New South Wales Consolidated Acts

BANK MERGERS (APPLICATION OF LAWS) ACT 1996 - SECT 6

6 Payment of amount instead of State duties or other imposts

(1) Despite any other provision of this Act, the application in this State of a proclaimed law does not take effect until any requirement made under this section, and referred to in the proclamation under this Act, has been complied with and the Treasurer has given a certificate under subsection (4) to that effect.

(2) The Treasurer may require one or more of the banks concerned:

(a) to pay to the Treasurer instead of all duties, taxes, charges, rates or other imposts for which the bank or banks concerned would be liable under the law of this State as a result of, or in connection with, the merger an amount that is, in the opinion of the Treasurer, proper in the circumstances, and

(b) to pay that amount before the commencement of the proclamation or to give a written undertaking to pay the amount on or after that commencement.

(3) The amount payable to the Treasurer is to be determined by the Treasurer in accordance with such principles as the Treasurer thinks appropriate.

(4) The Treasurer must, when satisfied that a requirement under this section has been complied with, give the bank subject to the requirement a certificate stating that the requirement has been complied with.

(5) The Treasurer must, when satisfied that an amount required under this section to be paid on or after the commencement of a proclamation has been paid, give the bank subject to the requirement a certificate stating that the amount has been paid.

(6) If a certificate is given under this section stating that a requirement to pay an amount has been complied with or that an amount has been paid, the bank given the certificate is not liable for any further duties, taxes, charges, rates or other imposts of the kind referred to in subsection (2).

(7) A certificate under this section is, for all purposes and in all courts, tribunals and proceedings, conclusive evidence of the matters certified.

(8) This section does not apply to any fee or charge payable to the Registrar-General in respect of any act, dealing or other transaction relating to land.