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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
ADVANCE BANK
INTEGRATION BILL 1997
Queensland
ADVANCE BANK INTEGRATION BILL
1997
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Act binds the State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 2--REORGANISATION
5 Consequence of succession day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
6 Relationship between ABAL's customers and SGB . . . . . . . . . . . . . . . . . . . 7
7 Authorities etc. by ABAL's customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Securities held by ABAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
9 Name in which SGB carries on business . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
PART 3--MISCELLANEOUS
10 Stamp duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
11 Certificates evidencing operation of Act etc. . . . . . . . . . . . . . . . . . . . . . . . . 9
12 Registration of title etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
13 Act to have effect despite other laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
14 Application of Acts Interpretation Act 1954, s 20A . . . . . . . . . . . . . . . . . . . 11
15 Expiry of Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
1997
A BILL
FOR
An Act to facilitate the integration of Advance Bank Australia Limited
with St George Bank Limited
s1 4 s3
Advance Bank Integration
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
title 3
Short
1. This Act may be cited as the Advance Bank Integration Act 1997. 4
5
Commencement
2.(1) This Act, other than sections 3 and 10,1 commences on the 6
succession day. 7
(2) However, if at the time this Act would otherwise commence under 8
subsection (1) the gazette notice mentioned in section 10(4) has not been 9
published in the gazette, this Act, other than sections 3 and 10, commences 10
on the day the notice is published in the gazette. 11
(3) Sections 3 and 10 commence on the date of assent of this Act. 12
(4) The Acts Interpretation Act 1954, section 15DA,2 does not apply to 13
this Act. 14
15
Definitions
3. In this Act-- 16
"ABAL" means Advance Bank Australia Limited (A.C.N. 002 953 335). 17
"asset" includes-- 18
(a) a right, interest or claim of any kind, including rights, interests or 19
claims in or in relation to property (whether arising under an 20
instrument or otherwise, and whether liquidated or unliquidated, 21
1 Section 3 (Definitions)
Section 10 (Stamp duty)
2 Acts Interpretation Act 1954, section 15DA (Automatic commencement of
postponed law)
s3 5 s3
Advance Bank Integration
certain or contingent, accrued or accruing); and 1
(b) an asset within the meaning of the Income Tax Assessment 2
Act 1936 (Cwlth), part IIIA. 3
"business", of ABAL, includes the assets and liabilities of ABAL. 4
"chief executive officer", of SGB, means the officer having the day to day 5
management of the affairs of SGB and includes an officer acting as 6
chief executive officer. 7
"instrument" includes an oral agreement. 8
"liability" includes a duty or obligation of any kind (whether arising under 9
an instrument or otherwise, and whether actual, contingent or 10
prospective). 11
"NSW regulation" means the Bank Mergers (Advance Bank) 12
Regulation 1997 (NSW) made under the Bank Mergers Act 1996 13
(NSW). 14
"SGB" means St George Bank Limited (A.C.N. 055 513 070). 15
"stamp duty" means a fee, duty, charge or liability under the Stamp 16
Act 1894. 17
"succession day" means the day the NSW regulation commences. 18
"translated asset" means an asset that has become, under the NSW 19
regulation, an asset of SGB. 20
"translated instrument", in relation to ABAL, means an instrument 21
(including a legislative instrument other than this Act or the NSW 22
regulation) subsisting immediately before the succession day-- 23
(a) to which ABAL is a party; or 24
(b) that was given to, by or in favour of, ABAL; or 25
(c) that refers to ABAL; or 26
(d) under which money is, or may become, payable, or other 27
property is, or may become, liable to be transferred, to or by 28
ABAL. 29
"translated liability" means a liability that has become, under the NSW 30
regulation, a liability of SGB. 31
s4 6 s5
Advance Bank Integration
binds the State 1
Act
4. This Act binds the State and, as far as the legislative authority of the 2
Parliament permits, the Commonwealth and the other States. 3
PART 2--REORGANISATION 4
of succession day 5
Consequence
5.(1) Under the NSW regulation, on the succession day-- 6
(a) SGB becomes the successor in law of ABAL and is for all 7
purposes a continuation of and the same legal entity as ABAL; 8
and 9
(b) ABAL is dissolved; and 10
(c) all assets of ABAL, wherever located, vest in, or are otherwise 11
available for the use of, SGB without the need for a conveyance, 12
transfer, assignment or assurance and without the need for notice 13
or further act; and 14
(d) all liabilities of ABAL, wherever located, become liabilities of 15
SGB without the need for notice or further act. 16
(2) On and after the succession day-- 17
(a) each translated instrument, in relation to ABAL, continues to have 18
effect, according to its tenor as if a reference in the instrument to 19
ABAL were a reference to SGB; and 20
(b) a place that, immediately before the succession day, was a place 21
of business for ABAL is taken to be a place of business for SGB. 22
(3) If, immediately before the succession day, proceedings (including 23
arbitration proceedings) to which ABAL was a party had started or were 24
continuing in a court or tribunal, SGB is, on the succession day, substituted 25
for ABAL as a party to the proceedings and has the same rights in the 26
proceedings as ABAL had. 27
(4) If, before the succession day, documentary or other evidence would 28
have been admissible for or against the interests of ABAL, the evidence is 29
s6 7 s8
Advance Bank Integration
admissible, on or at any time after the succession day, for or against the 1
interests of SGB. 2
between ABAL's customers and SGB 3
Relationship
6. Under the NSW regulation, the relationship between ABAL and each 4
customer of ABAL is taken to be, on and after the succession day, between 5
SGB and the customer, and gives rise to the same rights and the same 6
duties (including rights of set off) as would have existed if the relationship, 7
immediately before that day, had been between SGB and the customer. 8
etc. by ABAL's customers 9
Authorities
7. Under the NSW regulation, each authority, instruction, mandate or 10
order given to ABAL by a customer of ABAL and subsisting on, or given 11
after, the succession day is, until cancelled, taken to have been given to 12
SGB. 13
held by ABAL 14
Securities
8.(1) Under the NSW regulation, each security held by ABAL 15
immediately before the succession day as security for the payment of debts 16
or liabilities (whether present or future, certain or contingent) of a person is 17
transferred to SGB. 18
(2) The security is to be held by, and be available to, SGB as security for 19
the payment of the debts and liabilities to SGB. 20
(3) However, the security is not security for any debt or liability of the 21
person to SGB existing immediately before the succession day. 22
(4) If the security extends to future advances to, or to future liabilities of, 23
the person, the security is held by, and is available to, SGB as security for 24
future advances to the person by, and future liabilities of the person to, 25
SGB. 26
(5) If there is an agreement between SGB and the person in relation to a 27
matter mentioned in subsection (3) or (4), subsection (3) or (4) applies 28
subject to the agreement. 29
s9 8 s 10
Advance Bank Integration
in which SGB carries on business 1
Name
9.(1) SGB may carry on business in the State under any of the following 2
names-- 3
(a) Advance Bank Australia; 4
(b) Bank of South Australia; 5
(c) BankSA; 6
(d) another name registered by SGB under the Business Names Act 7
1962. 8
(2) `Advance Bank Australia', `Bank of South Australia' and `BankSA' 9
must, on application by SGB, be registered as business names of SGB 10
under the Business Names Act 1962. 11
(3) For a period of 6 months beginning on the succession day, SGB may 12
also carry on business in the State under either of the following names as if 13
the names were registered as business names of SGB under the Business 14
Names Act 1962-- 15
(a) `Advance Bank Australia Limited'; 16
(b) `BankSA a Division of Advance Bank Australia Limited'. 17
ART 3--MISCELLANEOUS 18
P
tamp duty 19
S
10.(1) No stamp duty is payable for-- 20
(a) the vesting of the business of ABAL or a translated asset or 21
translated liability in SGB; or 22
(b) an application or entry made, receipt given, or anything else done 23
for acknowledging, evidencing or giving effect to the vesting of 24
the business of ABAL or a translated asset or translated liability 25
in SGB. 26
(2) No obligation arises under the Stamp Act 1894 for the assessment or 27
imposition of stamp duty-- 28
s 11 9 s 11
Advance Bank Integration
(a) to lodge a statement or return relating to the vesting of the 1
business of ABAL or a translated asset or translated liability in 2
SGB; or 3
(b) to include information about the vesting in a statement or return. 4
(3) This section applies only if the amount fixed by the Governor in 5
Council is paid to the consolidated fund by SGB or ABAL. 6
(4) As soon as practicable after the amount is paid, the Minister must 7
notify the payment by gazette notice. 8
evidencing operation of Act etc. 9
Certificates
11.(1) The chief executive officer of SGB may, in writing, certify a 10
matter in relation to the operation or effect of this Act and, in particular, may 11
certify that-- 12
(a) a specified matter or thing relevant to SGB is an aspect of the 13
operation or effect of this Act; or 14
(b) a specified thing was done for a purpose connected with, or 15
arising out of, the operation or effect of this Act in relation to 16
SGB; or 17
(c) a specified asset of ABAL has become a translated asset; or 18
(d) a specified liability of ABAL has become a translated liability. 19
(2) The chief executive officer of SGB may certify that specified assets 20
or liabilities are, or are not, assets or liabilities that vested in ABAL under 21
the Bank Merger (BankSA and Advance Bank) Act 1996. 22
(3) For all purposes and in all courts, tribunals and proceedings, a 23
certificate under subsection (1) or (2) is evidence of the matters certified. 24
(4) An apparently genuine document purporting to be a certificate under 25
subsection (1) or (2) is, unless the contrary is established, taken to be the 26
certificate. 27
(5) Nothing done under this Act or under the NSW regulation affects the 28
character that records made by ABAL or a bank from which ABAL 29
acquired the records may have as banking records for the purposes of the 30
law of evidence. 31
s 12 10 s 13
Advance Bank Integration
of title etc. 1
Registration
12.(1) The registrar of titles or other person required or authorised by law 2
to register or record transactions affecting assets or liabilities-- 3
(a) may (without formal application) register or record in the 4
appropriate way the vesting of a translated asset or translated 5
liability; and 6
(b) must, on written application by SGB, register or record in the 7
appropriate way the vesting of a translated asset or translated 8
liability. 9
(2) A transaction related to a translated asset or translated liability entered 10
into by SGB in its own name, ABAL's name or the name of a predecessor 11
in title to ABAL, if effected by an instrument otherwise in registrable form, 12
must be registered even though SGB has not been registered as proprietor 13
of the asset. 14
(3) The registrar of titles or other person is not required to act under 15
subsection (1)(b) or (2) unless the appropriate fee or charge relating to the 16
act has been paid to the registrar or person. 17
to have effect despite other laws 18
Act
13.(1) This Act has effect despite anything in any contract, deed, 19
undertaking, agreement or other instrument. 20
(2) Nothing done under this Act or under the NSW regulation-- 21
(a) places SGB, ABAL or another person in breach of contract or 22
confidence or otherwise makes any of them guilty of a civil 23
wrong; or 24
(b) places SGB, ABAL or another person in breach of-- 25
(i) a law of the State; or 26
(ii) a contractual provision prohibiting, restricting or regulating 27
the assignment or transfer of an asset or liability or the 28
disclosure of information; or 29
(c) fulfils a condition that allows a person to terminate or otherwise 30
exercise a right or power under an agreement or liability; or 31
(d) releases a surety, wholly or partly, from all or any of the surety's 32
s 14 11 s 15
Advance Bank Integration
obligations. 1
(3) Without limiting subsection (1), if, apart from this section or the 2
NSW regulation, the advice or consent of a person would be necessary to 3
carry out an action authorised under this Act, the advice is taken to have 4
been obtained or the consent is taken to have been given, as the case 5
requires. 6
of Acts Interpretation Act 1954, s 20A 7
Application
14. This Act is an Act to which the Acts Interpretation Act 1954, 8
section 20A applies. 9
of Act 10
Expiry
15. This Act expires 20 years after it commences. 11
12
© State of Queensland 1997
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