Australian Capital Territory Numbered Acts

CANBERRA ADVANCE BANK LIMITED (NO 24 OF 1992)

TABLE OF PROVISIONS

           Long Title

   1.      Canberra Advance Bank Limited A.C.N. 008 616 779 (“CAB”) is a company incorporated in the Territory and is a company within the meaning of the Corporations Law of the Capital Territory and is a company limited by shares.  
   2.      Advance Bank Australia Limited A.C.N. 002 953 335 (“ABA”) is a company incorporated in New South Wales and is a company within the meaning of the Corporations Law of New South Wales and is a company limited by shares.  
   3.      CAB is a wholly owned subsidiary of ABA.  
   4.      ABA and CAB each carries on the business of banking in the Territory and elsewhere in Australia.  
   5.      It is expedient in the interests of banking efficiency that the banking business conducted by CAB should be transferred to ABA.  
   6.      It is expedient that the transfer be effected by an Act.  

   PART I--PRELIMINARY SHORT TITLE

   PART II--VESTING OF UNDERTAKING OF CAB IN ABA

   9.      Nothing in this Act prevents CAB and ABA from entering into an agreement not inconsistent with this Act, in respect of the vesting of the undertaking of CAB in ABA, which includes provision for the payment of consideration by ABA to CAB for any part or all of the undertaking of CAB (including securities) vested in ABA by this Act.  
   10.     Without limiting sections 7 and 8, this Division has effect in relation to the undertaking of CAB.  
   11.     The relationship between CAB and a customer or depositor at any office or branch or agency of CAB is, on and after the appointed day, between ABA and that customer or depositor, and gives rise to the same rights and the same duties (including rights of set-off) as would have existed before that day if that relationship had always been between ABA and the customer or depositor, and so that any instruction, order, direction, mandate or authority given by that customer or depositor to CAB and subsisting on or given after the appointed day shall, unless and until revoked or cancelled, be deemed to have been given to ABA.  
   12.     (1) Any security that is part of the undertaking of CAB and is held by CAB as security for the payment of debts or the discharge of liabilities (whether present or future, certain or contingent) of any person is vested or shall be deemed to be vested in ABA on the appointed day, and is to be held by and be available to ABA as security for the payment of those debts and the discharge of those liabilities to ABA.  
   13.     ABA is, in relation to any security vested or deemed to have been vested in it in accordance with, or by virtue of, this Act and the money and liabilities secured by it, entitled to the same rights and priorities and subject to the same obligations and incidents as CAB would have been entitled and subject to, if it had continued to be held by CAB.  
   14.     The custody of any document, goods or thing held by CAB as bailee for any other person at any office or branch or agency of CAB is vested in or shall be deemed to be vested in ABA on the appointed day, and the rights and obligations of CAB under any contract of bailment relating to the document, goods or thing are vested in or shall be deemed to be vested in ABA on that day.  
   15.     Any negotiable instrument or order for payment of money, whether drawn, given, accepted or endorsed before, on or after the appointed day, which is part of, or is related to, the undertaking of CAB and which is expressed to be drawn by, drawn on, or given to, or accepted or endorsed by CAB, or payable at any place of business of CAB, has the same effect on and after the appointed day as if it had been drawn by, drawn on, or given to, or accepted or endorsed by, ABA, or payable at the same place of business of ABA.  
   19.     If any law of the Territory (other than this Act) or any document whenever made or executed (other than a document constituting or relating to a provident, benefit, superannuation or retirement fund) or any register established or kept under any such law contains any reference express or implied to CAB or any body referred to in the Schedule, the reference is, on and after the appointed day, to be read as a reference to ABA, except to the extent that the reference is in relation to property that is not part of the undertaking of CAB or unless the context otherwise requires.  

   PART III--GENERAL EFFECT OF THINGS DONE UNDER THIS ACT

   20.     Nothing effected by this Act or done or suffered by CAB or ABA under, or in connection with the enactment of, this Act—  
   23.     The Chief Executive Officer of ABA may, by certificate signed by him or her, certify any matter in relation to the operation of this Act and, in particular, may certify whether specified property or liabilities formed or did not form on the appointed day part of the undertaking of CAB.  
   24.     No person dealing with ABA (in any capacity at all), nor the Registrar of Titles, nor any other person registering or certifying title to land or having the power or duty to examine or receive evidence as to title to land, is, in respect of any dealing or transaction in relation to land entered into or purporting to be entered into by ABA, where the registered proprietor of that land is CAB or any body referred to in the Schedule, to be concerned to see, or enquire into, whether the land has vested in ABA.  
   25.     Subsection 268 (1) of the Corporations Law of the Capital Territory is to be taken to have been complied with in respect of all charges of which ABA becomes the holder by virtue of this Act if there is lodged with the Australian Securities Commission a certificate signed by the Chief Executive Officer of ABA stating that by virtue of this Act the undertaking of CAB has become vested in ABA.  
   26.     Where—  
   28.     Nothing in this Act exempts ABA from the provisions of any Act relating to companies carrying on the business of banking.  
   29.     (1) Notwithstanding anything to the contrary in any law of the Territory, no tax, fee, duty, levy or charge of any kind is chargeable or payable on any instrument, certificate or document (including this Act) or in respect of any act or transaction executed, done, suffered or entered into (whether before, on or after the appointed day) for a purpose connected with, or arising out of, the operation or effect of this Act or any corresponding law of a State or another Territory.  
           SCHEDULE