Bank Mergers (Application of Laws) Act 1996


Published: 1997-05-01

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An Act to make provision for extending the application in the State of laws of other States or Territories relating to the merger of banks, and for other purposes.
1   Name of Act
This Act is the Bank Mergers (Application of Laws) Act 1996.
2   Commencement
This Act commences on the date of assent.
3   Definitions
In this Act:
merger includes the acquisition of property and assets, and the assumption of liabilities, of a bank by another bank or the transfer of property and assets and liabilities of a bank to another bank.
proclaimed law means a law of another State or Territory that is declared under this Act to be a law to which this Act applies.
4   Proclamations
(1)  The Governor may by proclamation declare a law of another State or Territory providing for or relating to the merger of banks to be a law to which this Act applies.
(2)  Such a proclamation may:
(a)  exclude specified provisions of the proclaimed law from the operation of this Act, and
(b)  modify the effect of specified provisions of the proclaimed law in their application under this Act, and
(c)  without limiting paragraph (b), supplement the provisions of the proclaimed law in their application under this Act with additional provisions that apply by virtue of this Act, and
(d)  provide that a requirement has been made under section 6.
(3)  A proclamation under this Act may be amended or repealed by a further proclamation.
(4)  A proclamation may be made in respect of a law of another State or Territory whether or not that law has commenced in that State or Territory.
Editorial note—
For proclamations under this section, see Gazettes No 110 of 27.9.1996; No 137 of 29.11.1996 and No 46 of 1.5.1997, p 2423.
5   Extension of proclaimed law
(1)  The application of a proclaimed law is extended so that it applies in this State as if it were a law of this State.
(2)  However, in its application in this State a proclaimed law is to be read subject to:
(a)  the exclusions, modifications and supplementations set out in the relevant proclamation, as amended by any further proclamations, and
(b)  the provisions of subsection (4).
(3)  The application in this State of a proclaimed law is not affected by its amendment or repeal in the State or Territory in which it was enacted, except to the extent provided by the relevant proclamation, as amended by any further proclamations.
(4)  Provisions of a proclaimed law relating to:
(a)  the provision of government guarantees, or
(b)  exemption from payment of duties, taxes, charges, rates or other imposts,
are excluded from the operation of subsection (1), except to the extent that the relevant proclamation, as amended by any further proclamations, includes them (and subject to any modifications or supplementations specified in the proclamation).
6   Payment of amount instead of State duties or other imposts
(1)  Despite any other provision of this Act, the application in this State of a proclaimed law does not take effect until any requirement made under this section, and referred to in the proclamation under this Act, has been complied with and the Treasurer has given a certificate under subsection (4) to that effect.
(2)  The Treasurer may require one or more of the banks concerned:
(a)  to pay to the Treasurer instead of all duties, taxes, charges, rates or other imposts for which the bank or banks concerned would be liable under the law of this State as a result of, or in connection with, the merger an amount that is, in the opinion of the Treasurer, proper in the circumstances, and
(b)  to pay that amount before the commencement of the proclamation or to give a written undertaking to pay the amount on or after that commencement.
(3)  The amount payable to the Treasurer is to be determined by the Treasurer in accordance with such principles as the Treasurer thinks appropriate.
(4)  The Treasurer must, when satisfied that a requirement under this section has been complied with, give the bank subject to the requirement a certificate stating that the requirement has been complied with.
(5)  The Treasurer must, when satisfied that an amount required under this section to be paid on or after the commencement of a proclamation has been paid, give the bank subject to the requirement a certificate stating that the amount has been paid.
(6)  If a certificate is given under this section stating that a requirement to pay an amount has been complied with or that an amount has been paid, the bank given the certificate is not liable for any further duties, taxes, charges, rates or other imposts of the kind referred to in subsection (2).
(7)  A certificate under this section is, for all purposes and in all courts, tribunals and proceedings, conclusive evidence of the matters certified.
(8)  This section does not apply to any fee or charge payable to the Registrar-General in respect of any act, dealing or other transaction relating to land.
7   Review of Act
(1)  The Minister is to review this Act to determine whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives.
(2)  The review is to be undertaken as soon as possible after the period of 5 years from the date of assent to this Act.
(3)  A report on the outcome of the review is to be tabled in each House of Parliament within 12 months after the end of the period of 5 years.