Trust Bank (Arrangements) Act 1991
An Act to provide for the succession of Trust Bank to Tasmania Bank and for related matters
[Royal Assent 1 May 1991]
Be it 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 Trust Bank (Arrangements) Act 1991 .
(1) This Act, except sections 18 and 21 (c) , commences on the day on which it receives the Royal Assent.(2) Sections 18 and 21 (c) commence on the succession date.
(1) In this Act, unless the contrary intention appears –commencement day means the day on which this Act receives the Royal Assent;instrument includes a document and an oral agreement;liabilities means all liabilities, duties and obligations, whether actual, contingent or prospective;property means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property;rights means all rights, powers, privileges and immunities, whether actual, contingent or prospective;SBT Bank means the Hobart Savings Bank trading as SBT BANK;succession date means 1 September 1991 or such later date as the Treasurer and SBT Bank agree;Tasmania Bank means the Tasmania Bank established under the Tasmania Bank Act 1987 ;Trust Bank means SBT Bank operating by virtue of section 11 under the name Trust Bank.(2) Where the Treasurer and SBT Bank agree a date later than 1 September 1991 as the succession date, the Treasurer shall cause the agreed date to be notified in the Gazette.
This Act binds the Crown in right of Tasmania and, so far as the legislative power of Parliament permits, in all its other capacities.
5. Trust Bank to become successor in law of Tasmania Bank
On the succession date –(a) all property and rights of Tasmania Bank, wherever located, vest in Trust Bank; and(b) all liabilities of Tasmania Bank, wherever located, become liabilities of Trust Bank; and(c) Trust Bank becomes the successor in law of Tasmania Bank; and(d) Tasmania Bank is dissolved.
6. Special provisions applicable to land
(1) Where an estate or interest in land under the Land Titles Act 1980 is by virtue of this Act vested in Trust Bank, Trust Bank shall, notwithstanding any provision of the Land Titles Act 1980 to the contrary, be taken to be the registered proprietor of the 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) that is executed by Trust Bank if the instrument is otherwise in registrable form notwithstanding that Trust Bank is not entered 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 Trust Bank, an instrument dealing with that estate or interest may, if executed by Trust Bank and if otherwise in a registrable form, be registered by the Registrar of Deeds notwithstanding that an instrument formally vesting that estate or interest in Trust Bank has not been registered under the Registration of Deeds Act 1935 .
Stamp duty is not payable under the Stamp Duties Act 1931 in respect of the succession of Trust Bank to Tasmania Bank.
The guarantee which the Government of Tasmania provided under section 20 of the Tasmania Bank Act 1987 lapses on the succession date and has no further force or effect.
9. Cessation of office of Directors of Tasmania Bank
(1) On the commencement day a person holding office as a director of Tasmania Bank shall cease to hold office and, on ceasing to hold office, shall receive from Tasmania Bank a loss of office allowance specified in subsection (2) .(2) For the purposes of subsection (1) , the loss of office allowance payable to a director shall be an amount equal to the remuneration which the director would have received if the director had continued in office until 31 December 1991 or for the remainder of the director's term of office whichever is the shorter period.(3) On the commencement day the person holding office as the Managing Director of Tasmania Bank shall cease to hold office.
(1) A person shall not disclose any information as to the affairs of Tasmania Bank or a customer of Tasmania Bank acquired while that person was a director, managing director or an officer of Tasmania Bank or a delegate of the board of that bank or held any appointment by that bank unless authorized or required by any Act or other law to do so.(2) A person who contravenes subsection (1) is guilty of a crime and, subject to subsection (3) , is liable to be punished on indictment under the Criminal Code .(3) A person convicted of a crime under subsection (2) is liable to a fine not exceeding 100 penalty units or to imprisonment for a term not exceeding 12 months, or both.
11. Continuation of operation of SBT Bank as Trust Bank
(1) On and after the succession date, SBT Bank shall continue to operate under the provisions of the Trustee Banks Act 1985 under the name "Trust Bank" and section 23 (3) , (4) , (5) , (6) , (7) and (8) of the Trustee Banks Act 1985 apply as if the name had been changed by the general council under that section.(2) Notwithstanding any provision of the Business Names Act 1962 , Trust Bank may, on and after the succession date, carry on business for such period as it thinks fit under the name "Tasmania Bank".
(1) Each Tasmania Bank instrument continues to have effect according to its tenor on and after the succession date as if a reference in the instrument to Tasmania Bank were a reference to Trust Bank.(2) Each SBT Bank instrument continues to have effect according to its tenor on and after the succession date as if a reference in the instrument to SBT Bank were a reference to Trust Bank.(3) For the purposes of this section –SBT Bank instrument means an instrument (including a legislative instrument other than this Act) in force immediately before the succession date –(a) to which SBT Bank was a party; or(b) that was given to, or in favour of, SBT Bank; or(c) that refers to SBT Bank; or(d) under which –(i) money is, or may become, payable to or by SBT Bank; or(ii) other property is to be, or may become liable to be, transferred to or by SBT Bank;Tasmania Bank instrument means an instrument (including a legislative instrument other than this Act) in force immediately before the succession date –(a) to which Tasmania Bank was a party; or(b) that was given to, or in favour of, Tasmania Bank; or(c) that refers to Tasmania Bank; or(d) under which –(i) money is, or may become, payable to or by Tasmania Bank; or(ii) other property is to be, or may become liable to be, transferred to or by Tasmania Bank.
(1) Where immediately before the succession date proceedings (including arbitration proceedings) to which Tasmania Bank was a party were pending or existing in any court or tribunal, then, on and after that date, Trust Bank is substituted for Tasmania Bank as a party to the proceedings and has the same rights in the proceedings as Tasmania Bank.(2) Where immediately before the succession date proceedings (including arbitration proceedings) to which SBT Bank was a party were pending or existing in any court or tribunal, then, on and after that date, Trust Bank is substituted for SBT Bank as a party to the proceedings and has the same rights in the proceedings as SBT Bank.
(1) Documentary or other evidence that would have been admissible for or against the interests of Tasmania Bank and SBT Bank if this Act had not been enacted is admissible for or against the interests of Trust Bank.(2) Division 2 of Part III of the Evidence Act 1910 shall continue to apply with respect to bankers' books of Tasmania Bank and SBT Bank and to entries made in those bankers' books before the succession date.(3) In subsection (2) , bankers' books has the same meaning as in the Evidence Act 1910 .
15. Government representative to be director
(1) Notwithstanding section 12 of the Trustee Banks Act 1985 , a Government representative –(a) shall be appointed as a director of SBT Bank during the period commencing on the commencement day and ending on the succession date; and(b) shall be appointed as a director of Trust Bank on and from the succession date until such date as the Treasurer and Trust Bank agree.(2) The Government representative shall be a person employed in the Department nominated by the Treasurer and –(a) for the purposes of subsection (1) (a) , approved by the board of directors of SBT Bank; and(b) for the purposes of subsection (1) (b) , approved by the board of directors of Trust Bank.(3) If the board of directors of either bank mentioned in subsection (2) does not approve the person nominated by the Treasurer within a period of 28 days after the person's name is submitted to the bank for approval, the Treasurer shall nominate the names of 2 other persons employed in the Department to be the Government representative and the board of directors shall approve one of those persons within a period of 14 days from the receipt of the nomination.(4) The person appointed as a director under subsection (1) shall not, by virtue of that appointment, become a member of the general council of SBT Bank or Trust Bank.
16. Special Capital Notes extinguished
(1) All Special Capital Notes subscribed to Tasmania Bank by the Treasurer, whether before or after the commencement day, shall, on 31 August 1991, be extinguished and the reserves of Tasmania Bank shall be increased by the amount of the notes extinguished.(2) For the purposes of subsection (1) , Special Capital Note has the meaning assigned to that expression by section 19 of the Tasmania Bank Act 1987 .
17. Power of SBT Bank to accept special capital
(1) For the purposes of this Act, SBT Bank may accept by way of subscription by the Treasurer, special capital not exceeding $10 million.(2) The special capital subscribed under this section shall be subscribed on such terms and conditions as the Treasurer and SBT Bank may agree.(3) SBT Bank shall issue a certificate evidencing the terms and conditions of subscription of the capital as agreed under subsection (2) .(4) SBT Bank shall be deemed to have power under the Trustee Banks Act 1985 to accept the special capital subscription under this section.
The Tasmania Bank Act 1987 is repealed.
19. Savings and transitional provisions
The amendments effected by these sections have been incorporated into the authorised version of the following Acts:(1) The firm of auditors appointed under section 23 of the Tasmania Bank Act 1987 shall continue to act as auditors of Tasmania Bank until their obligations as auditors in relation to Tasmania Bank's accounts and accounting records prepared up to but not including the succession date have been completed.(2) The Governor may make regulations containing provisions of a savings or transitional nature consequent on the enactment of this Act.(3) A provision made under subsection (2) may take effect from and including the commencement day or from and including a later day.
(a) State Authorities Financial Management Act 1990 ;
(b) Trustee Banks Act 1985 .
Until provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990 –(a) the administration of this Act is assigned to the Minister for Finance; and(b) the Department responsible to the Minister for Finance in relation to the administration of this Act is the Department of Treasury and Finance.