Advance Bank (Merger with St.George Bank) Act 1998
An Act to provide for matters relating to the merger of Advance Bank Australia Limited with St.George Bank Limited and for connected purposes.
Reasons for enactment
1. Before the succession day Advance Bank Australia Limited (ACN 002 953 335) was a company incorporated in New South Wales and was a company within the meaning of the Corporations Law and was a company limited by shares.
2. St.George Bank Limited (ACN 055 513 070) is a company incorporated in New South Wales and is a company within the meaning of the Corporations Law and is a company limited by shares.
3. Before the succession day ABAL and SGB each carried on the business of banking throughout Australia.
4. By letter received on 18 December 1996, 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 ABAL with that of SGB.
5. On 29 January 1997 SGB became the beneficial owner of the whole of the ordinary issued share capital of ABAL.
6. Under the conditions imposed on the authority of ABAL to carry on banking business in Australia, ABAL was required to surrender that authority.
7. Accordingly, it was necessary and expedient to transfer the banking business of ABAL to SGB which occurred by way of the principle of succession in law pursuant to the NSW Regulation.
8. Under the NSW Regulation on the succession day
(a) SGB became the successor in law of ABAL and for all purposes a continuation of and the same legal entity as ABAL;
(b) ABAL was liquidated and dissolved;
(c) all assets of ABAL, wherever located, vested in, or became otherwise available for the use of, SGB without the need for any conveyance, transfer, assignment or assurance and without the need for any prior notice or further act; and
(d) all liabilities of ABAL, wherever located, became liabilities of SGB without the need for any prior notice or further act.
9. It is expedient to enact legislation to make provision for matters relating to the merger.
The Parliament of Western Australia enacts as follows: