Western Australian Consolidated Acts

BANK OF WESTERN AUSTRALIA ACT 1995 - SCHEDULE 2

[s. 44]

        [Heading amended by No. 19 of 2010 s. 4.]

[Part A omitted under the Reprints Act 1984 s. 7(4)(e).]

Part B  —  Transitional Provisions

1 .         Provision relating to Industry (Advances) Act 1947

        (1)         Any security for the repayment of advances taken under the Industry (Advances) Act 1947   ¹² and vested in the Bank immediately before the commencement of section 44 is vested in the Treasurer on the commencement of that section.

        (2)         Any relevant official who records and registers documents under a written law is to take cognizance of subclause (1) and is authorised to make any entry or memorial or register any document necessary to show the effect of that subclause.

        (3)         A statement in an instrument executed by or on behalf of the Treasurer that any security has become vested in the Treasurer under subclause (1) is evidence of that fact.

2 .         Provisions relating to Superannuation and Family Benefits Act 1938

        (1)         Despite the amendment made by item 13 of Part A of this Schedule  ¹³ , the Bank is to be deemed to be a department under section 6(1) of the Act in respect of any employee who was a contributor under that Act immediately before the day of privatisation.

        (2)         A person who was such a contributor may continue to be a contributor after the day of privatisation so long as the person remains an employee of the Bank.

        (3)         The Bank, the Government Employees Superannuation Board and the Treasurer are to enter into an agreement — 

            (a)         defining the entitlement to benefits that are to have effect for the purposes of the Act in respect of contributors referred to in subclause (1) and persons referred to in section 62 of the Act in relation to such contributors; and

            (b)         fixing the value of the amount required to fund those benefits.

        (4)         To the extent that any matter referred to in subclause (3) is not agreed under that subclause within a period that the Treasurer thinks is reasonable the matter is to be determined by the Treasurer.

        (5)         The Bank is to pay to the Treasurer the amount agreed under subclause (3)(b) or determined under subclause (4) at such time as is provided for in the agreement or determination.

        (6)         Subclauses (1) to (5) and any agreement under subclause (3) or determination under subclause (4) have effect despite any provision of the Act.

        (7)         In subclauses (1) to (6) — 

        Act means the Superannuation and Family Benefits Act 1938 ;

        Bank has the meaning given by section 19 and includes the Bank in its capacity as trustee of the BankWest State Superannuation Scheme;

        employee has the same meaning as it has in the Act.