Commonwealth Banks Act 1959

This section has effect for the purposes of the laws of the Commonwealth, a State or a Territory. However, the effect of this section is subject to any express provision in the law concerned that refers specifically to the Development Bank.

The Development Bank is to be taken:

not to have been incorporated or established for a public purpose or for a purpose of the Commonwealth; and

not to be a public authority or an instrumentality or agency of the Crown; and

without limiting paragraphs (a) and (b), not to be a public authority under the Commonwealth for the purposes of the Crimes Act 1914.

The Commonwealth is to be taken:

not to have a controlling interest or substantial interest in the Development Bank; and

not to be in a position to control the Development Bank.