Compilation table
Compilation table Compilation table
Short title | Number and year | Assent | Commencement |
|---|---|---|---|
SGIO Privatisation Act 1992 | 49 of 1992 | 9 Dec 1992 | Long title, s. 1, 2, 4, 5 and Pt. 2: 9 Dec 1992 (see s. 2(1)); |
Acts Amendment (ICWA) Act 1996 s. 38 | 45 of 1996 | 25 Oct 1996 | 1 Oct 1997 (see s. 2 and Gazette 23 Sep 1997 p. 5357) |
Corporations (Consequential Amendments) Act 2001 s. 220 | 10 of 2001 | 28 Jun 2001 | 15 Jul 2001 (see s. 2 and Gazette 29 Jun 2001 p. 3257 and Cwlth Gazette 13 Jul 2001 No. S285) |
Reprint 1: The SGIO Privatisation Act 1992 as at 13 Feb 2004 (includes amendments listed above) | |||
2 The SGIO Privatisation Act 1992 s. 3 as enacted before the commencement of the amending provisions, read as follows:
“
3. Act binds the Crown
This Act binds the Crown not only in right of Western Australia but also, so far as the legislative power of Parliament permits, the Crown in all its other capacities.
”.
The SGIO Privatisation Act 1992 s. 4(1) as enacted before the commencement of the amending provisions, read as follows:
“
4. Definitions
In this Act, unless the contrary intention appears —
allotment day means the day notified in the Gazette under section 21;
appointed day has the meaning given by subsection (2);
assets means property of every kind whether tangible or intangible, real or personal, corporeal or incorporeal, and without limiting the generality of the foregoing includes choses in action, goodwill, rights, interests and claims of every kind in or to property, prepaid expenses and future income tax benefits, whether arising from, accruing under, created or evidenced by, or the subject of, an instrument or otherwise and whether liquidated or unliquidated, actual, contingent or prospective;
Commission and Corporation have the same meanings as in the principal Act;
insurance includes assurance, co-assurance, re-insurance, guarantee and surety;
liability means any liability, duty or obligation whether actual, contingent or prospective, and includes an unearned premium reserve;
life policy has the same meaning as in the Life Insurance Act 1945 of the Commonwealth, and also means approved deposit funds, annuities and other superannuation policies;
policy includes contract;
pre-allotment period means the period between the appointed day and the allotment day if they are not the same day;
principal Act means the State Government Insurance Commission Act 1986;
right means any right, power, privilege or immunity whether actual, contingent or prospective;
SGIO Insurance Limited means the public company incorporated in accordance with section 6;
transfer statement means the statement and any amendments to it approved by the Treasurer under section 8 (3).
”.
The SGIO Privatisation Act 1992 s. 9 to 14, as enacted before the commencement of the amending provisions, read as follows:
“
9. Transfer of assets and liabilities
On and after the appointed day —
the assets and rights of the Commission and the Corporation described in the transfer statement are, by force of this section, vested in SGIO Insurance Limited;
the liabilities of the Commission and the Corporation described in the transfer statement become, by force of this section, the liabilities of SGIO Insurance Limited so far as they have not been paid or discharged;
agreements and instruments relating to the assets, rights and liabilities referred to in paragraphs (a) and (b) have effect, by force of this section, as if SGIO Insurance Limited were substituted for the Commission or the Corporation as a party to the agreement or instrument;
all proceedings commenced before the appointed day by or against the Commission or the Corporation and described in the transfer statement are to be taken to be proceedings by or against SGIO Insurance Limited;
any act, matter or thing done or omitted to be done in relation to the assets, rights and liabilities referred to in paragraphs (a) and (b) before the appointed day by, to or in respect of the Commission or the Corporation (to the extent that that act, matter or thing has any force or effect) is to be taken to have been done or omitted by, to or in respect of SGIO Insurance Limited;
the Commission and the Corporation are to deliver to SGIO Insurance Limited all registers, papers, documents, minutes, receipts, books of account and other records (however compiled, recorded or stored) relating to —
the assets, rights and liabilities referred to in paragraphs (a) and (b); and
proceedings referred to in paragraph (d).
10. Transfer of liabilities under insurance policies
In this section —
existing policies means all policies of insurance (other than inwards re-insurance policies or life policies) existing immediately before the appointed day being policies that were issued by the Corporation or policies under which the Corporation had undertaken liability;
existing outwards re-insurance policies means all re-insurance policies existing immediately before the appointed day issued by another person under which the Corporation was re-insured in respect of all or part of its liabilities or risks under existing policies;
inwards re-insurance policies means all policies of re-insurance issued by the Corporation under which the Corporation re-insured the liability or risk of another person under a policy of insurance and includes any liability or risk identified immediately before the appointed day in the inwards re-insurance account of the Corporation.
On and after the appointed day —
all existing policies are to be taken to be, and, subject to the terms and conditions of the policy, continue to have effect as if they were policies issued by SGIO Insurance Limited; and
all existing outwards re-insurance policies that relate to existing policies are to be taken to be and, subject to the terms and conditions of the outwards re-insurance policy, continue to have effect as if they were policies that re-insure SGIO Insurance Limited in respect of existing policies.
11. Liability of Corporation continued for transferred policies
The liability of the Corporation existing immediately before the appointed day under an existing policy, as defined in section 10(1), continues after that day, but only to the extent that SGIO Insurance Limited is in default of its obligations under the policy.
The liability referred to in subsection (1), other than a claim, or a right to claim, that has actually arisen before the appointed day —
ceases on a variation of the policy or contract after the allotment day; and
does not apply to a policy or contract that is renewed on its expiry after the allotment day.
Any liability discharged under this section constitutes a debt due by SGIO Insurance Limited to the Corporation.
12. Saving
The operation of sections 9, 10, and 11 is not to be regarded —
as a breach of contract or confidence or otherwise as a civil wrong;
as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities or the disclosure of information;
as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability; or
as releasing, or allowing the release of, any surety.
13. Completion of necessary transactions
Where any asset, right or liability cannot be properly vested in or succeeded to by the SGIO Insurance Limited by the operation of this Part (whether because the matter is governed otherwise than by the law of the State, or for any other reason) the Commission and the Corporation must take all practicable steps for the purpose of securing that such asset, right or liability is effectively vested in or succeeded to by the SGIO Insurance Limited.
14. Registration of documents
The Registrar of Titles, the Registrar of Deeds, the Ministers respectively administering the Land Act 1933 and the Mining Act 1978, and any other person authorized by a written law to record and give effect to the registration of documents relating to transactions affecting any estate or interest in land or other property, are to take notice of the provisions of this Part and are empowered to record and register in the appropriate manner such of those documents as are necessary to give effect to this Part.
Without limiting subsection (1) a statement in an instrument executed by the SGIO Insurance Limited that any estate or interest in land or other property has become vested in it under section 9 is evidence of that fact.
”.
The SGIO Privatisation Act 1992 s. 17 as enacted before the commencement of the amending provisions, read as follows:
“
17. Workers compensation
SGIO Insurance Limited is by this section taken to have, immediately before the appointed day, applied for and been granted approval as an approved insurance office under section 161 (4) of the Workers’ Compensation and Rehabilitation Act 1981, but the operation of that section is not otherwise affected by this section.
”.
The SGIO Privatisation Act 1992 s. 27 as enacted before the commencement of the amending provisions, read as follows:
“
27. Crown Solicitor may continue to act
Where the Crown Solicitor is acting as solicitor on instructions from the Corporation before the appointed day in respect of any matter and the matter has not been concluded before that day the Crown Solicitor may, subject to any direction of SGIO Insurance Limited, continue to act in respect of that matter on and after the appointed day and the allotment day; and SGIO Insurance Limited, in respect of that matter only and for the purposes of the recovery of legal costs (if any), is to be treated as if it were an agent of the Crown.
”.
3 The SGIO Privatisation Act 1992 s. 8(2) as enacted before the commencement of the amending provisions, read as follows:
“
8. Statement to be prepared
The Commission, the Corporation and SGIO Insurance Limited may agree on terms and conditions, not inconsistent with the transfer statement, relating to the vesting and transfer of assets, rights and liabilities that occur by operation of sections 9 and 10 including arrangements for —
the allocation of income in respect of the assets referred to in section 9 (a);
unearned premium income relating to existing policies under section 10;
any actual or prospective liability of SGIO Insurance Limited for Commonwealth tax which may include arrangements to indemnify SGIO Insurance Limited in respect of such liability.
”.
The SGIO Privatisation Act 1992 s. 26 as enacted before the commencement of the amending provisions, read as follows:
“
26. Provision of services etc. to SGIO Insurance Limited
The Commission and the Corporation may enter into arrangements with SGIO Insurance Limited on such terms as they think fit for the provision of services, facilities and office accommodation to or by SGIO Insurance Limited after the allotment day.
”.
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