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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 defines certain words and expressions used in the proposed Act.
Clause 4 enables the Governor by proclamation to declare a law of another
State or Territory providing for or relating to the merger of banks to be a law
to which the proposed Act applies. The effect of a proclamation will be
(under proposed section 5) to apply the law as a law of this State. A
proclamation may exclude, modify or supplement provisions of the law that
is to be applied.
Clause 5 extends the application of a proclaimed law so that it applies,
subject to the terms of the proclamation, as if it were a law of this State.
Provisions of such a law relating to government guarantees and exemptions
from taxes, charges, duties or other imposts are automatically excluded from
applying except to the extent that the proclamation otherwise provides.
Clause 6 prevents a proclaimed law from applying unless the amount (if
any) determined by the Treasurer for taxes, charges, duties or other imposts is
paid or any requirement to give an undertaking to pay at a later date is
complied with. The requirements must be referred to in the proclamation. The
Treasurer must give a certificate to the bank concerned when satisfied that the
required amount has been paid or the undertaking has been given and when
the amount is subsequently paid.
Clause 7 provides for the review of the Act by the Minister 5 years after its
commencement.
Explanatory note page 2