Primary Industry Bank Repeal Act 1987

1 Short title

1. This Act may be cited as the Primary Industry Bank Repeal Act 1987.

2 Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

3 Repeal

3. The following Acts are repealed:

Primary Industry Bank Act 1977

Primary Industry Bank Amendment Act 1978

Primary Industry Bank Amendment Act (No. 2) 1978.

4 Consequential amendments

4. The Banking Act 1959¹ is amended as set out in the Schedule.

SCHEDULE Section 4

AMENDMENTS OF THE BANKING ACT 1959

Subsection 5 (1) (definition of “ bank ” ):

Omit “, the Australian Resources Development Bank Limited and the Primary Industry Bank of Australia Limited”, substitute “and the Australian Resources Development Bank Limited”.

Subsection 5 (1) (definition of “ Primary Industry Bank of Australia Limited ” ):

Omit the definition.

Subsection 10 (4):

Omit the subsection, substitute the following subsection:

“(4) Subsection (3) applies in relation to the Australian Resources Development Bank Limited as if it were a bank specified in the First Schedule.”.

Subsection 17 (2):

Omit “or the Primary Industry Bank of Australia Limited”.

Subsection 36 (4):

Omit “, the Australian Resources Development Bank Limited and the Primary Industry Bank of Australia Limited”, substitute “and the Australian Resources Development Bank Limited”.

Section 51:

Omit “, the Australian Resources Development Bank Limited and the Primary Industry Bank of Australia Limited”, substitute “and the Australian Resources Development Bank Limited”.

Section 63b :

Repeal the section.

Subsection 69 (12) (definition of “ trading bank ” ):

Omit “, the Australian Resources Development Bank Limited and the Primary Industry Bank of Australia Limited”, substitute “and the Australian Resources Development Bank Limited”.

1 NOTE

No. 6, 1959, as amended. For previous amendments, see No. 127, 1965; No. 93, 1966; No. 84, 1967; Nos. 116, 193 and 216, 1973; No. 132, 1974; No. 156, 1977; No. 78, 1978; No. 19, 1979; No. 80, 1982; No. 76, 1984; and No. 166, 1986.

[Minister’s second reading speech made in—

House of Representatives on 18 September 1987

Senate on 27 October 1987]