Queensland Consolidated Acts

CHALLENGE BANK (TRANSFER OF UNDERTAKING) ACT 1996 - LONG TITLE

Preamble--

1. Challenge Bank Limited ACN-009-230-433 ("Challenge") is a company incorporated in Western Australia, a company within the meaning of the Corporations Law and a company limited by shares.

2. Westpac Banking Corporation ARBN-007-457-141 ("Westpac") is a body corporate established by an Act of New South Wales.

3. Westpac carries on the business of banking throughout Australia and elsewhere in the world, while Challenge carries on the business of banking principally in Western Australia and Victoria but also has assets and liabilities in other States and in Territories.

4. On 21 December 1995 Westpac became the beneficial owner of the whole of the issued share capital of Challenge and since then Challenge has been a wholly owned subsidiary of Westpac.

5. Under the conditions imposed on the authority of Challenge to carry on banking business in Australia, Challenge is required to surrender the authority.

6. It is necessary and expedient to transfer the banking business of Challenge to Westpac in Western Australia and, at the same time, to transfer the assets and liabilities of Challenge in other States and in Territories to Westpac.

7. On 22 November 1995 the Commonwealth Treasurer consented under the Banking Act 1959 (Cwlth), section 63, to the amalgamation of the banking business of Challenge with that of Westpac.

8. It is expedient to enact legislation to provide for the transfer of the assets and liabilities of Challenge in Queensland to Westpac.