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BANK INTEGRATION BILL 1992
NEW SOUTH WALES
EXPLANATORY NOTE
(This Explanatory Note relates to this Bill as introduced into Parliament)
The object of this Bill is to provide complementary legislation to the Bank
Integration Act 1991 of the Commonwealth to facilitate the integration of Westpac
Savings Bank Limited into Westpac Banking Corporation.
PART 1--PRELIMINARY
Clause 1 specifies the short title of the proposed Act.
Clause 2 provides for the Act to commence on a day to be proclaimed.
Clause 3 sets out the purpose of the Act which is to facilitate the integration of
Westpac Savings Bank Limited into Westpac Banking Corporation..
Clause 4 provides that the Act binds the Crown.
Clause 5 contains definitions of certain terms used in the Act. "Succession day''
means the day fixed under the Commonwealth Act as the succession day for those
banks. The succession day is the day on which the business of the transferring bank
(Westpac Savings Bank Limited) is to vest in the receiving bank Westpac Banking
Corporation).
Clause 6 provides as far as possible for the extra-territorial operation of the Act
outside New South Wales.
PART 2--BANK REORGANISATIONS
Clause 7 provides for the receiving bank to become the successor in law of the
transferring bank and for the dissolution of the transferring bank on the succession day.
Clause 8 provides for the transfer on the succession day of the assets and liabilities
of the transferring bank to the receiving bank.
Clause 9 provides, with effect from the succession day, that instruments originally
in the name of the transferring bank continue to have effect in the manner originally
intended, except that they will be taken to refer to the receiving bank.
Clause 10 provides, with effect from the succession day, for the transfer of the
places of business of the transferring bank to the receiving bank
Clause 11 provides for continuity in legal proceedings with the receiving bank
taking the place of the transferring bank in each case.
Clause 12 allows the receiving bank to use, for a period of 6 months from
succession day, the trading name of the transferring bank.
Clause 13 provides that the terms and conditions of employment of employees will
be unaffected by the integration of the transferring and receiving banks.
Clause 14 provides that the receiving bank must do whatever is necessary to carry
out the reorganisation.
PART 3--TAXATION MATTERS
Clause 15 exempts the transfer of assets and liabilities from the transferring bank to
the receiving bank from certain New South Wales taxes and charges.
PART 4--MISCELLANEOUS
Clause 16 provides that an authorised person (the
Treasurer or a senior officer of
the receiving bank or of the Public Service designated by the Treasurer) may certify any
matter in relation to the operation or effect of the legislation. For example, an authorised
person may certify that a specified asset or liability of the transferring bank has become
a transferred asset or liability of the receiving bank.
Clause 17 provides, with effect from the succession day, that interests in land under
the Real Property Act 1900 held by the transferring bank are to be taken to be interests
held by the receiving bank.
Clause 18 requires the Registrar-General, on production of a certificate by an
authorised person, to register interests in land of the receiving bank arising out of the
operation of the proposed Act.
Clause 19 requires officials, on production of certificates by authorised persons, to
adjust registers in respect of the transfer of assets (other than land to which clause 17
applies) to the receiving bank under the proposed Act.
Clause 20 provides for a presumption that certificates have
been properly given
under the Act.
Clause 21preserves the operation of the evidence provisions concerning bankers'
books contained in the Evidence Act 1898 in respect of the relevant books and records
of the transferring bank.
Clause 22 provides that the Act has effect despite anything in any instrument and
that things done under the Act do not result in adverse legal consequences or require
consents that would otherwise be necessary.
Clause 23 empowers the Governor-in-Council to make regulations to give effect to
the Act.