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Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.
Clause 2 provides for the commencement of the proposed Act on the date of
assent.
Clause 3 sets out the object of the proposed Act.
Clause 4 enables the Governor-in-Council to make regulations providing for
or relating to the merger of 2 or more banks. The regulations may relate to
various matters, including the transfer of the undertaking of a bank to another
bank or a bank becoming the successor in law to another bank, obligations of
the banks concerned, the effect of the merger on assets, contracts, securities
and other matters, the recognition of the transfer of assets and liabilities, and
other matters of a savings or transitional nature.
Clause 5 enables a regulation relating to a bank being merged with another
bank to provide for the former bank's dissolution or liquidation and to make
provision for universal succession.
Clause 6 contains a general regulation making power.
Clause 7 sets out Parliament's intention that regulations relating to the
merger of banks should, as far as possible, have effect in relation to land,
acts, things, transactions and matters outside New South Wales, whether in or
outside Australia.
Clause 8 provides that the proposed Act binds the Crown.
Clause 9 excludes regulations under the Act from the operation of the
Subordinate Legislation Act 1989.
Clause 10 provides for the review of the Act by the Minister 5 years after its
commencement.
Explanatory note page 2