State Bank (Corporatisation) Act 1989 (NSW)

State Bank (Corporatisation) Act 1989 No 195

An Act to establish a State owned corporation in relation to State banking and certain other matters; to provide for the transfer of assets, rights and liabilities of the State Bank; to amend the State Owned Corporations Act 1989 and certain other Acts; to repeal the State Bank Act 1981; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act may be cited as the State Bank (Corporatisation) Act 1989.

2 Commencement This Act commences on a day or days to be appointed by proclamation.

3 Definitions (1) Words and expressions used in this Act have the same meanings as they have in the State Owned Corporations Act 1989. (2) In this Act: board means the board of directors of the Corporation. business day means a day on which banks are open for business generally in New South Wales. business undertaking means all assets, rights and liabilities of the State Bank. Corporation means State Bank of New South Wales Limited. demand deposit means any liability of the Corporation 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 Corporation to repay the amount of the bond before its final maturity. deposit has the meaning given by section 3A. instrument means an instrument (other than this Act) which creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law), and includes any judgment, order and process of a court. 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, 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. State Bank means the State Bank of New South Wales, constituted under the State Bank Act 1981. State banking means State banking as referred to in section 51 (xiii) of the Commonwealth Constitution. State insurance means State insurance as referred to in section 51 (xiv) of the Commonwealth Constitution.