Western Australian Consolidated Acts

WESTPAC BANKING CORPORATION (CHALLENGE BANK) ACT 1996 - PREAMBLE

Reasons for enactment

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

        2.         Westpac Banking Corporation ARBN: 007 457 141 (“Westpac”) is a body corporate constituted by an Act of the Parliament of New South Wales.

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

        4.         On 21 December 1995 Westpac became the beneficial owner of the whole of the issued share capital of Challenge and since that date 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 that authority.

        6.         Accordingly it is necessary and expedient to transfer the banking business of Challenge to Westpac, but at the same time to facilitate the preservation of the character of the business of Challenge.

        7.         On 22 November 1995 the Treasurer of Australia consented pursuant to section 63 of the Banking Act 1959 of the Commonwealth to the amalgamation of the banking business of Challenge with that of Westpac.

        8.         It is expedient to enact legislation to provide for the vesting of the banking business of Challenge in Westpac.