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    <preface>
      <p>Bank Integration Act 1991</p>
      <p>No. 210, 1991</p>
      <p>
        <b>Compilation No.</b>
        <b> </b>
        <b>10</b>
      </p>
      <p><b>Compilation date:</b><b>	</b><b>	</b><b>	</b>1 July 2016</p>
      <p><b>Includes amendments up to:</b><b>	</b>Act No. 59, 2015</p>
      <p><b>Registered:</b><b>	</b><b>	</b><b>	</b><b>	</b>15 July 2016</p>
      <p>
        <b>About this compilation</b>
      </p>
      <p>
        <b>This compilation</b>
      </p>
      <p>This is a compilation of the <i>Bank Integration Act 1991</i> that shows the text of the law as amended and in force on 1 July 2016 (the <b><i>compilation date</i></b>).</p>
      <p>The notes at the end of this compilation (the <b><i>endnotes</i></b>) include information about amending laws and the amendment history of provisions of the compiled law.</p>
      <p>
        <b>Uncommenced amendments</b>
      </p>
      <p>The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.</p>
      <p>
        <b>Application, saving and transitional provisions for provisions and amendments</b>
      </p>
      <p>If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.</p>
      <p>
        <b>Editorial changes</b>
      </p>
      <p>For more information about any editorial changes made in this compilation, see the endnotes.</p>
      <p>
        <b>Modifications</b>
      </p>
      <p>If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.</p>
      <p>
        <b>Self</b>
        <b>-</b>
        <b>repealing provisions</b>
      </p>
      <p>If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.</p>
      <p>Contents</p>
      <p><ref href="#part-1">Part 1</ref>—Preliminary	1</p>
      <p>1	Short title	1</p>
      <p>2	Commencement	1</p>
      <p>3	Extension to external Territories	1</p>
      <p>4	Crown to be bound	1</p>
      <p>5	Interpretation	1</p>
      <p>6	Extra-territorial operation of Act	5</p>
      <p><ref href="#part-2">Part 2</ref>—Steps leading to bank reorganisations	6</p>
      <p>7	Notice of proposed bank reorganisation	6</p>
      <p>8	Reserve Bank certification	6</p>
      <p>9	Treasurer may fix succession day for a particular receiving bank and transferring bank	7</p>
      <p>10	Interests of depositors of transferring banks to be protected	7</p>
      <p>11	Complementary legislation to be enacted	8</p>
      <p><ref href="#part-3">Part 3</ref>—Bank reorganisations	9</p>
      <p>12	Consequence of succession day	9</p>
      <p>13	Assets and liabilities	9</p>
      <p>14	Translated instruments	10</p>
      <p>15	Places of business	10</p>
      <p>16	Transferring banks to lose authority to carry on banking business	10</p>
      <p>17	Legal proceedings and evidence	11</p>
      <p>18	Permitted business names	11</p>
      <p>19	Employment unaffected	12</p>
      <p>20	Receiving banks to do what is necessary to carry out reorganisation	12</p>
      <p><ref href="#part-4">Part 4</ref>—Taxation matters	13</p>
      <p>21	Exemptions from certain taxes and charges	13</p>
      <p>22	Application of the Income Tax Assessment Acts	13</p>
      <p><ref href="#part-5">Part 5</ref>—Miscellaneous	17</p>
      <p>23	Certificates evidencing operation of Act etc.	17</p>
      <p>24	Certificates in relation to land and interests in land	17</p>
      <p>25	Certificates in relation to other assets	18</p>
      <p>26	Documents purporting to be certificates	18</p>
      <p>27	Compensation for acquisition of property	18</p>
      <p>28	Act to have effect despite other laws	19</p>
      <p>29	Regulations	20</p>
      <p>Schedule 1—Receiving and transferring banks	21</p>
      <p>Schedule 2—Permitted business names	22</p>
      <p>Endnotes	23</p>
      <p>Endnote 1—About the endnotes	23</p>
      <p>Endnote 2—Abbreviation key	25</p>
      <p>Endnote 3—Legislation history	26</p>
      <p>Endnote 4—Amendment history	28</p>
      <p>An Act to facilitate the integration of certain banks, and for related purposes</p>
    </preface>
    <body>
      <part eId="part-1">
        <num>1</num>
        <heading>Preliminary</heading>
        <section eId="part-1__sec-1">
          <num>1</num>
          <heading>Short title</heading>
          <content>
            <p>		This Act may be cited as the <i>Bank Integration Act 1991</i>.</p>
          </content>
        </section>
        <section eId="part-1__sec-2">
          <num>2</num>
          <heading>Commencement</heading>
          <content>
            <p>This Act commences on the day on which it receives the Royal Assent.</p>
          </content>
        </section>
        <section eId="part-1__sec-3">
          <num>3</num>
          <heading>Extension to external Territories</heading>
          <content>
            <p>This Act extends to all external Territories.</p>
          </content>
        </section>
        <section eId="part-1__sec-4">
          <num>4</num>
          <heading>Crown to be bound</heading>
          <content>
            <p>This Act binds the Crown in right of the Commonwealth, of each of the States, of the Northern Territory and of the Australian Capital Territory.</p>
          </content>
        </section>
        <section eId="part-1__sec-5">
          <num>5</num>
          <heading>Interpretation</heading>
          <subsection eId="part-1__sec-5__subsec-1">
            <num>1</num>
            <content>
              <p>In this Act, unless the contrary intention appears:</p>
            </content>
            <content>
              <p><term refersTo="#term-asset">asset</term> means <def>property, or a right, of any kind, and includes: 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 any chose in action; and 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 	(e)	a CGT asset within the meaning of the <i>Income Tax Assessment Act 1997</i>.</def></p>
            </content>
            <paragraph eId="part-1__sec-5__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>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</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>any chose in action; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-c">
              <num>c</num>
              <content>
                <p>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</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-e">
              <num>e</num>
              <content>
                <p>	(e)	a CGT asset within the meaning of the <i>Income Tax Assessment Act 1997</i>.</p>
              </content>
              <content>
                <p><b><i>authorised person</i></b>, in relation to a particular provision, a particular receiving bank and the relevant transferring bank, means:</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>the Treasurer; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>if the Treasurer designates, in writing:</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-i">
              <num>i</num>
              <content>
                <p>the chief executive officer or another senior executive of the receiving bank; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-ii">
              <num>ii</num>
              <content>
                <p>an SES employee or acting SES employee;</p>
              </content>
              <content>
                <p>as an authorised officer in relation to that provision and those banks—the officer so designated.</p>
                <p><term refersTo="#term-bnz">BNZ</term> means <def>Bank of New Zealand.</def></p>
                <p><term refersTo="#term-bnz-savings">BNZ Savings</term> means <def>Bank of New Zealand Savings Bank Limited.</def></p>
                <p><term refersTo="#term-business">business</term> includes <def>the assets and liabilities of the bank.</def></p>
                <p><term refersTo="#term-chief-executive-officer">chief executive officer</term> means <def>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.</def></p>
                <p><term refersTo="#term-commonwealth-bank">Commonwealth Bank</term> means <def>the Commonwealth Bank of .</def></p>
                <p><term refersTo="#term-commonwealth-savings-bank">Commonwealth Savings Bank</term> means <def>the Commonwealth Savings Bank of .</def></p>
                <p><b><i>complementary legislation</i></b>, in relation to the operation of this Act in respect of a particular receiving bank (other than the Commonwealth Bank or the BNZ) and the relevant transferring bank, means legislation of the kind referred to in subsection 11(1) in relation to those banks.</p>
                <p><b><i>incorporating State</i></b> means:</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>in relation to a receiving bank other than the Commonwealth Bank, the Westpac Banking Corporation or BNZ—the State in which the bank was incorporated; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>in relation to the Westpac Banking Corporation—.</p>
              </content>
              <content>
                <p><term refersTo="#term-instrument">instrument</term> includes <def>a document and an oral agreement.</def></p>
                <p><b><i>interest</i></b>, in relation to land, includes:</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>a legal or equitable estate or interest in the land; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>a right, power or privilege over, or in relation to, the land.</p>
              </content>
              <content>
                <p><term refersTo="#term-liability">liability</term> includes <def>a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).</def></p>
                <p><term refersTo="#term-parallel-new-zealand-legislation">parallel New Zealand legislation</term> means <def>a law of  to vest the undertaking of BNZ Savings in BNZ and to enable the subsequent dissolution of BNZ Savings.</def></p>
                <p><term refersTo="#term-proceeding-to-which-this-act-applies">proceeding to which this Act applies</term> means <def>a legal proceeding (including a proceeding before an administrative tribunal or an arbitration) that relates to business that becomes transferred business in relation to that bank.</def></p>
                <p><term refersTo="#term-receiving-bank">receiving bank</term> means <def>a bank whose name is included in Column 1 of Schedule 1.</def></p>
                <p><term refersTo="#term-relevant-receiving-bank">relevant receiving bank</term> means <def>the receiving bank whose name is included in Column 1 of Schedule 1 opposite the name of the transferring bank in Column 2 of that Schedule.</def></p>
                <p><term refersTo="#term-relevant-transferring-bank">relevant transferring bank</term> means <def>a transferring bank whose name is included in Column 2 of Schedule 1 opposite the name of the receiving bank in Column 1 of that Schedule.</def></p>
                <p><term refersTo="#term-security">security</term> includes <def>an agreement to give such a security on demand or otherwise.</def></p>
                <p><term refersTo="#term-succession-day">succession day</term> means <def>the day fixed under <ref href="#sec-9">section 9</ref> as the succession day for those banks.</def></p>
                <p><b><i>tax</i></b> includes:</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>stamp duty; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-c">
              <num>c</num>
              <content>
                <p>any other tax, duty, levy or charge; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-d">
              <num>d</num>
              <content>
                <p>any fee (however described) that is not a tax.</p>
              </content>
              <content>
                <p><term refersTo="#term-transferred-asset">transferred asset</term> means <def>an asset that has become, under this Act, an asset of the receiving bank.</def></p>
                <p><term refersTo="#term-transferred-business">transferred business</term> means <def>the business that has become, under this Act, business of the receiving bank.</def></p>
                <p><term refersTo="#term-transferred-liability">transferred liability</term> means <def>a liability that has become, under this Act, a liability of the receiving bank.</def></p>
                <p><term refersTo="#term-transferring-bank">transferring bank</term> means <def>a bank whose name is included in Column 2 of Schedule 1.</def></p>
                <p><term refersTo="#term-translated-instrument">translated instrument</term> means <def>an instrument (including a legislative instrument other than this Act) subsisting immediately before the succession day for that bank and the relevant receiving bank: to which the transferring bank is a party; or that was given to, by or in favour of, the transferring bank; or that refers to the transferring bank; or 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.</def></p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>to which the transferring bank is a party; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>that was given to, by or in favour of, the transferring bank; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-c">
              <num>c</num>
              <content>
                <p>that refers to the transferring bank; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-5__subsec-1__para-d">
              <num>d</num>
              <content>
                <p>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.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-1__sec-5__subsec-2">
            <num>2</num>
            <content>
              <p>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 or of any complementary legislation or any parallel New Zealand legislation, that reference is taken to include any transaction entered into, or any instrument or document made, executed, lodged or given, for that purpose.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-1__sec-6">
          <num>6</num>
          <heading>Extra-territorial operation of Act</heading>
          <subsection eId="part-1__sec-6__subsec-1">
            <num>1</num>
            <content>
              <p>It is the intention of the Parliament that this Act should apply, as far as possible, in relation to the following:</p>
            </content>
            <paragraph eId="part-1__sec-6__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>land outside ;</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-6__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>things outside ;</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-6__subsec-1__para-c">
              <num>c</num>
              <content>
                <p>acts, transactions and matters done, entered into or occurring outside ;</p>
              </content>
            </paragraph>
            <paragraph eId="part-1__sec-6__subsec-1__para-d">
              <num>d</num>
              <content>
                <p>land, things, acts, transactions and matters (wherever situated, done, entered into or occurring) that would, apart from this Act, be governed or otherwise affected by the law of a foreign country.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-1__sec-6__subsec-2">
            <num>2</num>
            <content>
              <p>Subsection (1) applies to BNZ and BNZ Savings only in so far as the extraterritorial operation of the Act is necessary to deal with the business of BNZ Savings that relates to its Australian operations.</p>
            </content>
          </subsection>
        </section>
      </part>
      <part eId="part-2">
        <num>2</num>
        <heading>Steps leading to bank reorganisations</heading>
        <section eId="part-2__sec-7">
          <num>7</num>
          <heading>Notice of proposed bank reorganisation</heading>
          <subsection eId="part-2__sec-7__subsec-1">
            <num>1</num>
            <content>
              <p>Where, having regard to Commonwealth Government policy concerning integration of banks, a receiving bank (other than BNZ) and the relevant transferring bank agree to seek the statutory vesting of the business of the transferring bank in the receiving bank, the receiving bank may give notice in writing of their agreement:</p>
            </content>
            <paragraph eId="part-2__sec-7__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>to the Reserve Bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-7__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>to the Treasurer.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-2__sec-7__subsec-2">
            <num>2</num>
            <content>
              <p>Where, having regard to Commonwealth Government policy concerning integration of banks, BNZ and BNZ Savings agree to seek the statutory vesting of the business of BNZ Savings that relates to its Australian operations in BNZ, BNZ may give notice in writing of their agreement:</p>
            </content>
            <paragraph eId="part-2__sec-7__subsec-2__para-a">
              <num>a</num>
              <content>
                <p>to the Reserve Bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-7__subsec-2__para-b">
              <num>b</num>
              <content>
                <p>to the Treasurer.</p>
              </content>
            </paragraph>
          </subsection>
        </section>
        <section eId="part-2__sec-8">
          <num>8</num>
          <heading>Reserve Bank certification</heading>
          <subsection eId="part-2__sec-8__subsec-1">
            <num>1</num>
            <content>
              <p>	(1)	Where the Reserve Bank receives notice of a proposal under paragraph 7(1)(a) from a receiving bank, it must, through the exercise of its powers under <i>Banking Act 1959</i>, satisfy itself that the interests of the depositors of both the receiving bank and of the relevant transferring bank would be adequately protected if the vesting proceeds, and, if it is so satisfied, must certify to that effect to the Treasurer.<ref href="#part-I">Part I</ref>I of the </p>
            </content>
          </subsection>
          <subsection eId="part-2__sec-8__subsec-2">
            <num>2</num>
            <content>
              <p>	(2)	Where the Reserve Bank receives a notice of a proposal under paragraph 7(2)(a) from BNZ, it must, through the exercise of its powers under <i>Banking Act 1959</i>, satisfy itself that the interests of the depositors of BNZ in its Australian operations and of BNZ Savings in its Australian operations would be adequately protected if the vesting proceeds, and, if it is so satisfied, must certify to that effect to the Treasurer.<ref href="#part-I">Part I</ref>I of the </p>
            </content>
          </subsection>
        </section>
        <section eId="part-2__sec-9">
          <num>9</num>
          <heading>Treasurer may fix succession day for a particular receiving bank and transferring bank</heading>
          <subsection eId="part-2__sec-9__subsec-1">
            <num>1</num>
            <content>
              <p>Subject to sections 10 and 11, where the Treasurer receives notice of a proposal under paragraph 7(1)(b) from a receiving bank, he or she may:</p>
            </content>
            <paragraph eId="part-2__sec-9__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>if the receiving bank is the Commonwealth Bank—in consultation with the chief executive officer of the bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-9__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>if the receiving bank is another bank—in consultation with the Treasurer (however described) of the incorporating State and the chief executive officer of the bank;</p>
              </content>
              <content>
                <p>by notice published in the <i>Gazette</i>, fix a day on which the business of the relevant transferring bank is to vest in the receiving bank.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-2__sec-9__subsec-2">
            <num>2</num>
            <content>
              <p>	(2)	Subject to <i>Gazette</i>, fix a day on which the business of BNZ Savings that relates to its Australian operations is to vest in BNZ.<ref href="#sec-10">section 10</ref>, where the Treasurer receives notice of a proposal under paragraph 7(2)(b) from BNZ, he or she may, in consultation with the Minister of Finance of New Zealand and the chief executive officer of BNZ, by notice published in the </p>
            </content>
          </subsection>
          <subsection eId="part-2__sec-9__subsec-3">
            <num>3</num>
            <content>
              <p>The day fixed in a notice under subsection (1) or (2) is to be called the succession day for the receiving bank and the relevant transferring bank referred to in the notice and must not be a day occurring before the day of publication of the notice.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-2__sec-10">
          <num>10</num>
          <heading>Interests of depositors of transferring banks to be protected</heading>
          <content>
            <p>The Treasurer must not fix a succession day for a receiving bank and a relevant transferring bank unless the Treasurer is satisfied, having regard to the certificate given to the Treasurer by the Reserve Bank under <ref href="#sec-8">section 8</ref> and to any other relevant matter of which the Treasurer is aware, that the interests of the depositors of the receiving and transferring banks are adequately protected.</p>
          </content>
        </section>
        <section eId="part-2__sec-11">
          <num>11</num>
          <heading>Complementary legislation to be enacted</heading>
          <subsection eId="part-2__sec-11__subsec-1">
            <num>1</num>
            <content>
              <p>The Treasurer must not fix a succession day for a receiving bank (other than the Commonwealth Bank or BNZ) and the relevant transferring bank unless he or she is satisfied that legislation has been enacted in the State in which both the transferring bank and the receiving bank are established to facilitate the proposed vesting of the business of the transferring bank in the receiving bank.</p>
            </content>
          </subsection>
          <subsection eId="part-2__sec-11__subsec-2">
            <num>2</num>
            <content>
              <p>Complementary legislation under subsection (1) must include provision:</p>
            </content>
            <paragraph eId="part-2__sec-11__subsec-2__para-a">
              <num>a</num>
              <content>
                <p>to ensure that the receiving bank is taken, on the succession day, to be the successor in law to the transferring bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-b">
              <num>b</num>
              <content>
                <p>without limiting the generality of the concept of successor in law, to ensure that, on the succession day:</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-i">
              <num>i</num>
              <content>
                <p>the assets of the transferring bank vest in, or are otherwise available for the use of, the receiving bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-ii">
              <num>ii</num>
              <content>
                <p>the liabilities of the transferring bank become liabilities of the receiving bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-c">
              <num>c</num>
              <content>
                <p>to secure exemption from any tax imposed under the law of that State in respect of:</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-i">
              <num>i</num>
              <content>
                <p>the operation or effect of this Act or that complementary legislation; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-ii">
              <num>ii</num>
              <content>
                <p>anything done for a purpose connected with, or arising out of, that operation or effect; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-2__sec-11__subsec-2__para-d">
              <num>d</num>
              <content>
                <p>to provide for the dissolution on the succession day of the company that operated as the transferring bank.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-2__sec-11__subsec-3">
            <num>3</num>
            <content>
              <p>In subsection (2):</p>
            </content>
            <content>
              <p><b><i>tax</i></b>, in relation to the complementary legislation of a particular State, does not include any fee or tax prescribed by the Corporations Regulations of that State.</p>
            </content>
          </subsection>
        </section>
      </part>
      <part eId="part-3">
        <num>3</num>
        <heading>Bank reorganisations</heading>
        <section eId="part-3__sec-12">
          <num>12</num>
          <heading>Consequence of succession day</heading>
          <subsection eId="part-3__sec-12__subsec-1">
            <num>1</num>
            <content>
              <p>On the succession day for a receiving bank (other than BNZ) and the relevant transferring bank, the receiving bank becomes the successor in law of the transferring bank.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-12__subsec-2">
            <num>2</num>
            <content>
              <p>On the succession day for BNZ and BNZ Savings, the business of BNZ Savings that relates to its Australian operations ceases to be the business of that bank and becomes the business of BNZ.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-3__sec-13">
          <num>13</num>
          <heading>Assets and liabilities</heading>
          <subsection eId="part-3__sec-13__subsec-1">
            <num>1</num>
            <content>
              <p>Without limiting, by implication, the operation of subsection 12(1), on the succession day for a receiving bank and the relevant transferring bank:</p>
            </content>
            <paragraph eId="part-3__sec-13__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>all assets of the transferring bank, wherever located, vest in, or are otherwise available for the use of, the receiving bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-13__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>all liabilities of the transferring bank, wherever located, become liabilities of the receiving bank.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-3__sec-13__subsec-2">
            <num>2</num>
            <content>
              <p>Without limiting, by implication, the operation of subsection 12(2), on the succession day for BNZ and BNZ Savings:</p>
            </content>
            <paragraph eId="part-3__sec-13__subsec-2__para-a">
              <num>a</num>
              <content>
                <p>all assets of BNZ Savings, wherever located, acquired in respect of the business of BNZ Savings that relates to its Australian operations:</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-13__subsec-2__para-i">
              <num>i</num>
              <content>
                <p>vest in, or are otherwise available for the use of, BNZ; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-13__subsec-2__para-ii">
              <num>ii</num>
              <content>
                <p>are to be treated as assets acquired in respect of the business of BNZ that relates to its Australian operations; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-13__subsec-2__para-b">
              <num>b</num>
              <content>
                <p>all liabilities of BNZ Savings, wherever located, incurred in respect of the business of BNZ Savings that relates to its Australian operations:</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-13__subsec-2__para-i">
              <num>i</num>
              <content>
                <p>become liabilities of BNZ; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-13__subsec-2__para-ii">
              <num>ii</num>
              <content>
                <p>are to be treated as liabilities incurred in respect of the business of BNZ that relates to its Australian operations.</p>
              </content>
            </paragraph>
          </subsection>
        </section>
        <section eId="part-3__sec-14">
          <num>14</num>
          <heading>Translated instruments</heading>
          <subsection eId="part-3__sec-14__subsec-1">
            <num>1</num>
            <content>
              <p>Subject to subsection (2), each translated instrument in respect of a particular transferring bank continues to have effect, according to its tenor, on and after the succession day for that bank and the relevant receiving bank, as if a reference in the instrument to the transferring bank were a reference to the receiving bank.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-14__subsec-2">
            <num>2</num>
            <content>
              <p>In its application to translated instruments in respect of BNZ Savings, subsection (1) applies to those instruments only in so far as they relate to business of the bank relating to its Australian operations.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-3__sec-15">
          <num>15</num>
          <heading>Places of business</heading>
          <subsection eId="part-3__sec-15__subsec-1">
            <num>1</num>
            <content>
              <p>Subject to subsection (2), on and after the succession day for a receiving bank and the relevant transferring bank, a place that, immediately before that day, was a place of business for the transferring bank is taken to be a place of business for the receiving bank.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-15__subsec-2">
            <num>2</num>
            <content>
              <p>In its application to BNZ and BNZ Savings, subsection (1) applies only to places of business in  or the external Territories.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-3__sec-16">
          <num>16</num>
          <heading>Transferring banks to lose authority to carry on banking business</heading>
          <content>
            <p>		On the succession day for a receiving bank (other than the Commonwealth Bank) and the relevant transferring bank, the authority to carry on banking business in Australia that was granted to the transferring bank under <i>Banking Act</i><i> </i><i>1959 </i>is revoked.<ref href="#sec-9">section 9</ref> of the </p>
          </content>
        </section>
        <section eId="part-3__sec-17">
          <num>17</num>
          <heading>Legal proceedings and evidence</heading>
          <subsection eId="part-3__sec-17__subsec-1">
            <num>1</num>
            <content>
              <p>Subject to subsection (2), where, immediately before the succession day for a receiving bank and the relevant transferring bank, proceedings (including arbitration proceedings) to which the transferring bank was a party were pending or existing in any court or tribunal, the receiving bank is, on that day, substituted for the transferring bank as a party to the proceedings and has the same rights in the proceedings as the transferring bank had.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-17__subsec-2">
            <num>2</num>
            <content>
              <p>Subsection (1) only applies to proceedings to which BNZ Savings was a party if those proceedings relate to the business of that bank that relates to its Australian operations.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-17__subsec-3">
            <num>3</num>
            <content>
              <p>Where, before the succession day for a receiving bank and the relevant transferring bank, documentary or other evidence would have been admissible for or against the interests of the transferring bank, that evidence is admissible, on or at any time after that day, for or against the interests of the receiving bank.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-3__sec-18">
          <num>18</num>
          <heading>Permitted business names</heading>
          <subsection eId="part-3__sec-18__subsec-1">
            <num>1</num>
            <content>
              <p>	(1)	For a period of 6 months beginning on the succession day in relation to a transferring bank whose name is included in Column 1 of Schedule 2, the relevant receiving bank may operate in a State or Territory under any name (in this section called a <b><i>permitted business name</i></b> in relation to that receiving bank) that is included in Column 2 of that Schedule opposite the name of that transferring bank.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-18__subsec-2">
            <num>2</num>
            <content>
              <p>This section does not prevent a receiving bank from:</p>
            </content>
            <paragraph eId="part-3__sec-18__subsec-2__para-a">
              <num>a</num>
              <content>
                <p>operating in a State or Territory under a name other than a permitted business name; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-3__sec-18__subsec-2__para-b">
              <num>b</num>
              <content>
                <p>	(b)	registering a name on the Business Names Register established and maintained under <i>Business Names Registration Act 2011</i>.<ref href="#sec-22">section 22</ref> of the </p>
              </content>
            </paragraph>
          </subsection>
        </section>
        <section eId="part-3__sec-19">
          <num>19</num>
          <heading>Employment unaffected</heading>
          <subsection eId="part-3__sec-19__subsec-1">
            <num>1</num>
            <content>
              <p>This section applies to every person who, immediately before the succession day fixed for a receiving bank and a relevant transferring bank, was performing duty in the transferring bank.</p>
            </content>
          </subsection>
          <subsection eId="part-3__sec-19__subsec-2">
            <num>2</num>
            <content>
              <p>The terms and conditions of employment (including any accrued entitlement to employment benefits) of each person to whom this section applies are not affected by the operation or effect of this Act or of any complementary legislation.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-3__sec-20">
          <num>20</num>
          <heading>Receiving banks to do what is necessary to carry out reorganisation</heading>
          <content>
            <p>Each receiving bank must do whatever is necessary to ensure that this Part is fully effective, particularly in relation to its business outside .</p>
          </content>
        </section>
      </part>
      <part eId="part-4">
        <num>4</num>
        <heading>Taxation matters</heading>
        <section eId="part-4__sec-21">
          <num>21</num>
          <heading>Exemptions from certain taxes and charges</heading>
          <subsection eId="part-4__sec-21__subsec-1">
            <num>1</num>
            <content>
              <p>Tax is not payable under a law of the Commonwealth or of a State or Territory in respect of:</p>
            </content>
            <paragraph eId="part-4__sec-21__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>the operation or effect of this Act or of any complementary legislation in its application to the vesting of the business of a transferring bank in the relevant receiving bank; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-21__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>anything done for a purpose connected with, or arising out of, that operation or effect.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-4__sec-21__subsec-2">
            <num>2</num>
            <content>
              <p>In its application to BNZ Savings and BNZ, subsection (1) only applies to the business of BNZ Savings that relates to its Australian operations.</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-21__subsec-3">
            <num>3</num>
            <content>
              <p>In subsection (1):</p>
            </content>
            <content>
              <p><b><i>complementary legislation</i></b> includes parallel  legislation.</p>
              <p><b><i>tax</i></b> does not include:</p>
            </content>
            <paragraph eId="part-4__sec-21__subsec-3__para-a">
              <num>a</num>
              <content>
                <p>	(a)	any tax assessed under the <i>Income Tax Assessment Act 1936</i> or the <i>Income Tax Assessment Act 1997</i>; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-21__subsec-3__para-b">
              <num>b</num>
              <content>
                <p>any fee or tax prescribed by the Corporations Regulations of the Australian Capital Territory, of the Northern Territory or of any State other than Western Australia; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-21__subsec-3__para-c">
              <num>c</num>
              <content>
                <p>	(c)	any fee prescribed by the Corporations Regulations of Western Australia or any tax imposed by the <i>Corporations (Taxing) Act 1990</i> of .</p>
              </content>
            </paragraph>
          </subsection>
        </section>
        <section eId="part-4__sec-22">
          <num>22</num>
          <heading>Application of the Income Tax Assessment Acts</heading>
          <subsection eId="part-4__sec-22__subsec-1">
            <num>1</num>
            <content>
              <p>Where a succession day is fixed for a receiving bank and the relevant transferring bank, this section applies to the business of that transferring bank that becomes, on that day, the transferred business of the receiving bank.</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-2">
            <num>2</num>
            <content>
              <p>It is the intention of the Parliament:</p>
            </content>
            <paragraph eId="part-4__sec-22__subsec-2__para-a">
              <num>a</num>
              <content>
                <p>	(a)	that, on and after the succession day for a receiving bank and the relevant transferring bank, the receiving bank should, for all purposes of the <i>Income Tax Assessment Act 1936</i> and the <i>Income Tax Assessment Act 1997</i>, be placed in the same position in relation to the business to which this section applies as the transferring bank would have been apart from the operation or effect of this Act and of any complementary legislation and from anything done for a purpose connected with, or arising out of, that operation or effect; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-2__para-b">
              <num>b</num>
              <content>
                <p>	(b)	that the operation or effect of this Act and of any complementary legislation and anything done for a purpose connected with, or arising out of, that operation or effect in relation to the business to which this section applies should, for all purposes of the <i>Income Tax Assessment Act 1936</i> and the <i>Income Tax Assessment Act 1997</i>, be revenue neutral, that is to say that no assessable income, deduction, capital gain or capital loss should be derived, or incurred, or should accrue, by or to the transferring bank or the receiving bank in relation to that business merely because of the operation or effect of this Act and of any complementary legislation or of anything done for a purpose connected with, or arising out of, that operation or effect.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-3">
            <num>3</num>
            <content>
              <p>	(3)	Where a succession day is fixed for a receiving bank and the relevant transferring bank, then, for the purposes of the <i>Income Tax Assessment Act 1936</i> and the <i>Income Tax Assessment Act 1997</i>, nothing in this Act affects the continuity of any partnership in which a transferring bank was a partner immediately before the succession day.</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-4">
            <num>4</num>
            <content>
              <p>	(4)	Where a succession day is fixed for a receiving bank and the relevant transferring bank, then, for the purposes of the <i>Income Tax Assessment Act 1936</i> and the <i>Income Tax Assessment Act 1997</i>:</p>
            </content>
            <paragraph eId="part-4__sec-22__subsec-4__para-a">
              <num>a</num>
              <content>
                <p>all assessable income derived or taken to be derived by the transferring bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-4__para-b">
              <num>b</num>
              <content>
                <p>all allowable deductions and capital losses incurred or taken to be incurred by the transferring bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-4__para-c">
              <num>c</num>
              <content>
                <p>all other consequences (including the balances of tax losses that are carried forward) for the transferring bank;</p>
              </content>
              <content>
                <p>are taken to have been derived or incurred by, or to have occurred in relation to, the receiving bank and not the transferring bank.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-5">
            <num>5</num>
            <content>
              <p>	(5)	Where a succession day is fixed for a receiving bank and the relevant transferring bank, then, for the purposes of <i>Income Tax Assessment Act 1997</i> (about the imputation system):<ref href="#part-3">Part 3</ref>-6 of the </p>
            </content>
            <paragraph eId="part-4__sec-22__subsec-5__para-a">
              <num>a</num>
              <content>
                <p>if the transferring bank has a franking surplus at the end of the day before the succession day, then, at the beginning of the succession day:</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-5__para-i">
              <num>i</num>
              <content>
                <p>a franking debit equal to that franking surplus arises in the transferring bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-5__para-ii">
              <num>ii</num>
              <content>
                <p>a franking credit equal to that franking surplus arises in the receiving bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-5__para-b">
              <num>b</num>
              <content>
                <p>if the transferring bank has a franking deficit at the end of the day before the succession day and the succession day is not the first day of the transferring bank’s income year, then, at the beginning of the succession day:</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-5__para-i">
              <num>i</num>
              <content>
                <p>a franking credit equal to that franking deficit arises in the transferring bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-4__sec-22__subsec-5__para-ii">
              <num>ii</num>
              <content>
                <p>a franking debit equal to that franking deficit arises in the receiving bank.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-6">
            <num>6</num>
            <content>
              <p>Subsections (3), (4) and (5) do not limit the generality of subsection (2).</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-7">
            <num>7</num>
            <content>
              <p>	(7)	If, in any respect, the operation of subsection (2) requires further clarification, regulations may be made modifying or adapting the application of particular provisions of the <i>Income Tax Assessment Act 1936</i> and the <i>Income Tax Assessment Act 1997</i> for that purpose.</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-8">
            <num>8</num>
            <content>
              <p>For the purposes of subsection (2), where the dissolution of a transferring bank under complementary legislation involves any cancellation or other disposal of the shareholding in that bank, that cancellation or other disposal of a transferring bank is to be regarded as an effect of the complementary legislation.</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-9">
            <num>9</num>
            <content>
              <p>This section applies to BNZ and BNZ Savings only in so far as the business of BNZ Savings relating to its Australian operations vests in BNZ.</p>
            </content>
          </subsection>
          <subsection eId="part-4__sec-22__subsec-10">
            <num>10</num>
            <content>
              <p>	(10)	In this section, <b><i>complementary legislation</i></b> includes parallel  legislation.</p>
            </content>
          </subsection>
        </section>
      </part>
      <part eId="part-5">
        <num>5</num>
        <heading>Miscellaneous</heading>
        <section eId="part-5__sec-23">
          <num>23</num>
          <heading>Certificates evidencing operation of Act etc.</heading>
          <subsection eId="part-5__sec-23__subsec-1">
            <num>1</num>
            <content>
              <p>An authorised person may, by certificate signed by that person, certify any matter in relation to the operation or effect of this Act, and, in particular may certify that:</p>
            </content>
            <paragraph eId="part-5__sec-23__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>specified matter or thing relevant to a receiving bank is an aspect of the operation or effect of this Act; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-23__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>a specified thing was done for a purpose connected with, or arising out of, the operation or effect of this Act in relation to that receiving bank; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-23__subsec-1__para-c">
              <num>c</num>
              <content>
                <p>a specified asset of a relevant transferring bank has become a transferred asset of that receiving bank; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-23__subsec-1__para-d">
              <num>d</num>
              <content>
                <p>a specified liability of a relevant transferring bank has become a transferred liability of the receiving bank.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-5__sec-23__subsec-2">
            <num>2</num>
            <content>
              <p>For all purposes and in all proceedings, a certificate under subsection (1) is conclusive evidence of the matters certified, except to the extent that the contrary is established.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-5__sec-24">
          <num>24</num>
          <heading>Certificates in relation to land and interests in land</heading>
          <content>
            <p>Where:</p>
          </content>
          <paragraph eId="part-5__sec-24__para-a">
            <num>a</num>
            <content>
              <p>a receiving bank becomes, under this Act, the owner of land, or of an interest in land, that is situated in a State or Territory; and</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-24__para-b">
            <num>b</num>
            <content>
              <p>there is lodged with <role refersTo="#registrar">the Registrar</role> of Titles or other appropriate officer of the State or Territory in which the land is situated a certificate that:</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-24__para-i">
            <num>i</num>
            <content>
              <p>is signed by an authorised person; and</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-24__para-ii">
            <num>ii</num>
            <content>
              <p>identifies the land or interest; and</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-24__para-iii">
            <num>iii</num>
            <content>
              <p>states that the receiving bank has, under this Act, become the owner of that land or interest;</p>
            </content>
            <content>
              <p>the officer with whom the certificate is lodged may:</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-24__para-c">
            <num>c</num>
            <content>
              <p>register the matter in the same manner as dealings in land or interests in land of that kind are registered; and</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-24__para-d">
            <num>d</num>
            <content>
              <p>deal with, and give effect to, the certificate.</p>
            </content>
          </paragraph>
        </section>
        <section eId="part-5__sec-25">
          <num>25</num>
          <heading>Certificates in relation to other assets</heading>
          <subsection eId="part-5__sec-25__subsec-1">
            <num>1</num>
            <content>
              <p>Where:</p>
            </content>
            <paragraph eId="part-5__sec-25__subsec-1__para-a">
              <num>a</num>
              <content>
                <p>an asset (other than an interest in land) becomes, under this Act, an asset of a receiving bank; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-25__subsec-1__para-b">
              <num>b</num>
              <content>
                <p>there is lodged with the person or authority who has, under a law of the Commonwealth, a State or a Territory, responsibility for keeping a register in respect of assets of that kind a certificate that:</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-25__subsec-1__para-i">
              <num>i</num>
              <content>
                <p>is signed by an authorised person; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-25__subsec-1__para-ii">
              <num>ii</num>
              <content>
                <p>identifies the asset; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-25__subsec-1__para-iii">
              <num>iii</num>
              <content>
                <p>states that the asset has, under this Act, become an asset of the receiving bank;</p>
              </content>
              <content>
                <p>that person or authority may:</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-25__subsec-1__para-c">
              <num>c</num>
              <content>
                <p>register the matter in the same manner as transactions in relation to assets of that kind are registered; and</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-25__subsec-1__para-d">
              <num>d</num>
              <content>
                <p>deal with, and give effect to, the certificate.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-5__sec-25__subsec-2">
            <num>2</num>
            <content>
              <p>	(2)	This section does not affect the operations of the <i>Corporations Act 2001</i>.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-5__sec-26">
          <num>26</num>
          <heading>Documents purporting to be certificates</heading>
          <content>
            <p>A document purporting to be a certificate given under this Part is, unless the contrary is established, taken to be such a certificate and to have been properly given.</p>
          </content>
        </section>
        <section eId="part-5__sec-27">
          <num>27</num>
          <heading>Compensation for acquisition of property</heading>
          <subsection eId="part-5__sec-27__subsec-1">
            <num>1</num>
            <content>
              <p>Where, apart from this section, the operation or effect of this Act in relation to a particular receiving bank would result in the acquisition of property from a person otherwise than on just terms, there is payable to the person by the receiving bank such reasonable amount of compensation as is agreed on between the person and the receiving bank or, failing agreement, as is determined by a court of competent jurisdiction.</p>
            </content>
          </subsection>
          <subsection eId="part-5__sec-27__subsec-2">
            <num>2</num>
            <content>
              <p>Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction.</p>
            </content>
          </subsection>
          <subsection eId="part-5__sec-27__subsec-3">
            <num>3</num>
            <content>
              <p>In this section:</p>
            </content>
            <content>
              <p><b><i>acquisition of property</i></b> and <b><i>just terms</i></b> have the same respective meanings as in paragraph 51(xxxi) of the Constitution.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-5__sec-28">
          <num>28</num>
          <heading>Act to have effect despite other laws</heading>
          <subsection eId="part-5__sec-28__subsec-1">
            <num>1</num>
            <content>
              <p>This Act has effect in spite of anything in any contract, deed, undertaking, agreement or other instrument.</p>
            </content>
          </subsection>
          <subsection eId="part-5__sec-28__subsec-2">
            <num>2</num>
            <content>
              <p>Nothing done by or under this Act:</p>
            </content>
            <paragraph eId="part-5__sec-28__subsec-2__para-a">
              <num>a</num>
              <content>
                <p>places a receiving bank, the relevant transferring bank or another person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-28__subsec-2__para-b">
              <num>b</num>
              <content>
                <p>places a receiving bank, the relevant transferring bank or another person in breach of:</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-28__subsec-2__para-i">
              <num>i</num>
              <content>
                <p>any law of the Commonwealth or of a State or Territory; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-28__subsec-2__para-ii">
              <num>ii</num>
              <content>
                <p>any contractual provision prohibiting, restricting or regulating the assignment or transfer of any asset or liability or the disclosure of any information; or</p>
              </content>
            </paragraph>
            <paragraph eId="part-5__sec-28__subsec-2__para-c">
              <num>c</num>
              <content>
                <p>releases any surety, wholly or partly, from all or any of the surety’s obligations.</p>
              </content>
            </paragraph>
          </subsection>
          <subsection eId="part-5__sec-28__subsec-3">
            <num>3</num>
            <content>
              <p>Without limiting subsection (1), where, apart from this section, the advice or consent of a person would be necessary in a particular respect, the advice is taken to have been obtained or the consent is taken to have been given, as the case requires.</p>
            </content>
          </subsection>
        </section>
        <section eId="part-5__sec-29">
          <num>29</num>
          <heading>Regulations</heading>
          <content>
            <p>The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters:</p>
          </content>
          <paragraph eId="part-5__sec-29__para-a">
            <num>a</num>
            <content>
              <p>required or permitted by this Act to be prescribed; or</p>
            </content>
          </paragraph>
          <paragraph eId="part-5__sec-29__para-b">
            <num>b</num>
            <content>
              <p>necessary or convenient to be prescribed for carrying out or giving effect to this Act.</p>
            </content>
          </paragraph>
        </section>
      </part>
    </body>
    <attachments>
      <attachment>
        <hcontainer name="schedule" eId="schedule-1">
          <heading>Receiving and transferring banks</heading>
          <content>
            <p>Section 5</p>
          </content>
        </hcontainer>
      </attachment>
      <attachment>
        <hcontainer name="schedule" eId="schedule-2">
          <heading>Permitted business names</heading>
          <content>
            <p>Section 18</p>
            <p>Endnotes</p>
            <p>Endnote 1—About the endnotes</p>
            <p>The endnotes provide information about this compilation and the compiled law.</p>
            <p>The following endnotes are included in every compilation:</p>
            <p>Endnote 1—About the endnotes</p>
            <p>Endnote 2—Abbreviation key</p>
            <p>Endnote 3—Legislation history</p>
            <p>Endnote 4—Amendment history</p>
            <p>
              <b>Abbreviation key—Endnote 2</b>
            </p>
            <p>The abbreviation key sets out abbreviations that may be used in the endnotes.</p>
            <p>
              <b>Legislation history and amendment history—Endnotes 3 and 4</b>
            </p>
            <p>Amending laws are annotated in the legislation history and amendment history.</p>
            <p>The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.</p>
            <p>The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.</p>
            <p>
              <b>Editorial changes</b>
            </p>
            <p>The <i>Legislation Act 2003</i> authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.</p>
            <p>If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.</p>
            <p>
              <b>Misdescribed amendments</b>
            </p>
            <p>A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.</p>
            <p>If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.</p>
            <p>Endnote 2—Abbreviation key</p>
            <p>Endnote 3—Legislation history</p>
            <p>Endnote 4—Amendment history</p>
          </content>
        </hcontainer>
      </attachment>
    </attachments>
  </act>
</akomaNtoso>
