The Reserve Bank Board and the Governor and Deputy Governor of the Bank
14 Membership of Reserve Bank Board
15 Remuneration of members
16 Declaration by members
17 Disqualifications from membership
17A Resignation
18 Termination of appointment
18A Leave of absence
20 Chairperson and Deputy Chairperson
21 Meetings of Reserve Bank Board
21A Exclusion of Governor and Deputy Governor from certain deliberations
22 Secretary may nominate alternate to attend meetings of Reserve Bank Board
22A Conduct of meetings
22B Resolutions without meetings
24 Governor and Deputy Governor
24A Terms and conditions of employment not provided for by Act
24B Resignation
25 Vacation of Office
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Part IIIA—The Payments System Board
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Division 1—The members of the Payments System Board
25A Membership of Payments System Board
25B Appointment of members
25C Chair of the Payments System Board
25D Deputy Chair of the Payments System Board
25E Declaration by members
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Division 2—Meetings
25F Meetings
25G Conduct of meetings
25H Resolutions without meetings
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Division 3—Other administrative provisions
25I Remuneration
25J Leave of absence
25K Resignation
25L Termination of appointment
25M Payments System Board’s report to the Minister
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Part IV—Central banking
26 Reserve Bank to act as a central bank
27 Bank to be banker for Commonwealth
28 Capital
29 Reserve Fund
30 Profits
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Part V—The note issue
32 Interpretation
34 Issue, re issue and cancellation of notes
35 Denominations of notes
36 Notes to be legal tender
37 Signature on notes
43 Bank not to issue notes other than Australian notes
44 Other persons not to issue notes
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Part VII—The Reserve Bank Service
66 The Reserve Bank Service
67 Appointment of staff
68 Consultants and other people engaged to perform services
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Part VIII—Miscellaneous
74 Head office
75 Agents etc.
76 Attorney of Bank
77 Guarantee by Commonwealth
79 Taxation
79A Secrecy
79B Secrecy: documents or information to which section 79A does not apply
82 Returns
83 Power to improve property and carry on business
84 Execution of contracts
84A Protection from liability—crisis powers etc.
85 The Reserve Bank’s seal
85A Judicial notice of statistical information published by Bank
86 Priority of debts due by other ADIs
87 Validity of acts and transactions of Bank
89 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Editorial changes
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