Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Subject to
subsections (2) and (4), the payment of the financial obligations of the
Bank is guaranteed by the Treasurer.
(2) The payment of
money due —
(a) by
the Bank in respect of capital stock issued under section 29A of the
Rural and Industries Bank Act 1944 5 ;
(b) by a
subsidiary of the Bank; or
(c) by
the Bank in respect of any excluded debt,
is not guaranteed
under subsection (1).
(3) In
subsection (2)(c) excluded debt means any financial obligation incurred
by Bank of Western Australia Ltd before the day of privatisation on terms
which provide that a Treasurer’s guarantee does not apply to the
financial obligation.
(4) On and from the
day of privatisation the payment of the financial obligations of the Bank is
guaranteed under subsection (1) to the extent set out in
subsections (5) and (6) and to that extent only.
(5) On and from the
day of privatisation until the fifth anniversary of that day, the payment of
money standing to the credit of any account with the Bank that was in
existence as an account with Bank of Western Australia Ltd at the close of
business on the day preceding the day of privatisation, other than a term
deposit, continues to be guaranteed under subsection (1) to the extent of
the amount calculated by deducting from the amount that was standing to the
credit of the account at the close of business on the day preceding the day of
privatisation the aggregate of all amounts debited to the account on or after
the day of privatisation.
(6) On and from the
day of privatisation the payment of the financial obligations of the Bank
(including contingent liabilities) continues to be guaranteed under
subsection (1) to the extent that those obligations arise
from —
(a) any
term deposit made with Bank of Western Australia Ltd, or other term liability
incurred by Bank of Western Australia Ltd, before the day of privatisation;
(b)
securities issued by Bank of Western Australia Ltd before the day of
privatisation;
(c) a
deed, agreement, instrument, undertaking or other document entered into, given
or issued by Bank of Western Australia Ltd before the day of privatisation; or
(d) any
other event involving Bank of Western Australia Ltd which occurred, or
arrangements which were entered into by that Bank, before the day of
privatisation, other than an account to which subsection (5) applies.
(7) References in
subsection (6)(a), (b), (c) and (d) to the Bank include the Bank as
constituted under the Rural and Industries Bank of Western Australia
Act 1987 6 and the Rural and Industries Bank Act 1944 5
.
(8) Any liability of
the Treasurer arising from the guarantee in subsection (1) is to be met
out of the Consolidated Account which is appropriated to the necessary extent.
[Section 20 amended by No. 77 of 2006
s. 4.]