New South Wales Consolidated Acts

STATE BANK (PRIVATISATION) ACT 1994 - SECT 25

25 Protection of contractual and other obligations

(1) This section applies to the following:

(a) the operation of this Act,

(b) the sale of the Bank as authorised by this Act,

(c) the transfer of a Minister’s shares in the Bank in accordance with the Share Sale Agreement,

(d) the Share Sale Agreement or the performance of the Share Sale Agreement,

(e) a Transaction Document or the performance of a Transaction Document,

(f) any other agreement, or any guarantee or other arrangement, under or referred to in this Act or entered into for purposes connected with this Act,

(g) a disclosure of information made for the purposes of the sale or proposed sale of the Bank (including a disclosure in any memorandum of information given to persons expressing an interest in the sale or a disclosure in any response to an inquiry made by a prospective purchaser),

(h) a disclosure of information made pursuant to the Share Sale Agreement.

(2) None of the matters or things referred to in subsection (1) are to be regarded as a breach of confidence or otherwise as a civil wrong or as giving rise to a breach of or an offence against a provision of an Act that prohibits or restricts the disclosure of information.

(3) None of the matters or things referred to in subsection (1) are to be regarded:

(a) as a breach of contract or another instrument or as requiring any act to be done under an instrument, or

(b) as giving rise to any right or remedy by a party to an instrument, or as causing or permitting the termination of an instrument, or

(c) as an event of default under an instrument, or

(d) as a contravention of section 205 (1) (a) of the Corporations Law .

(4) Subsections (2) and (3) do not affect, and a reference in subsection (3) to an instrument does not include, any of the following:

(a) the Share Sale Agreement or a Transaction Document,

(b) any other agreement, or any guarantee or other arrangement, under or referred to in this Act or entered into for purposes connected with this Act.

(5) A reference in subsection (3) to an instrument does not include an Act.

(6) Subsection (3) (d) has effect despite section 205 of the Corporations Law .