1Short title
This Act may be cited as the Perth Building Society (Merger) Act 1986 1.
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Bill homepageThis Act may be cited as the Perth Building Society (Merger) Act 1986 1.
This Act shall come into operation on such day as is fixed by proclamation 1.
In this Act, unless the contrary intention appears —
Hotham means Hotham Permanent Building Society, a building society incorporated under the Victorian Act;
merger certificate means certificate issued under section 108C of the Victorian Act in respect of the merger of the assets, liabilities and undertakings of PBS and Hotham;
merger time means time at which the merger certificate is issued;
PBS means Perth Building Society, a permanent society within the meaning of the Building Societies Act 1976 2;
rules means rules within the meaning of the Building Societies Act 1976 2;
the Victorian Act means the Building Societies Act 1986 of the State of Victoria, as amended from time to time.
Notwithstanding anything in the Building Societies Act 1976 2, PBS is hereby authorised to apply for the issue of a certificate under section 108C of the Victorian Act for the purpose of merging the assets, liabilities and undertakings of Hotham with those of PBS and to do all things necessary or desirable for that purpose and, after the merger time, for implementing the merger taking effect on the issue of that certificate.
Notwithstanding anything in the Building Societies Act 1976 2 but subject to this section, the merger under the Victorian Act of the assets, liabilities and undertakings of Hotham with those of PBS has after the merger time full force and effect in this State.
After the merger time —
a person who was a member of Hotham immediately before the merger time is a member of PBS in accordance with the rules of PBS;
a person who was a depositor, lender or other creditor of Hotham immediately before the merger time is a depositor, lender or other creditor of PBS on the same terms and conditions as those on which he was a depositor, lender or other creditor of Hotham;
a person who was a borrower from Hotham immediately before the merger time is a debtor of PBS on the same terms and conditions as those on which he was a debtor of Hotham;
the duties, responsibilities and obligations imposed immediately before the merger time on Hotham, and the immunities, rights and privileges of or vested in, exerciseable by or available to Hotham immediately before the merger time, are transferred to PBS, and PBS is subject to those duties, responsibilities and obligations and entitled to those immunities, rights and privileges;
the property and assets that immediately before the merger time were vested in Hotham are by force of this section vested in PBS;
the debts and liabilities of Hotham immediately before the merger time are by force of this section debts and liabilities of PBS;
PBS is by force of this section substituted as a party to any proceedings pending in any court to which Hotham was a party immediately before the merger time;
PBS is by force of this section substituted as a party to any arrangement or contract entered into by or on behalf of Hotham and in force immediately before the merger time; and
any reference to Hotham in any agreement, instrument, deed or other document whatsoever is to be construed as a reference to PBS unless such a construction is inconsistent with the context or subject‑matter so far as that reference relates to any period after the merger time.
1 This is a compilation of the Perth Building Society (Merger) Act 1986 and includes the amendments made by the other written laws referred to in the following table. The table also contains information about any reprint.
Short title | Number and year | Assent | Commencement |
|---|---|---|---|
Perth Building Society (Merger) Act 1986 | 83 of 1986 | 9 Dec 1986 | s. 1 and s. 2: 9 Dec 1986; |
Reprint 1: The Perth Building Society (Merger) Act 1986 as at 10 Aug 2007 | |||
Standardisation of Formatting Act 2010 s. 50 | 19 of 2010 | 28 Jun 2010 | 11 Sep 2010 (see s. 2(b) and Gazette 10 Sep 2010 p. 4341) |
2 Now known as the Housing Societies Act 1976. The short title was amended by the Building Societies Amendment Act 2001 s. 5(1).
[This is a list of terms defined and the provisions where they are defined. The list is not part of the law.]
Defined term Provision(s)
Hotham 3
merger certificate 3
merger time 3
PBS 3
rules 3
the Victorian Act 3