Queensland Consolidated Acts

CHALLENGE BANK (TRANSFER OF UNDERTAKING) ACT 1996 - SECT 3

3. In this Act--

"asset" includes property held in a fiduciary capacity.

"Challenge" means Challenge Bank Limited ACN-009-230-433.

"Challenge contracts" means all contracts and other instruments or undertakings entered into by or made with, or addressed to, Challenge (whether alone or with another person) and in force immediately before the commencement time.

"chief executive officer" , in relation to Westpac, means the chief executive officer of Westpac or a person to whom the chief executive officer's powers have been delegated.

"commencement time" means the time and day this Act commences under section 2.

"customer" , of a bank, includes a depositor of the bank.

"excluded assets" means--

(a) a document required to be kept by Challenge under the Corporations Law or another law; and

(b) shares held by Challenge in--

(i) CBL Financial Services Ltd (ACN 009 340 390);

(ii) CBL Securities Ltd (ACN 009 124 341);

(iii) Challase Pty Ltd (ACN 059 339 641);

(iv) Challenge Finance Limited (ACN 000 032 735);

(v) Challenge Funds Management Ltd (ACN 009 065 990);

(vi) Challenge Information Technology Pty Ltd (ACN-007-258-488);

(vii) Challenge Insurance Services (Agency) Pty Ltd (ACN-009-086 444);

(viii) Cold Storage Construction Pty Ltd (ACN 001 122 005);

(ix) Herston Pty Ltd (ACN 009 041 650);

(x) National Permanent Management Services Pty Ltd (ACN-009 076 653);

(xi) Olsona Ltd (ACN 003 409 756);

(xii) Westman Enterprises Pty Ltd (ACN 008 915 099); and

(c) units held by Challenge in National Permanent Property Trust, a trust created by a deed dated 21 August 1982 between Herston Pty Ltd (ACN 009 041 650) and National Permanent Funds Management Pty Ltd; and

(d) the Challenge logo registered under the Trade Marks Act 1995 (Cwlth) as a trade mark in classes 16, 36 and 39 under numbers A486912, A486911 and A486910 respectively; and

(e) the trade mark "Challenge" registered under the Trade Marks Act 1995 (Cwlth) as a trademark in class 36 under number A533638; and

(f) the other assets listed in a certificate made for the purpose of this paragraph, signed by the chief executive officer of Westpac and received by the Minister after the passing of this Act but before the commencement time.

"liabilities" includes duties, obligations and incidents of every description, whether actual, contingent or prospective, but does not include a duty, obligation or incident relating to an excluded asset.

"property" includes securities, rights and powers of every description.

"register" includes a book of registry and an index relating to registration.

"security" includes a mortgage (whether legal or equitable), charge, debenture, bill of exchange, promissory note, guarantee, lien, pledge or other means of securing the payment of a debt, whether present or future, or the discharge of an obligation or liability, whether actual or contingent.

"State tax" means a fee, duty or charge imposed under an Act.

"transition period" means the period commencing at the commencement time and ending on the transition period end day.

"transition period end day" means the day notified by gazette notice under section 16(2).

"undertaking" , of Challenge, means--

(a) all assets of Challenge (except an excluded asset and a right or power of Challenge relating to an excluded asset) vested in, belonging to or held by Challenge immediately before the commencement time; and

(b) all liabilities to which Challenge is subject immediately before the commencement time.

"Victorian Act" means the Westpac and Bank of Melbourne (Challenge Bank) Act 1996 (Vic).

"Westpac" means Westpac Banking Corporation ARBN 007 457 141.