Bank Integration Act 1992 (NSW)

Bank Integration Act 1992 No 80

An Act to facilitate the integration of certain banks; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act may be cited as the Bank Integration Act 1992.

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

3 Purpose The purpose of this Act is to facilitate the integration of Westpac Savings Bank Limited into Westpac Banking Corporation.

4 Crown to be bound This Act binds the Crown in right of New South Wales and, in so far as the legislative power of Parliament permits, the Crown in all its other capacities.

5 Definitions (1) In this Act: asset means property, or a right, of any kind, and includes: (a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind, and (b) any chose in action, and (c) any right, interest or claim of any kind, including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing), and (d) any asset within the meaning of Part IIIA of the Income Tax Assessment Act 1936 of the Commonwealth. authorised person, in relation to a particular provision, the receiving bank and the transferring bank, means: (a) the Treasurer, or (b) if the Treasurer designates, in writing: (i) the chief executive officer or another senior executive of the receiving bank, or (ii) a Public Service senior executive within the meaning of the Government Sector Employment Act 2013, as an authorised officer in relation to that provision and those banks—the officer so designated. business, in relation to a bank, includes the assets and liabilities of the bank. chief executive officer, in relation to the receiving bank, means the officer having the day to day management of the affairs of the bank and includes an officer acting from time to time in that capacity. Commonwealth Act means the Bank Integration Act 1991 of the Commonwealth or, if that Act is amended, that Act as amended and in force for the time being. instrument includes a document and an oral agreement. interest, in relation to land, includes: (a) a legal or equitable estate or interest in the land, or (b) a right, power or privilege over, or in relation to, the land. liability includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective). receiving bank means the Westpac Banking Corporation. succession day means the day fixed under section 9 of the Commonwealth Act as the succession day for the receiving bank and the transferring bank. tax includes: (a) stamp duty, and (b) any other tax, duty, levy or charge, and (c) any fee (however described) that is not a tax. transferred asset, in relation to the receiving bank, means an asset that has become, under this Act or the Commonwealth Act, an asset of the receiving bank. transferred liability, in relation to the receiving bank, means a liability that has become, under this Act or the Commonwealth Act, a liability of the receiving bank. transferring bank means the Westpac Savings Bank Limited. translated instrument, in relation to the transferring bank, means an instrument (including a legislative instrument other than this Act or the Commonwealth Act) subsisting immediately before the succession day for that bank and the receiving bank: (a) to which the transferring bank is a party, or (b) that was given to, by or in favour of, the transferring bank, or (c) that refers to the transferring bank, or (d) under which money is, or may become, payable, or other property is, or may become, liable to be transferred, to or by the transferring bank. (2) Where reference is made in this Act to anything done for a purpose connected with, or arising out of, the operation or effect of this Act, that reference is taken to include any transaction entered into, or any instrument or document made, executed, lodged or given, for that purpose.