State Bank (Privatisation) Act 1994 (NSW)

State Bank (Privatisation) Act 1994 No 73

An Act to authorise the sale of State Bank of New South Wales Limited; to amend the State Owned Corporations Act 1989 and certain other Acts; and for related purposes.

Part 1 Preliminary

1 Name of Act This Act may be cited as the State Bank (Privatisation) Act 1994.

2 Commencement This Act commences on the date of assent.

3 Definitions In this Act: appointed day means the day appointed for the purposes of section 9. approved person has the meaning given by section 7. assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents. Bank means State Bank of New South Wales Limited. business day means a day on which banks are open for business generally in New South Wales. completion date has the meaning given by clause 1 of the Share Sale Agreement. demand deposit means any liability of the Bank to make a payment in respect of a deposit that is withdrawable on demand, at call or on a period of notice not exceeding 2 business days, but does not include any bond entered into on terms whereby the person holding the benefit of the bond may require the Bank to repay the amount of the bond before its final maturity. deposit has the meaning given by section 4. instrument means an instrument (other than this Act) which creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed, registered or stamped in accordance with any law), and includes any judgment, order or process of a court. liabilities means liabilities, debts and obligations (whether present or future and whether vested or contingent). Memorandum means the memorandum dated 11 October 1994 between the Premier and the Treasurer for and on behalf of the State, Emerald Holding Company Limited and The Colonial Mutual Life Assurance Society Limited. modify means modify, amend, add to or otherwise vary. retail deposit means a deposit denominated in Australian dollars, including, without limitation: (a) money standing to the credit of a cheque account, whether or not it is interest bearing, and (b) money standing to the credit of accounts entitled State Saver, State One, State Super Rate, State Maximiser, State Money Wise, State Money Market and State All In One, and (c) retail State Bank bonds, money market deposits and certificates of deposit, and (d) any money or thing of a class specified by proclamation, but excluding a deposit that is owing to a body corporate authorised to carry on banking business in Australia under the Banking Act 1959 of the Commonwealth. rights means all rights, powers, privileges and immunities (whether present or future and whether vested or contingent). SBSBS means the State Bank Superannuation Benefit Scheme, referred to in the definition of Superannuation Funds in clause 1 of the Share Sale Agreement. Share Sale Agreement means the agreement dated 29 September 1994 between the Premier and the Treasurer for and on behalf of the State, Emerald Holding Company Limited and The Colonial Mutual Life Assurance Society Limited (as amended by the Memorandum), as in force from time to time. specified liability means any liability of the Bank to make a payment in relation to: (a) any financial accommodation provided to the Bank that is required by any applicable accounting standards or principles to be recorded as a liability on the balance sheet of the Bank, or (b) retail deposits, or (c) any financial commitments of the Bank that are not required by any applicable accounting standards or principles to be recorded as a liability on the balance sheet of the Bank, including guarantees, assets sold with recourse, standby letters of credit, bill endorsements and written put options, documentary letters of credit and performance related contingencies, sale and repurchase agreements, outright forward purchases and forward deposits, underwriting facilities and any other financial commitments of a class specified by proclamation, or (d) any forward exchange contracts, hedge contracts, currency swap agreements, currency futures agreements, currency options, forward rate agreements, interest rate swap agreements, interest rate futures agreements, interest rate options agreements, gold contracts, gold futures contracts, gold options, stock price futures agreements, stock price options, spot foreign exchange transactions, basis swap transactions, interest rate caps, collar or floor transactions, cross-currency rate swap transactions or any other transactions of a class specified by proclamation. the State includes the Crown in right of New South Wales and the Government of New South Wales. Transaction Documents means the documents (as modified from time to time) identified as such in clause 1 of the Share Sale Agreement, but does not include the Share Sale Agreement. transitional period means the period commencing on the day appointed by proclamation under section 12 (1) of the State Bank (Corporatisation) Act 1989 and ending on and including the day preceding the third anniversary of that day. voting shareholders means voting shareholders (as defined in the State Owned Corporations Act 1989) in relation to the Bank.