State Bank of South Australia (Transfer of Undertaking) Act 1994 (NSW)

State Bank of South Australia (Transfer of Undertaking) Act 1994 No 47

An Act to provide for the transfer of part of the undertaking of the State Bank of South Australia to a company formed to carry on the business of banking under the Corporations Law; and for other purposes.

1 Name of Act This Act may be cited as the State Bank of South Australia (Transfer of Undertaking) Act 1994.

2 Commencement This Act commences on the date of assent.

3 Definitions In this Act: appointed day means the day fixed as the appointed day by proclamation under the South Australian Act. asset means property including property held in a fiduciary capacity. BSAL means the public company with the name "Bank of South Australia Limited" formed under the Corporations Law. CEO of BSAL means the chief executive officer of BSAL (however described) or a delegate of the chief executive officer. corresponding law means the South Australian Act or a law of another State or of a Territory providing for the transfer of assets and liabilities between: (a) SBSA or SBSA subsidiaries, and (b) BSAL. document includes any disc, tape or other medium in which information is stored. guarantee includes indemnity. instrument includes a legislative instrument and a judgment, order or process of a court. legal proceedings includes an arbitration and an administrative proceeding. liability means a present, future or contingent liability (arising either at law or in equity) and includes a duty or non-pecuniary obligation. property means real or personal property and includes: (a) a chose in action, and (b) a present, future or contingent right, privilege, interest or power. SBSA means the State Bank of South Australia. SBSA subsidiary or subsidiary means any company specified in, or classified by proclamation under, the South Australian Act as a SBSA subsidiary. security means: (a) a mortgage, charge, lien, or pledge, or (b) a guarantee, or (c) any other security for, or instrument relating to, the payment of money or the discharge of any other liability. South Australian Act means the State Bank (Corporatisation) Act 1994 of South Australia, as amended from time to time. South Australian Treasurer means the Treasurer of South Australia, and includes, in relation to a particular power or function under this Act, a Minister of the Crown in right of South Australia exercising or performing the power or function by delegation of the Treasurer of South Australia. transfer period means the period beginning on the day fixed by proclamation under section 2 (Commencement) of the South Australian Act to bring that Act into operation and ending when no further order for the transfer of assets or liabilities may be made under that Act. transferred asset means an asset transferred to BSAL (and not re-transferred to SBSA or a SBSA subsidiary) under this Act or a corresponding law. transferred liability means a liability transferred to BSAL (and not re-transferred to SBSA or a SBSA subsidiary) under this Act or a corresponding law.