RESERVE BANK ACT 1959

Table of Provisions

• Long Title

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  

PART II--CONSTITUTION--, POLICY AND MANAGEMENT OF THE RESERVE BANK

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  

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  

PART IIIA--THE--PAYMENTS SYSTEM BOARD

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  

Division 2--Meetings

• 25F Meetings  
• 25G Conduct of meetings  
• 25H Resolutions without meetings  

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  

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  

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  

PART VII--THE--RESERVE BANK SERVICE

• 66 The Reserve Bank Service  
• 67 Appointment of staff  
• 68 Consultants and other people engaged to perform services  

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  
• 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