Complementary legislation to be enacted
11 Complementary legislation to be enacted
The Treasurer must not fix a succession day for a receiving bank (other than the Commonwealth Bank or BNZ) and the relevant transferring bank unless he or she is satisfied that legislation has been enacted in the State in which both the transferring bank and the receiving bank are established to facilitate the proposed vesting of the business of the transferring bank in the receiving bank.
Complementary legislation under subsection (1) must include provision:
to ensure that the receiving bank is taken, on the succession day, to be the successor in law to the transferring bank; and
without limiting the generality of the concept of successor in law, to ensure that, on the succession day:
the assets of the transferring bank vest in, or are otherwise available for the use of, the receiving bank; and
the liabilities of the transferring bank become liabilities of the receiving bank; and
to secure exemption from any tax imposed under the law of that State in respect of:
the operation or effect of this Act or that complementary legislation; or
anything done for a purpose connected with, or arising out of, that operation or effect; and
to provide for the dissolution on the succession day of the company that operated as the transferring bank.
In subsection (2):
tax, in relation to the complementary legislation of a particular State, does not include any fee or tax prescribed by the Corporations Regulations of that State.
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