Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 7

             (1)  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 Commonwealth Authorities and Companies Act 1997 applies to the Bank. That Act deals with matters relating to Commonwealth authorities, including reporting and accountability and conduct of officers.