Bank Mergers (St. George Partnership Banking) Regulation 1997

His Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Bank Mergers Act 1996.

MICHAEL EGAN, M.L.C.,Treasurer

Part 1 Preliminary

1 Name of Regulation

This Regulation is the Bank Mergers (St. George Partnership Banking) Regulation 1997.

2 Commencement

This Regulation commences on 1 April 1997.

3 Definitions

(1)  In this Regulation:

asset means property, or a right, of any kind, and includes:

(a)  any legal or equitable estate or interest (whether present or future, vested or contingent or tangible or intangible) in real or personal property of any kind, and

(b)  any chose in action, and

(c)  any right, interest or claim of any kind, including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing), and

(d)  any asset within the meaning of Part IIIA of the Income Tax Assessment Act 1936 of the Commonwealth.

authorised person for the purposes of a provision of this Regulation means:

(a)  the Treasurer, or

(b)  the chief executive officer of St. George, or

(c)  any of the following persons, if the Treasurer designates in writing that person as an authorised person for the purposes of the provision:

(i)  a senior executive of St. George,

(ii)  a member of the Chief Executive Service or the Senior Executive Service of the Public Service.

chief executive officer of St. George means the officer having the day to day management of the affairs of St. George and includes an officer acting from time to time in that capacity.

instrument includes a document and an oral agreement.

interest, in relation to land, includes:

(a)  a legal or equitable estate or interest in the land, or

(b)  a right, power or privilege over, or in relation to, the land.

liability includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).

Partnership Banking means St. George Partnership Banking Limited.

St. George means St. George Bank Limited.

succession day means the day on which this Regulation commences.

translated asset means an asset referred to in clause 6.

translated liability means a liability referred to in clause 6.

translated instrument, in relation to Partnership Banking, means an instrument (including a legislative instrument other than this Regulation) subsisting immediately before the succession day:

(a)  to which Partnership Banking is a party, or

(b)  that was given to, by or in favour of, Partnership Banking, or

(c)  that refers to Partnership Banking, or

(d)  under which money is, or may become, payable or other property is, or may become, liable to be transferred, to or by Partnership Banking.

(2)  Where reference is made in this Regulation to anything done for a purpose connected with, or arising out of, the operation or effect of this Regulation, that reference is taken to include any transaction entered into, or any instrument or document made, executed, lodged or given, for that purpose.

4 Notes

The explanatory note and table of contents do not form part of this Regulation.

Part 2 Bank reorganisation

5 Consequence of succession day

(1)  On the succession day, in accordance with the principle of succession in law:

(a)  St. George becomes the successor in law of Partnership Banking and is for all purposes a continuation of and the same legal entity as Partnership Banking, and

(b)  Partnership Banking is liquidated and dissolved.

(2)  Nothing in any other provision of this Part limits the operation of this clause.

6 Assets and liabilities

On the succession day:

(a)  all assets of Partnership Banking, wherever located, vest in, or are otherwise available for the use of, St. George without the need for any conveyance, transfer, assignment or assurance and without the need for any prior notice or further act, and

(b)  all liabilities of Partnership Banking, wherever located, become liabilities of St. George without the need for any prior notice or further act.

7 Translated instruments

(1)  Each translated instrument in respect of Partnership Banking continues to have effect, according to its tenor, on and after the succession day, as if a reference in the instrument to Partnership Banking were a reference to St. George.

(2)  Without limiting subclause (1), an instrument securing the payment of moneys owing to Partnership Banking is taken to secure moneys owing to St. George for the purposes of determining liability for stamp duty in respect of that instrument or any collateral instrument.

8 Places of business

On and after the succession day, a place that, immediately before that day, was a place of business of Partnership Banking is taken to be a place of business for St. George.

9 Legal proceedings and evidence

(1)  Where, immediately before the succession day, proceedings (including arbitration proceedings) to which Partnership Banking was a party were pending or existing in any court or tribunal, St. George is, on that day, substituted for Partnership Banking as a party to the proceedings and has the same rights in the proceedings as Partnership Banking had.

(2)  Where, before the succession day, documentary or other evidence would have been admissible for or against the interests of Partnership Banking, that evidence is admissible, on or at any time after that day, for or against the interests of St. George.

10 Transfer of staff

On the succession day each employee of Partnership Banking ceases to be employed by Partnership Banking and becomes an employee of St. George on the same terms and conditions as those that applied immediately before the succession day and this section does not:

(a)  affect his or her contract of employment, or

(b)  interrupt his or her continuity of service, or

(c)  prejudice his or her existing or accruing rights to recreation leave, sick leave, superannuation or long service leave or any other employee entitlement existing immediately before the succession day, or

(d)  affect rights or liabilities under any provident, benefit, superannuation or retirement fund or scheme relating to employees of Partnership Banking, or

(e)  constitute a retrenchment or redundancy or give rise to any right of the employee to receive any payment or other benefit.

11 Directors

A person holding office as a director or secretary of Partnership Banking immediately before the succession day ceases to hold office on and from the succession day and is not by virtue only of this Regulation a director or secretary of St. George.

12 Relationships with customers and depositors

The relationship between Partnership Banking and a customer or depositor at an office or branch or agency of Partnership Banking is, on and after the succession day, between St. George and that customer or depositor, and gives rise to the same rights and duties (including rights of set-off) as would have existed before that day if that relationship had always been between St. George and the customer or depositor. Any instruction, order, direction, mandate or authority given by that customer or depositor to Partnership Banking and subsisting on or given after the succession day is, unless and until revoked or cancelled, taken to have been given to St. George.

13 St. George to do what is necessary to carry out reorganisation

St. George must do whatever is necessary to ensure that this Part is fully effective, particularly in relation to its business outside New South Wales, whether within or outside Australia.

14 Revocation of banking authority

Within one month following the succession day, Partnership Banking must by notice in writing to the Treasurer in accordance with section 9 of the Banking Act 1959 of the Commonwealth request that the authority to carry on banking business in Australia granted to Partnership Banking be revoked.

Part 3 Miscellaneous

15 Payment of an amount instead of State duties or other imposts

(1)  Despite any other provision of this Regulation, Part 2 does not have effect unless any requirement made under this clause has been complied with or the Treasurer determines that no requirement is to be made. The Treasurer may issue a certificate to that effect under subclause (4) or (5).

(2)  The Treasurer may require St. George to pay to the Treasurer instead of all duties, taxes, charges, rates or other imposts for which St. George or Partnership Banking would be liable under the law of this State as a result of, or in connection with, the merger of Partnership Banking with St. George an amount that is, in the opinion of the Treasurer, proper in the circumstances.

(3)  The amount payable to the Treasurer is to be determined by the Treasurer in accordance with such principles as the Treasurer thinks appropriate.

(4)  The Treasurer must, when satisfied that a requirement under this clause has been complied with, give St. George a certificate stating that the requirement has been complied with.

(5)  If the Treasurer determines that no requirement will be made under this clause, the Treasurer must give St. George a certificate stating that no requirement is to be made.

(6)  If a certificate is given under subclause (4) or (5), St. George is not liable for any duties, taxes, charges, rates or other imposts of a kind referred to in subclause (2), despite the provisions of any Act relating to the payment of duties, taxes, charges, rates or other imposts.

(7)  A copy of a certificate under this clause, certified as such by the chief executive officer of St George, or a person authorised to do so by the chief executive officer, is for all purposes and in all courts, tribunals and proceedings, conclusive evidence of the matters certified.

(8)  This clause does not apply to any duties, taxes, charges, rates or other imposts:

(a)  payable to the Australian Securities Commission under the Corporations Law, Corporations Regulations, ASC Law or ASC Regulations, or

(b)  payable to the Registrar-General in respect of any act, dealing or other transaction relating to land.

16 Certificates evidencing operation of Regulation

(1)  An authorised person may, by certificate signed by that person, certify any matter in relation to the operation or effect of this Regulation and, in particular, may certify that:

(a)  a specified matter or thing relevant to St. George is an aspect of the operation or effect of this Regulation, or

(b)  a specified thing was done for a purpose connected with, or arising out of, the operation or effect of this Regulation in relation to St. George, or

(c)  a specified asset of Partnership Banking has become a translated asset of St. George, or

(d)  a specified liability of Partnership Banking has become a translated liability of St. George.

(2)  For all purposes and in all courts, tribunals and proceedings, a certificate under subclause (1) is conclusive evidence of the matters certified, except to the extent that the contrary is established.

17 Interests in land

(1)  Without prejudice to the generality of this Regulation and despite anything to the contrary in any other Act or law, if, immediately before the succession day, Partnership Banking is, or is to be taken to be, the registered proprietor of an interest in land under the Real Property Act 1900, on and after the succession day:

(a)  St. George is to be taken to be the registered proprietor of that interest in land, and

(b)  St. George has the same rights and remedies in respect of that interest as Partnership Banking had.

(2)  No person dealing with St. George (in any capacity at all), nor the Registrar-General, 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 St. George, where the registered proprietor of that land is Partnership Banking, to be concerned to see, or enquire into, whether the land has vested in St. George.

18 Company charges

Section 268 (1) of the Corporations Law is taken to have been complied with in respect of all charges of which St. George becomes the holder by virtue of this Regulation if there is lodged with the Australian Securities Commission a certificate signed by an authorised person stating that by virtue of this Regulation the assets and liabilities of Partnership Banking have become vested in St. George.

19 Other assets

(1)  Where:

(a)  an asset (other than an interest in land referred to in clause 17 or a company charge referred to in clause 18) becomes under this Regulation an asset of St. George, and

(b)  any person or authority has, under a law of this State, responsibility for keeping a register in respect of assets of that kind,

then:

(c)  any requirement of that law relating to the transfer of the property from one person to another is taken to have been complied with if there is lodged with that person or authority a certificate signed by an authorised person stating that by virtue of this Regulation the assets and liabilities of Partnership Banking have vested in St. George, and

(d)  that person or authority, on being requested to do so, must make any amendments to that register which are necessary to make it accurately reflect the effect of this Regulation.

(2)  This clause does not affect the operation of the Corporations Law.

20 Documents purporting to be certificates

A document purporting to be a certificate given under this Part is, unless the contrary is established, taken to be such a certificate and to have been properly given.

21 Evidence

(1)  The public documents of Partnership Banking are for the purposes of sections 156 to 158 of the Evidence Act 1995 taken to be, and to have been, public documents used in the ordinary business of St. George.

(2)  For the purposes of this clause, public documents has the same meaning as in section 3 of the Evidence Act 1995.

22 Construction of references

If any Act or regulation (other than this Act or Regulation) 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 Act contains any reference express or implied to Partnership Banking or a body listed in Schedule 1, the reference is, on and after the appointed day, to be read as a reference to St. George, unless the context otherwise requires.

23 Regulation to have effect despite other laws

(1)  This Regulation has effect despite anything in any contract, deed, undertaking, agreement or other instrument.

(2)  Nothing done by or under this Regulation:

(a)  places St. George, Partnership Banking or another person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong, or

(b)  places St. George, Partnership Banking or another person in breach of:

(i)  any law of New South Wales, or

(ii)  any contractual provision prohibiting, restricting or regulating the assignment or transfer of any asset or liability or the disclosure of any information, or

(c)  fulfils any condition which allows a person to terminate or otherwise exercise a right or power under any agreement or liability, or

(d)  releases any surety or other obligor, wholly or partly, from any liability, whether actual, contingent or prospective.

(3)  Without limiting subclause (1), where, apart from this clause, the advice or consent of a person would be necessary in any particular respect in order to give effect to this Regulation, the advice is taken to have been obtained or the consent is taken to have been given, as the case requires.

(4)  Nothing in this Regulation exempts St. George from the provisions of any Act or statutory instrument relating to companies carrying on the business of banking.

Schedule 1 Previous bodies

(Clause 22)

Barclays Australia Holdings Limited
Barclays International Australia Limited
Barclays Bank Australia Limited