1Short title
This Act may be cited as the Commonwealth Bank Sale Act 1995.
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This Act may be cited as the Commonwealth Bank Sale Act 1995.
Subject to this section, this Act commences on the day on which it receives the Royal Assent.
Part 3, and all the items of the Schedule (except items 1, 12, 16, 17, 21, 22, 23, 26, 27, 31, 37 and 48), commence at the transfer time.
Item 12 of the Schedule commences on a date to be fixed by Proclamation.
Item 22 of the Schedule commences on the first anniversary of the day on which the transfer time occurs.
Item 37 of the Schedule commences at the transfer time or at the beginning of 9 May 1996, whichever is later.
Items 1 and 48 of the Schedule commence on the 10th anniversary of the day on which the transfer time occurs.
In this Act, unless the contrary intention appears:
Bank body means:
the Commonwealth Bank, the Commonwealth Development Bank of Australia Limited or the Commonwealth Bank Officers Superannuation Corporation; or
a body corporate that is a subsidiary (as defined in Division 6 of Part 1.2 of the Corporations Law) of the Commonwealth Bank.
Commonwealth Bank means the Commonwealth Bank of Australia.
transfer time means the time when the Commonwealth ceases to have the status of being the holder of shares in the Commonwealth Bank that carry more than 50% of the total voting rights attached to the voting shares in the Commonwealth Bank.
Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.
In this Division:
SRC Act means the Safety, Rehabilitation and Compensation Act 1988.
If a Bank body ceases to be a Commonwealth authority for the purposes of the SRC Act at the transfer time, the SRC Act continues to apply in relation to the Bank body to the extent, and in the manner, set out in sections 7 to 11 of this Act.
The SRC Act continues to apply after the transfer time in relation to:
injuries suffered by employees of the Bank body before the transfer time; and
loss of, or damage to, property incurred by employees of the Bank body before the transfer time;
including employees who have stopped being employees of the Bank body before the transfer time.
For the purposes of subsection (1), the SRC Act continues to apply as if:
the Bank body continued to be a Commonwealth authority; and
the chief executive officer (however described) of the Bank body continued to be the principal officer of a Commonwealth authority.
After the transfer time, Division 4A of Part VII of the SRC Act applies to the Bank body as if:
the Bank body continued to be a Commonwealth authority; and
the Bank body were not required to pay a premium under that Division in respect of the part of a financial year that occurs after the transfer time; and
the following word and paragraph were added at the end of subsection 96H(1) of the SRC Act:
“; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.
If an amount of premium payable by the Bank body in respect of a period before the transfer time remains unpaid, the amount is a debt due to the Commonwealth by the Bank body and is payable to Comcare.
Part VIIIA of the SRC Act continues to apply to the Bank body after the transfer time as if any licence granted to the Bank body under that Part were revoked at the transfer time.
If the Bank body has paid a licence fee under section 107R of the SRC Act in respect of the licence fee year in which the transfer time occurs, then the Bank body is entitled to be paid a refund of the amount worked out using the following formula:
where:
Number of refund days means the total number of days in the period beginning at the transfer time and ending on the last day of the licence fee year in which the transfer time occurs.
In this section:
licence fee year means the year beginning on the date of commencement of a licence granted under section 107J of the SRC Act and ending on the day before the anniversary of that date.
If a notice was published in the Gazette before the transfer time declaring the Bank body to be a body corporate to which the SRC Act applies for the purposes of the definition of Commonwealth authority in subsection 4(1) of the SRC Act, then the notice has effect after the transfer time as if it did not contain a reference to the Bank body.
Subsection (1) does not, by implication, prevent the amendment or revocation of the notice.
Section 128A of the SRC Act continues to apply to the Commonwealth Bank after the transfer time as if the Commonwealth Bank continued to be a prescribed Commonwealth authority for the purposes of that section.
This section applies to a Bank body that was a Commonwealth authority for the purposes of the SRC Act immediately before the transfer time.
The chief executive officer (however described) of the Bank body must notify the Commission, within 28 days after the transfer time, of the amount of salary, wages or pay paid to employees of the Bank body in the period starting on 1 July in the financial year in which the transfer time occurred and ending at the transfer time.
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