Bank of New South Wales v Commonwealth
- Bank of New South Wales v Commonwealth
Infobox Court Case
name=Bank of NSW v Commowealth
court=High Court of Australia
date_decided=11 August 1948
full_name=Bank of New South Wales v The Commonwealth
citations=
judges= Latham CJ, McTiernan, Starke, Dixon, Rich and Williams JJ
prior_actions=none
subsequent_actions=Appeal to Privy Council
opinions=Failure to provide for the provision of interest on compensation makes the acquisition of bank shares and business and acquisition in violation of the protection provided by pl.(xxxi)
"Bank of New South Wales v The Commonwealth" (1948) 76 CLR 1, also known as the "Bank Nationalisation Case", is a very famous case of the High Court of Australia
Background
Comfortable in government after two strong election wins, the Labor government of Ben Chifley announced in 1947 its intention to nationalise private banks in Australia. It achieved this process by passing the Banking Act 1947. The policy was that Banks would be purchased by the Commonwealth Bank of Australia, which in turn would be owned by the Federal Government. The policy proved very controversial, and the Bank of New South Wales challenged the constitutional validity of the law.
Decision
The Court hearing lasted for a record 47 days. A number of arguments were put to the Court. The Court rejected most of these arguments. However it eventually decided that the mechanism used to nationalise the banks was not on "just terms" and therefore violated the protections placed into the Constitution in placitum (xxxi).
Aftermath
The case was appealed to the Privy Council. The Chifley Government lost power ostensibly due to the problems regarding this legislation and the Court case.
Wikimedia Foundation.
2010.
Look at other dictionaries:
Commonwealth v Bank of New South Wales — (1949) 79 CLR 497; [1950] AC 235 popularly known as the Bank Nationalisation Case was a Privy Council decision that affirmed the High Court of Australia s decision in Bank of New South Wales v Commonwealth, promoting the theory of individual… … Wikipedia
New South Wales v Commonwealth (2006) — New South Wales v Commonwealth Court High Court of Australia Full case name New South Wales Ors v Commonwealth Date decided … Wikipedia
State Bank of New South Wales — The State Bank of New South Wales was a bank that was owned by the Government of New South Wales. It existed from 1933 until 2000, when it was taken over by the Commonwealth Bank. The bank started in 1933 as the Rural Bank of NSW, which was a… … Wikipedia
New South Wales Swifts — ANZ Championship team Franchise information … Wikipedia
New South Wales D50 class locomotive — New South Wales D50 class 5154 climbs the bank out of Fassifern with a non air coal train. Power type Steam Builder Beyer, Peacock Co. (151) Dübs Co. (5) Neilson Co. (10) North British Locomotive Co. (8 … Wikipedia
New South Wales — NSW redirects here. For the historical region of Canada, see New Britain (Canada). For other uses, see NSW (disambiguation). Coordinates: 32°0′S 147°0′E / 32°S 147°E … Wikipedia
Corowa, New South Wales — Infobox Australian Place | type = town name = Corowa state = nsw caption = A view of the main street of Corowa lga = Corowa Shire Council postcode = 2646 pop = 5,628 pop footnotes = census 2006 AUS|id=SSC16843|name=Corowa (State… … Wikipedia
Queanbeyan, New South Wales — Infobox Australian Place | type = city name = Queanbeyan state = nsw caption = Queanbeyan photographed from the air. The Ridgeway is in the right foreground, Jerrabobmerra in the top left. pop = 36,331 (2004) poprank = 37th density = 210 est =… … Wikipedia
Woodstock, New South Wales — Infobox Australian Place | type = town name = Woodstock state = nsw caption = Royal Hotel, Woodstock lga = Cowra Shire postcode = 2793 est = 1888 pop = 249 2001 elevation= maxtemp = mintemp = rainfall = stategov = Orange fedgov = Calare dist1 =… … Wikipedia
University of New South Wales — Coat of Arms of UNSW Latin: Universitas Nova Cambria Australis Motto Scientia Manu et Mente (Latin) M … Wikipedia
