ROYAL ASSENT GIVEN

Otago Daily Times, Issue 26631, 29 November 1947, Page 7

ROYAL ASSENT GIVEN

FEDERAL BANKING BILL RESTRAINING INJUNCTIONS SOUGHT Rec. 8, p.m. CANBERRA, Nov. 28. , The Governor-General, Mr W. J. McKell, has given royal assent to the Bill' to nationalise the private trading banks, which was passed by the Senate on Wednesday night. The Bill was presented to the Governor-General with unusual expedition. The Prime Minister, Mr Chifley, stated that notices inviting private banks to make agreements with the Commonwealth Bank regarding the taking over of their assets would not be issued so long as the opponents of the measure showed expedition in having it tested in court. The Government had agreed with the opponents of the measure to withhold' the issuing of notices under the Bill, provided that they honoured their undertaking to expedite and coordinate their cpse against the Bill. As a result the whole Bill could be tested as one case before the court. In Sydney, solicitors for private trading banks have filed a writ in the High Court seeking an interim injunction to restrain the Commonwealth Government from exercising its powers under the Banking Act. In Adelaide, the South Australian Government issued a writ and an application for an interim injunction will be made in Sydney next week. The case will be heard simultaneously with those of West Australia and Victoria, although the submissions will be different.