Interpretation
5 Interpretation
In this Act, unless the contrary intention appears:
asset means property, or a right, of any kind, and includes:
any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and
any chose in action; and
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
a CGT asset within the meaning of the Income Tax Assessment Act 1997.
authorised person, in relation to a particular provision, a particular receiving bank and the relevant transferring bank, means:
the Treasurer; or
if the Treasurer designates, in writing:
the chief executive officer or another senior executive of the receiving bank; or
an SES employee or acting SES employee;
as an authorised officer in relation to that provision and those banks—the officer so designated.
BNZ means Bank of New Zealand.
BNZ Savings means Bank of New Zealand Savings Bank Limited.
business, in relation to a bank, includes the assets and liabilities of the bank.
chief executive officer, in relation to a receiving bank, means the officer having the day to day management of the affairs of the bank and includes an officer acting from time to time in that capacity.
Commonwealth Bank means the Commonwealth Bank of Australia.
Commonwealth Savings Bank means the Commonwealth Savings Bank of Australia.
complementary legislation, in relation to the operation of this Act in respect of a particular receiving bank (other than the Commonwealth Bank or the BNZ) and the relevant transferring bank, means legislation of the kind referred to in subsection 11(1) in relation to those banks.
incorporating State means:
in relation to a receiving bank other than the Commonwealth Bank, the Westpac Banking Corporation or BNZ—the State in which the bank was incorporated; and
in relation to the Westpac Banking Corporation—New South Wales.
instrument includes a document and an oral agreement.
interest, in relation to land, includes:
a legal or equitable estate or interest in the land; or
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).
parallel New Zealand legislation, in relation to the operation of this Act in respect of BNZ and BNZ Savings, means a law of New Zealand to vest the undertaking of BNZ Savings in BNZ and to enable the subsequent dissolution of BNZ Savings.
proceeding to which this Act applies, in relation to a receiving bank, means a legal proceeding (including a proceeding before an administrative tribunal or an arbitration) that relates to business that becomes transferred business in relation to that bank.
receiving bank means a bank whose name is included in Column 1 of Schedule 1.
relevant receiving bank, in relation to a transferring bank, means the receiving bank whose name is included in Column 1 of Schedule 1 opposite the name of the transferring bank in Column 2 of that Schedule.
relevant transferring bank, in relation to a receiving bank, means a transferring bank whose name is included in Column 2 of Schedule 1 opposite the name of the receiving bank in Column 1 of that Schedule.
security, in relation to payment of a debt or other liability, includes an agreement to give such a security on demand or otherwise.
succession day, in relation to a receiving bank and a relevant transferring bank, means the day fixed under section 9 as the succession day for those banks.
tax includes:
stamp duty; and
any other tax, duty, levy or charge; and
any fee (however described) that is not a tax.
transferred asset, in relation to a receiving bank, means an asset that has become, under this Act, an asset of the receiving bank.
transferred business, in relation to a receiving bank, means the business that has become, under this Act, business of the receiving bank.
transferred liability, in relation to a receiving bank, means a liability that has become, under this Act, a liability of the receiving bank.
transferring bank means a bank whose name is included in Column 2 of Schedule 1.
translated instrument, in relation to a particular transferring bank, means an instrument (including a legislative instrument other than this Act) subsisting immediately before the succession day for that bank and the relevant receiving bank:
to which the transferring bank is a party; or
that was given to, by or in favour of, the transferring bank; or
that refers to the transferring bank; or
under which money is, or may become, payable, or other property is, or may become, liable to be transferred, to or by the transferring bank.
Where reference is made in this Act to anything done for a purpose connected with, or arising out of, the operation or effect of this Act or of any complementary legislation or any parallel New Zealand legislation, that reference is taken to include any transaction entered into, or any instrument or document made, executed, lodged or given, for that purpose.
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