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This explanatory note relates to this Bill as introduced into Parliament.
Overview of Bill
The object of this Bill is to enable provisions of the Corporations Law and
the Corporations Regulations to be applied to Westpac Banking
Corporation. The Bank is established under the Bank of New South Wales
Act of 1850 and is not a company within the meaning of the Corporations
Law.
Clause 2 provides for the commencement of the proposed Act on the date
of assent, but amendments made by clause 8 are to commence on a day or
days appointed by proclamation.
Clause 3 contains definitions used in the proposed Act.
Clause 4 enables regulations to be made, applying provisions of the
Corporations Law and the Corporations Regulations to the Bank as if it
were a company, subject to any modifications specified in the regulations.
This power cannot be exercised in relation to provisions applying already to
the Bank (in its capacity as a body corporate).
Clause 5 sets out certain modifications that will operate on the applied
provisions unless overridden by the regulations. These modifications include
construing references to the Court as references to the Supreme Court and
references to the Australian Securities Commission as references to the
prescribed authority (as to which see clause 6).
Clause 6 contemplates regulations prescribing any person OF body as the
prescribed authority. The Australian Securities Commission may be
prescribed, but only with the concurrence of a Commonwealth Minister. In
the absence of such a regulation, the Attorney General for New South Wales
is the prescribed authority. The Attorney General is required to seek and take
the advice of the Australian Securities Commission as far as practicable
when exercising functions under the proposed Act.
Clause 7 provides for the manner of dealing with offences under the
applied provisions.
Clause 8 amends Acts and the Bank's deed of settlement in relation to
matters that may be dealt with by the applied provisions. These amendments
are to commence on a day or days to be appointed by proclamation.
Clause 9 empowers the Governor to make regulations for the purposes of
the proposed Act. The clause also provides that the Subordinate Legislation
Act 1989 is not to apply to the regulations. The result of this provision is to
exclude automatic sunsetting and the need for a regulatory impact
statement--this result is the same as would follow from inclusion of a
reference to the regulations in Schedule 4 to that Act.
Explanatory note page 2