VALIDITY CHALLENGED
COMMONWEALTH BANKING ACT TRADING BY LOCAL BODIES Rec 1.15 a.m. MELBOURNE, May 28. A writ against the Commonwealth challenging the validity of the Banking Act was lodged in the High Court today by the Melbourne City Council. Melbourne is one of the councils notified by the Prime Minister and Treasurer Mr J. B. Chifley. that their accounts must be removed from trading banks before August 1 under the terms of the Banking Act. The writ against the Commonwealth and Mr Chifley claims that section 48 of the Banking Act is invalid. This section states that, except with the consent in writing of the Federal Treasurer, a bank shall not conabct any business for the State or for any authority of the State, including a local governing authority. The writ also seeks the declaration that the Act is invalid by reason of the provisions of other sections relating to deposit accounts, which trading banks are required to make with the Commonwealth Bank.
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Bibliographic details
Otago Daily Times, Issue 26473, 29 May 1947, Page 7
Word Count
163VALIDITY CHALLENGED Otago Daily Times, Issue 26473, 29 May 1947, Page 7
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