New South Wales Consolidated Acts

STATE BANK OF SOUTH AUSTRALIA (TRANSFER OF UNDERTAKING) ACT 1994 - SECT 5

5 Transfer of assets and liabilities to BSAL

(1) The New South Wales Treasurer may, with the concurrence of the South Australian Treasurer, by order in writing, transfer assets or liabilities (or both) of SBSA or a SBSA subsidiary to BSAL.

(2) An order under this section must be made within the transfer period.

(3) If an order is made under this section on or before the appointed day, it takes effect (subject to any contrary provision in the order) on the appointed day.

(4) An order under this section may be varied or revoked by the Treasurer, with the concurrence of the South Australian Treasurer, by further order in writing made before the order takes effect.

(5) A transfer of an asset or liability under this section operates by force of this Act and despite the provisions of any other law or instrument.

(6) The transfer of a liability under this section operates to discharge the body corporate from which the liability was transferred from the liability.