Commercial Bank of Australia Limited (Merger) Act 1982
An Act to provide for the transfer to Bank of New South Wales of the undertaking of The Commercial Bank of Australia Limited and for the transfer to Bank of New South Wales Savings Bank Limited of the undertaking of The Commercial Savings Bank of Australia Limited and for other purposes
[Royal Assent 24 August 1982]
Whereas by the Bank of New South Wales Act of 1850 of the State of New South Wales there was incorporated a body politic and corporate in name and in deed by the name "Bank of New South Wales":
And whereas The Commercial Bank of Australia Limited became on or about 12th February 1982 a wholly owned subsidiary of Bank of New South Wales in consequence of action under Part VIB of the Companies Act 1961 of the State of Victoria:
And whereas The Commercial Savings Bank of Australia Limited is a wholly owned subsidiary of The Commercial Bank of Australia Limited and Bank of New South Wales Savings Bank Limited is a wholly owned subsidiary of Bank of New South Wales:
And whereas it is expedient in the interest of banking efficiency that the banking business conducted by The Commercial Bank of Australia Limited should be transferred to Bank of New South Wales and the banking business conducted by The Commercial Savings Bank of Australia Limited should be transferred to Bank of New South Wales Savings Bank Limited and that the transfers be effected by Act of Parliament:
And whereas, in order to vest the undertakings of The Commercial Bank of Australia Limited and The Commercial Savings Bank of Australia Limited carried on in Tasmania in Bank of New South Wales and Bank of New South Wales Savings Bank Limited, respectively, it is expedient to enact the provisions set out in this Act.
Be it therefore enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
This Act may be cited as the Commercial Bank of Australia Limited (Merger) Act 1982 .
(1) This section and section 1 shall commence on the day on which this Act receives the Royal Assent.(2) Except as provided in subsection (1) , this Act shall commence on such day as may be fixed by proclamation.
In this Act, except in so far as the context or subject-matter otherwise indicates or requires –Bank of New South Wales means the body incorporated by the Bank of New South Wales Act of 1850 of New South Wales;Bank of New South Wales Savings Bank means the corporation incorporated in New South Wales under the name "Bank of New South Wales Savings Bank Limited";commencement day means the day on which this Act ( sections 1 and 2 excepted) commences;Commercial Bank of Australia means The Commercial Bank of Australia Limited;Commercial Savings Bank means The Commercial Savings Bank of Australia Limited;excluded property means –(a) documents that are required by law to be kept by the Commercial Bank of Australia or the Commercial Savings Bank;(b) prescribed securities held, immediately before the commencement day, by or on behalf of the Commercial Bank of Australia or the Commercial Savings Bank otherwise than by way of security;(c) any estate or interest in land that, immediately before the commencement day, was vested in the Commercial Bank of Australia or the Commercial Savings Bank otherwise than by way of security;(d) property held, immediately before the commencement day, by the Commercial Bank of Australia upon trust pursuant to section 180X (11) of the Companies Act 1961 of the State of Victoria; and(e) property held, immediately before the commencement day, by the Commercial Bank of Australia for the trustees of the Commercial Bank of Australia Staff Superannuation Fund, the Commercial Bank of Australia Female Staff Superannuation Fund, or the Commercial Bank of Australia Wages Staff Superannuation Fund;instrument means an instrument (other than this Act) that creates, evidences, modifies, or extinguishes rights or liabilities or would do so if it or a copy of such an instrument were lodged, filed, or registered under any Act or law and includes any judgment, order, or process of a court;legal proceedings includes an arbitration;liabilities means all liabilities, duties, and obligations, whether actual, contingent, or prospective;prescribed securities means securities within the meaning of the Securities Industry (Tasmania) Code ;property means property of every kind, whether tangible or intangible, real or personal, corporeal or incorporeal, and without limiting the generality of the foregoing includes things in action, goodwill, rights, interests, and claims of every kind in or to property whether arising from, accruing under, created or evidenced by or the subject of an instrument or otherwise and whether liquidated or unliquidated, actual, contingent, or prospective;rights means all rights, powers, privileges, and immunities, whether actual, contingent, or prospective;security means a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, indemnity, lien, pledge, or other security for the payment of money or for the discharge of any other liability and includes an agreement or undertaking to give or execute any of the foregoing whether upon demand or otherwise;subsidiary has the same meaning as in the Companies (Tasmania) Code ;undertaking, in relation to the Commercial Bank of Australia and the Commercial Savings Bank means –(a) all property of the Commercial Bank of Australia or the Commercial Savings Bank, other than excluded property; and(b) all rights and liabilities of the Commercial Bank of Australia and the Commercial Savings Bank, other than rights and liabilities relating to excluded property.
4. Savings relating to certain property, &c.
Nothing in this Act applies to or in respect of –(a) any property, rights, and liabilities arising from, accruing under, created or evidenced by, or the subject of, any of the instruments described in Schedule 1 ; or(b) any of those instruments.
This Act binds the Crown in the right of Tasmania.
6. Vesting of undertaking of Commercial Bank of Australia and Commercial Savings Bank in Bank of New South Wales and Bank of New South Wales Savings Bank
(1) On the commencement day –(a) the undertaking of the Commercial Bank of Australia is vested in the Bank of New South Wales; and(b) the undertaking of the Commercial Savings Bank is vested in the Bank of New South Wales Savings Bank.(2) On and after the commencement day, except in so far as the context or subject-matter otherwise indicates or requires –(a) a reference in an instrument made, passed, or executed before that day to the Commercial Bank of Australia shall, except where the instrument is, or to the extent that it relates to, excluded property, be construed as a reference to the Bank of New South Wales;(b) a reference in an instrument made, passed, or executed before that day to the Commercial Savings Bank shall, except where the instrument is, or to the extent that it relates to, excluded property, be construed as a reference to the Bank of New South Wales Savings Bank; and(c) a reference in an instrument made or executed before that day to the holder for the time being of a particular office, other than the office of a director, secretary, or auditor, within the Commercial Bank of Australia or the Commercial Savings Bank shall be construed as a reference to the person for the time being holding office as Chief General Manager of the Bank of New South Wales or such other officer of the Bank of New South Wales or the Bank of New South Wales Savings Bank as is designated from time to time by the Chief General Manager of the Bank of New South Wales or by any other officer acting under delegation from him.(3) On and after the commencement day –(a) any place of business of the Commercial Bank of Australia wherever located shall be deemed to be a place of business of the Bank of New South Wales; and(b) any place of business of the Commercial Savings Bank wherever located shall be deemed to be a place of business of the Bank of New South Wales Savings Bank.(4) Where for any reason –the Commercial Bank of Australia or the Commercial Savings Bank, as the case may be, shall have and may enforce the same rights in respect of that liability (including rights under any security relating to that liability) as if this Act had not been enacted.(a) a liability to the Commercial Bank of Australia immediately before the commencement day remains a liability to the Commercial Bank of Australia on or after that day; or(b) a liability to the Commercial Savings Bank immediately before the commencement day remains a liability to the Commercial Savings Bank on or after that day –
7. Transfer of banking business of Commercial Bank of Australia to Bank of New South Wales
Without prejudice to the generality of other provisions of this Act, the following provisions shall have effect on and from the commencement day:(a) an instruction, order, direction, mandate, or authority given to the Commercial Bank of Australia and subsisting immediately before the commencement day (not being an instruction, order, direction, mandate, or authority relating to excluded property) shall be deemed to have been given to the Bank of New South Wales;(b) an instrument given or addressed to the Commercial Bank of Australia on or after the commencement day (not being an instrument relating to excluded property) shall be deemed to have been given or addressed to the Bank of New South Wales;(c) a security held by the Commercial Bank of Australia as security for a debt or other liability to the Commercial Bank of Australia –(i) incurred before the commencement day, shall be available to the Bank of New South Wales as security for the discharge of that debt or liability; and(ii) where the security extends to future or prospective debts or liabilities, shall be available as security for the discharge of debts owed to or liabilities to the Bank of New South Wales which are incurred on or after the commencement day;(d) the Bank of New South Wales shall, in relation to a security referred to in paragraph (c) , be entitled to all the rights and priorities and be subject to all liabilities to which the Commercial Bank of Australia would have been subject if this Act had not been enacted;(e) all the rights and liabilities of the Commercial Bank of Australia as bailee of documents or chattels shall be transferred to and assumed by the Bank of New South Wales;(f) a negotiable instrument or order for payment of money which before, on, or after the commencement day is drawn on, given to, or accepted or endorsed by the Commercial Bank of Australia or payable at a place of business of the Commercial Bank of Australia shall have the same effect on and after the commencement day as if it had been drawn on, given to, or accepted or endorsed by the Bank of New South Wales instead of the Commercial Bank of Australia or was payable at the place of business of the Bank of New South Wales which the first-mentioned place of business is by this Act deemed to be;(g) the relationship between the Commercial Bank of Australia and a customer or depositor shall become the same relationship between the Bank of New South Wales and that customer or depositor and the same rights and liabilities including rights of set-off shall exist between the Bank of New South Wales and the customer or depositor as existed immediately before the commencement day between the Commercial Bank of Australia and the customer or depositor;(h) all contracts, agreements, conveyances, deeds, leases, licences, instruments, undertakings, and notices (whether or not in writing) entered into by, made with, given to or by, or addressed to the Commercial Bank of Australia (whether alone or with any other person) before the commencement day and in effect immediately before the commencement day shall (except to the extent that they relate to excluded property), to the extent that they were previously binding on and enforceable by, against, or in favour of the Commercial Bank of Australia, be binding on and enforceable by, against, or in favour of the Bank of New South Wales as fully and effectually in every respect as if, instead of the Commercial Bank of Australia, the Bank of New South Wales had been the person by whom they were entered into, with whom they were made, or to or by whom they were given or addressed, as the case may be;(i) legal proceedings instituted by or against the Commercial Bank of Australia before, and pending at, the commencement day shall not abate or otherwise be prejudiced by reason of the enactment of this Act;(j) nothing effected by this Act –(i) shall be regarded as placing the Commercial Bank of Australia or the Bank of New South Wales in breach of contract or confidence or as otherwise making either of them guilty of a civil wrong;(ii) shall be regarded as placing either of those banks in breach of any Act or other law or contractual provision prohibiting, restricting, or regulating the assignment or transfer of any property or the disclosure of any information; or(iii) shall release any surety or guarantor wholly or in part from all or any of his obligations;(k) nothing done or suffered by the Commercial Bank of Australia or the Bank of New South Wales pursuant to this Act (not being something effected by this Act) –if it would not have had that effect had it been done or suffered by the Commercial Bank of Australia if this Act had not been enacted.(i) shall be regarded as a breach of contract or confidence or otherwise as a civil wrong;(ii) shall be regarded as a breach of any Act or other law or contractual provision prohibiting, restricting, or regulating the assignment or transfer of any property or the disclosure of any information; or(iii) shall release any surety or guarantor wholly or in part from all or any of his obligations –
8. Transfer of banking business of Commercial Savings Bank to Bank of New South Wales Savings Bank
Without prejudice to the generality of other provisions of this Act, the following provisions shall have effect on and from the commencement day:(a) an instruction, order, direction, mandate, or authority given to the Commercial Savings Bank and subsisting immediately before the commencement day (not being an instruction, order, direction, mandate, or authority relating to excluded property) shall be deemed to have been given to the Bank of New South Wales Savings Bank;(b) an instrument given or addressed to the Commercial Savings Bank on or after the commencement day (not being an instrument relating to excluded property) shall be deemed to have been given or addressed to the Bank of New South Wales Savings Bank;(c) a security held by the Commercial Savings Bank as security for a debt or other liability to the Commercial Savings Bank –(i) incurred before the commencement day, shall be available to the Bank of New South Wales Savings Bank as security for the discharge of that debt or liability; and(ii) where the security extends to future or prospective debts or liabilities, shall be available as security for the discharge of debts owed to or liabilities to the Bank of New South Wales Savings Bank which are incurred on or after the commencement day;(d) the Bank of New South Wales Savings Bank shall, in relation to a security referred to in paragraph (c) , be entitled to all the rights and priorities and be subject to all liabilities to which the Commercial Savings Bank would have been subject if this Act had not been enacted;(e) all the rights and liabilities of the Commercial Savings Bank as bailee of documents or chattels shall be transferred to and assumed by the Bank of New South Wales Savings Bank;(f) a negotiable instrument or order for payment of money which before, on, or after the commencement day is drawn on, given to, or accepted or endorsed by the Commercial Savings Bank or payable at a place of business of the Commercial Savings Bank shall have the same effect on and after the commencement day as if it had been drawn on, given to, or accepted or endorsed by the Bank of New South Wales Savings Bank instead of the Commercial Savings Bank or was payable at the place of business of the Bank of New South Wales Savings Bank which the first-mentioned place of business is by this Act deemed to be;(g) the relationship between the Commercial Savings Bank and a customer or depositor shall become the same relationship between the Bank of New South Wales Savings Bank and that customer or depositor and the same rights and liabilities including rights of set-off shall exist between the Bank of New South Wales Savings Bank and the customer or depositor as existed immediately before the commencement day between the Commercial Savings Bank and the customer or depositor;(h) all contracts, agreements, conveyances, deeds, leases, licences, instruments, undertakings, and notices (whether or not in writing) entered into by, made with, given to or by, or addressed to the Commercial Savings Bank (whether alone or with any other person) before the commencement day and in effect immediately before the commencement day shall (except to the extent that they relate to excluded property), to the extent that they were previously binding on and enforceable by, against, or in favour of the Commercial Savings Bank, be binding on and enforceable by, against, or in favour of the Bank of New South Wales Savings Bank as fully and effectually in every respect as if, instead of the Commercial Savings Bank, the Bank of New South Wales Savings Bank had been the person by whom they were entered into, with whom they were made, or to or by whom they were given or addressed, as the case may be;(i) legal proceedings instituted by or against the Commercial Savings Bank before, and pending at, the commencement day shall not abate or otherwise be prejudiced by reason of the enactment of this Act;(j) nothing effected by this Act –(i) shall be regarded as placing the Commercial Savings Bank or the Bank of New South Wales Savings Bank in breach of contract or confidence or as otherwise making either of them guilty of a civil wrong;(ii) shall be regarded as placing either of those banks in breach of any Act or other law or contractual provision prohibiting, restricting, or regulating the assignment or transfer of any property or the disclosure of any information; or(iii) shall release any surety or guarantor wholly or in part from all or any of his obligations;(k) nothing done or suffered by the Commercial Savings Bank or the Bank of New South Wales Savings Bank pursuant to this Act (not being something effected by this Act) –if it would not have had that effect had it been done or suffered by the Commercial Savings Bank if this Act had not been enacted.(i) shall be regarded as a breach of contract or confidence or otherwise as a civil wrong;(ii) shall be regarded as a breach of any Act or other law or contractual provision prohibiting, restricting, or regulating the assignment or transfer of any property or the disclosure of any information; or(iii) shall release any surety or guarantor wholly or in part from all or any of his obligations –
9. Assignment and subletting of certain licences, leases, &c.
(1) Where, under the provisions of a lease, licence, or other contract or agreement the Commercial Bank of Australia or the Commercial Savings Bank has rights in respect of the occupation or use of land, being excluded property, those rights may, notwithstanding that there has been no assignment, transfer, subletting, or other disposition by the Commercial Bank of Australia or the Commercial Savings Bank, be exercised by the Bank of New South Wales or the Bank of New South Wales Savings Bank, as the case may be.(2) For the purposes of a lease, licence, or other contract or agreement relating to the occupation or use of land, the Commercial Bank of Australia or the Commercial Savings Bank does not part with possession of land by permitting the Bank of New South Wales or the Bank of New South Wales Savings Bank, as the case may be, to exercise rights under subsection (1) in respect of the land.
10. Continuity of legal proceedings
(1) Legal proceedings to which the Commercial Bank of Australia or the Commercial Savings Bank was a party immediately before the commencement day may be continued –(a) in the case of the Commercial Bank of Australia, by or against the Bank of New South Wales; and(b) in the case of the Commercial Savings Bank, by or against the Bank of New South Wales Savings Bank.(2) A judgment, order, or award obtained by or against the Commercial Bank of Australia or the Commercial Savings Bank in legal proceedings commenced before the commencement day may be enforced –(a) in the case of the Commercial Bank of Australia, by or against the Bank of New South Wales; and(b) in the case of the Commercial Savings Bank, by or against the Bank of New South Wales Savings Bank.
(1) Documentary or other evidence which would have been admissible for or against the interests of the Commercial Bank of Australia or the Commercial Savings Bank if this Act had not been enacted shall be admissible for or against the interests of the Bank of New South Wales or the Bank of New South Wales Savings Bank, as the case may be.(2) Notwithstanding the transfer of the undertaking of the Commercial Bank of Australia or the Commercial Savings Bank to the Bank of New South Wales and the Bank of New South Wales Savings Bank, the provisions of Division 2 of Part III of the Evidence Act 1910 shall continue to apply with respect to the bankers' books of the Commercial Bank of Australia and the Commercial Savings Bank and to entries made in those bankers' books before the commencement day.(3) In subsection (2) –bankers' books has the same meaning as in the Evidence Act 1910 .
12. Transfer of employees of Commercial Bank of Australia to Bank of New South Wales
(1) On the commencement day each employee of the Commercial Bank of Australia shall cease to be an employee of the Commercial Bank of Australia and shall become an employee of the Bank of New South Wales but, for the purposes of every Act, law, award, determination, contract, and agreement relating to the employment of each such employee, his contract of employment shall be deemed to be unbroken and the period of his service with the Commercial Bank of Australia shall be deemed to have been a period of service with the Bank of New South Wales.(2) The terms and conditions of the employment of each transferred employee with the Bank of New South Wales shall –(a) on the commencement day (and thereafter until varied) be identical with the terms and conditions of his employment with the Commercial Bank of Australia immediately before the commencement day and be capable of variation in the same manner as they were immediately before that day; and(b) subject to any Act or other law, award, or determination relating to those terms and conditions, also be capable of variation in the same manner as the general terms and conditions of employment of other persons employed by the Bank of New South Wales are capable of variation.(3) A transferred employee shall not be entitled to receive any payment or other benefit by reason only of his ceasing by virtue of this Act to be an employee of the Commercial Bank of Australia.(4) Nothing in this Act, other than subsection (3) , affects rights or liabilities under any provident, benefit, superannuation, or retirement fund or scheme relating to employees of the Commercial Bank of Australia.(5) A director, secretary, or auditor of the Commercial Bank of Australia or the Commercial Savings Bank does not by virtue of the enactment of this Act become a director, secretary, or auditor of the Bank of New South Wales or the Bank of New South Wales Savings Bank.(6) For the purposes of this section –transferred employee means an employee of the Commercial Bank of Australia who becomes an employee of the Bank of New South Wales in pursuance of subsection (1) .
13. Appointment of new trustees
(1) The Bank of New South Wales may at any time within 3 months after the commencement day by instrument executed under its seal declare that a corporation which is a subsidiary of the Bank of New South Wales and is named in the instrument as new trustee of such trusts as are specified in the instrument is appointed in the place of another corporation which is a subsidiary of the Commercial Bank of Australia and is named in the instrument as the retiring trustee of those trusts.(2) On any instrument referred to in subsection (1) being executed in accordance with that subsection and notice of the execution of the instrument being published in the Gazette –(a) the corporation named in the instrument as the retiring trustee shall be wholly discharged from the trusts specified in that instrument;(b) the corporation named in the instrument as new trustee shall be trustee of those trusts in the place of the corporation named in the instrument as retiring trustee and shall have the same powers, authorities, and discretions in relation to each such trust as the retiring trustee had immediately before being discharged; and(c) all property subject to the trusts specified in the instrument and vested in the retiring trustee shall be vested in the corporation named in the instrument as new trustee.(3) Any discharge or appointment of a trustee and any vesting of property by virtue of this section shall have effect notwithstanding anything to the contrary in any instrument or in any other Act or law.(4) In this section –trustee has the same meaning as in the Trustee Act 1898 but extends to a nominee, a custodian trustee, and a person charged with the management or administration of property.
14. Transfer of certain shares, &c.
(1) Where prescribed securities are by virtue of this Act vested in the Bank of New South Wales, the Bank of New South Wales Savings Bank, or a subsidiary of the Bank of New South Wales, a certificate signed by the Chief General Manager of the Bank of New South Wales or by an officer acting under delegation from him stating that the prescribed securities have so vested shall, notwithstanding any other Act or law or the provisions of any instrument but subject to the amounts payable under section 18 having been paid, be deemed to be a sufficient duly stamped instrument of transfer of those prescribed securities.(2) Subsection (1) applies only to and in respect of prescribed securities –(a) which, when vested in the Bank of New South Wales or the Bank of New South Wales Savings Bank, will be held by way of security; or(b) which are vested in a subsidiary of the Bank of New South Wales by the operation of section 13 .
15. Special provisions applicable to land under Land Titles Act 1980 and Registration of Deeds Act 1935
(1) Where any estate or interest in land under the Land Titles Act 1980 is by virtue of this Act vested in the Bank of New South Wales or the Bank of New South Wales Savings Bank or another corporation, the Bank of New South Wales or the Bank of New South Wales Savings Bank or that other corporation shall, notwithstanding any provision of that Act to the contrary, be deemed to be the registered proprietor of that estate or interest and may deal with it accordingly.(2) The Recorder of Titles may register an instrument relating to an estate or interest in land referred to in subsection (1) executed by the Bank of New South Wales or the Bank of New South Wales Savings Bank or a corporation referred to in that subsection, as the case may be, if the instrument is in a registrable form notwithstanding that the Bank of New South Wales or the Bank of New South Wales Savings Bank or that other corporation is not recorded as registered proprietor of that estate or interest in the Register kept under the Land Titles Act 1980 .(3) Where any estate or interest in land to which the Registration of Deeds Act 1935 applies is, by virtue of this Act, vested in the Bank of New South Wales, the Bank of New South Wales Savings Bank, or another corporation, an instrument dealing with that estate or interest may if executed by the Bank of New South Wales or the Bank of New South Wales Savings Bank or that other corporation, as the case may be, and if otherwise in a registrable form be registered by the Registrar of Deeds, notwithstanding that no instrument formally vesting that estate or interest in the Bank of New South Wales or the Bank of New South Wales Savings Bank or that other corporation has been registered under that Act.
Subsection (1) of section 206 of the Companies (Tasmania) Code shall be deemed to have been complied with in respect of all charges of which the Bank of New South Wales or the Bank of New South Wales Savings Bank becomes the holder by virtue of this Act if there is lodged in the manner specified in paragraph (a) of that subsection a certificate signed by the Chief General Manager of the Bank of New South Wales or by an officer acting under delegation from him stating that by virtue of this Act the undertaking of the Commercial Bank of Australia has become vested in the Bank of New South Wales and the undertaking of the Commercial Savings Bank has become vested in the Bank of New South Wales Savings Bank.
17. Protection of persons in respect of dealings with excluded property
(1) A person to whom this section applies shall not, in respect of any dealing or transaction entered into or purporting to be entered into by the Bank of New South Wales, the Bank of New South Wales Savings Bank, the Commercial Bank of Australia, or the Commercial Savings Bank, be concerned to ascertain or inquire into whether any property that is the subject of the dealing or transaction, whether or not that property is or includes an estate or interest in land, is or is not excluded property, or be affected by any notice, express, implied, or constructive, that any such property is or is not excluded property.(2) If any dealing or transaction is entered into by the Bank of New South Wales or the Bank of New South Wales Savings Bank with any person, in relation to or in connection with excluded property, it shall be deemed in favour of that person and any person claiming through or under him that the Bank of New South Wales or the Bank of New South Wales Savings Bank, as the case may be, has full power and authority to enter into that dealing or transaction as if the excluded property had vested in the Bank of New South Wales or the Bank of New South Wales Savings Bank, as the case may be, under this Act.(3) If any dealing or transaction is entered into by the Commercial Bank of Australia or the Commercial Savings Bank with any person, in relation to or in connection with property which has vested in the Bank of New South Wales or the Bank of New South Wales Savings Bank, as the case may be, under this Act, it shall be deemed in favour of that person and any person claiming through or under him that the Commercial Bank of Australia or the Commercial Savings Bank, as the case may be, has full power and authority to enter into that dealing or transaction as if the property were excluded property.(4) Nothing in this section affects the liability of the Bank of New South Wales, the Bank of New South Wales Savings Bank, the Commercial Bank of Australia, or the Commercial Savings Bank to any other of them in respect of anything done, or purporting to have been done, by the Bank of New South Wales, the Bank of New South Wales Savings Bank, the Commercial Bank of Australia, or the Commercial Savings Bank, as the case may be, in relation to or in connection with excluded property or any other property.(5) For the purpose of this section, the following are persons to whom this section applies:(a) a person dealing with the Bank of New South Wales or the Commercial Bank of Australia in any capacity;(b) a person dealing with the Bank of New South Wales Savings Bank or the Commercial Savings Bank in any capacity;(c) the Recorder of Titles;(d) the Registrar of Deeds;(e) any person registering or certifying title to land or having the power or duty to examine or receive evidence as to title to land.
18. Provisions as to payment of amount instead of stamp duty
(1) In this section –Commissioner means the Commissioner of Stamp Duties appointed and holding office under the Stamp Duties Act 1931 .(2) Where before the commencement day the Bank of New South Wales or the Bank of New South Wales Savings Bank –the payment of the amount referred to in paragraph (b) by that bank shall, subject to subsection (3) , be in lieu of all stamp duty otherwise payable by that bank under the Stamp Duties Act 1931 with respect to or arising out of that vesting.(a) has lodged with the Commissioner a statement in writing disclosing such particulars as the Commissioner required for the purpose of enabling him to make a determination, in respect of the vesting of the undertaking in that bank pursuant to section 6 , of the amount that would have been payable as stamp duty under the Stamp Duties Act 1931 to the extent that, if this Act had not been enacted, the vesting would have been, or might reasonably be expected to have been, effected by means of an instrument or instruments in respect of which stamp duty would have been so payable and the Commissioner has made that determination; and(b) has paid the amount determined by the Commissioner under paragraph (a) in respect of that bank on or before the commencement day –(3) If, at any time after the commencement day, it appears to the Commissioner that an error has been made in the determination made by him under subsection (2) (a) by reason of information omitted to be supplied to him, or incorrect information supplied to him, by a bank referred to in that subsection and as a result of the error in the determination an additional amount is payable by that bank in respect of the vesting of the undertaking in the bank, that bank shall be liable for the payment of the additional amount.(4) If before the commencement day the amount determined by the Commissioner under subsection (2) (a) in respect of the Bank of New South Wales or the Bank of New South Wales Savings Bank has not been paid by the bank concerned, that bank shall within 7 days after the commencement day pay to the Commissioner the amount so determined.(5) If before the commencement day a statement referred to in subsection (2) (a) has been lodged by the Bank of New South Wales and the Bank of New South Wales Savings Bank but a determination referred to in that subsection has not been made by the Commissioner in relation to the Bank of New South Wales or the Bank of New South Wales Savings Bank, the Commissioner shall, after he has made such a determination, serve on that bank a notice specifying the amount determined by him to be paid by that bank, and the bank shall, within 7 days after the date of service of the notice, pay to the Commissioner the amount specified in the notice.(6) If before the commencement day a statement referred to in subsection (2) has not been lodged by the Bank of New South Wales or the Bank of New South Wales Savings Bank, that bank shall, within 28 days of the commencement day, or if the Commissioner allows that period to be extended, within that extended period, lodge with the Commissioner a statement in writing disclosing such particulars as the Commissioner may require for the purpose of enabling him to make an assessment under subsection (8) .(7) A statement referred to in subsection (2) (a) or (6) shall not be regarded as having been lodged under either of those subsections unless it includes or is accompanied by a statutory declaration, executed by a director, or the secretary or State Manager of the bank concerned, verifying the particulars disclosed in the statement.(8) On receipt of a statement lodged by the Bank of New South Wales or the Bank of New South Wales Savings Bank with the Commissioner under subsection (6) , the Commissioner shall determine in respect of the vesting of the undertaking in that bank under section 6 –(a) an amount to be paid by that bank being an amount that would have been payable under the Stamp Duties Act 1931 to the extent that, if this Act had not been enacted, the vesting would have been, or might reasonably be expected to have been, effected by means of an instrument or instruments in respect of which stamp duty would have been so payable; and(b) serve on that bank a notice specifying the amount so payable.(9) Where a notice is served on the Bank of New South Wales or the Bank of New South Wales Savings Bank in accordance with subsection (8) that bank shall, within 7 days after the date of service of the notice, pay to the Commissioner the amount specified in the notice.(10) If the amount determined by the Commissioner under subsection (2) (a) is not paid within the period referred to in subsection (4) or the amount specified in a notice under subsection (5) or (8) is not paid within the period referred to in subsection (5) or (9) , as the case may require, the Commissioner may, by proceedings brought in a court of competent jurisdiction, recover that amount as a debt due to the Crown.(11) Any amount paid or recovered under this section shall, on receipt by the Commissioner, be paid into the Consolidated Revenue Fund.(12) Except as provided in subsection (13) , the Stamp Duties Act 1931 does not apply to or in relation to transactions effected by this Act or to or in relation to any instrument created for the purpose of any provision of this Act.(13) The provisions of sections 15 (1) , 21 , 22 , 23 (1) and (4) , 76 (1) (a) , (b) , (c) , and (e) , 76 (5) (a) , (b) , and (c) , 76 (5B) , and 78 of the Stamp Duties Act 1931 apply with the necessary modifications to and in relation to a statement lodged or required to be lodged under this section and to and in relation to an amount required to be paid under this section in the same way as they apply to and in relation to an instrument, statement, or return required to be stamped, furnished, or produced under that Act and to and in relation to stamp duty required to be paid under that Act.(14) For the purposes of subsection (13) , a reference in the provisions referred to in that subsection to consideration required to be set forth in an instrument shall be construed as a reference to particulars required to be disclosed in a statement that is to be lodged with the Commissioner under this section.(15) A determination made under this section shall be deemed to be an assessment made under the Stamp Duties Act 1931 .(16) A notice required or authorized by this section to be served on a bank by the Commissioner shall be deemed to have been duly served –(a) if delivered personally to the secretary or State Manager of the bank concerned or if left at a place of business of that bank with a person who is apparently employed there, being a person who has or apparently has attained the age of 16 years; or(b) if sent by post, addressed to the secretary or State Manager of the bank concerned.
SCHEDULE 1
1. A deed, entitled "Equity Participants' Deed", dated 27th June 1978 made between the Bank of New South Wales of the one part and the Commercial Bank of Australia of the other part.
2. An agreement, entitled "Management Agreement", dated 27th June 1978 made between the Bank of New South Wales and the Commercial Bank of Australia of the one part and Chase-N.B.A. Group Limited of the other part.
3. An agreement, entitled "Equipment Purchase Agreement", dated 27th June 1978 made between Qantas Airways Limited of the one part and the Bank of New South Wales and the Commercial Bank of Australia of the other part.
4. A deed of assignment dated 27th June 1978 between Qantas Airways Limited of the one part and the Bank of New South Wales and the Commercial Bank of Australia of the other part.
5. An agreement, entitled "Loan Agreement", dated 27th June 1978 made between the Bank of New South Wales and the Commercial Bank of Australia of the first part, Government Insurance Office of New South Wales of the second part, and Qantas Airways Limited of the third part.
6. A deed of lease dated 27th June 1978 made between the Bank of New South Wales and the Commercial Bank of Australia of the one part and Qantas Airways Limited of the other part.