BANK OF WESTERN AUSTRALIA ACT 1995 - SECT 23

BANK OF WESTERN AUSTRALIA ACT 1995 - SECT 23

23 .         Bank’s articles of association to include certain provisions

        (1)         The articles of association of the Bank must at all times —

            (a)         require the Bank to be taken to be registered in Western Australia; and

            (b)         require the Bank to carry on in Western Australia a banking business of substantially the same type as, and on a scale not significantly less than, the banking business conducted by Bank of Western Australia Ltd immediately before the day of privatisation; and

            (c)         require that the head office of the Bank, that is the place where central management and control of the Bank are exercised, be located in Western Australia; and

            (d)         require that —

                  (i)         at least a majority of the board of directors of the Bank; and

                  (ii)         the managing director,

                while holding office be ordinarily resident in Western Australia; and

            (e)         prohibit the alteration of the mandatory articles by any means.

        (2)         If there is any conflict or inconsistency between this Division and a provision of the memorandum or articles of association of the Bank, this Division prevails.

        (3)         The articles of association of the Bank are to be taken —

            (a)         to have been amended so as to include the provisions required by subsection (1); and

            (b)         as amended, to bind the Bank and its members accordingly.

        [Section 23 amended: No. 10 of 2001 s. 18.]