Australian Capital Territory Numbered Acts

STATE BANK OF SOUTH AUSTRALIA (TRANSFER OF UNDERTAKING) ACT 1994 (NO 31 OF 1994)

TABLE OF PROVISIONS

           Long Title

   1.      This Act may be cited as the State Bank of South Australia (Transfer of Undertaking) Act 1994.  
   2.      This Act commences on the day on which it is notified in the Gazette.  
   3.      In this Act, unless the contrary intention appears—“appointed day” means a day fixed as the appointed day by proclamation under the South Australian Act; “asset” means property including property held in a fiduciary capacity; “BSAL” means the public company with the name “Bank of South Australia Limited” formed under the Corporations Law; “CEO of BSAL” means the chief executive officer of BSAL (however described) or a delegate of the chief executive officer; “corresponding law” means the South Australian Act or a law of another State or another Territory providing for the transfer of assets and liabilities between—  
   4.      (1) The Treasurer may, with the concurrence of the South Australian Treasurer, by order in writing, transfer assets or liabilities of SBSA or an SBSA subsidiary to BSAL.  
   5.      The transfer of assets and liabilities under this Act has effect on the conditions fixed by the South Australian Treasurer under the South Australian Act.  
   6.      The following transitional provisions apply in relation to transferred assets and liabilities:  
   7.      An instruction, order or mandate given to a bank or other financial institution for payments to be made from an account at the bank or other institution to an account at SBSA or an SBSA subsidiary is, if the account at SBSA or the SBSA subsidiary is transferred to BSAL under this Act or a corresponding law, taken to be an instruction, order or mandate for the payments to be made to the account at BSAL.  
   8.      (1) Where a transferred asset or liability consists of land or an interest in land under the Real Property Act 1925, the Registrar-General—  
   9.      (1) A person dealing with SBSA or an SBSA subsidiary is not obliged to enquire whether property to which the transaction relates is or is not a transferred asset.  
   10.     (1) SBSA or an SBSA subsidiary may lodge with the Registrar-General a caveat in respect of land under the provisions of the Real Property Act 1925 that—  
   11.     (1) The Treasurer may, with the concurrence of the South Australian Treasurer, by order in writing, re-transfer assets or liabilities (or both) from BSAL to SBSA or an SBSA subsidiary.  
   12.     (1) No stamp duty is payable under the Stamp Duties and Taxes Act 1987 and no financial institutions duty is payable under the Financial Institutions Duty Act 1987 in respect of—  
   13.     (1) A certificate issued by the South Australian Treasurer certifying that an asset or liability is or is not a transferred asset or liability is evidence of the matter so certified.  
   14.     Nothing done or allowed under this Act—