Reprint as at 31 October 2006

Westpac Banking Corporation Act 1982

Private Act1982 No 1
Date of assent17 September 1982
Commencementsee section 1

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.


An Act to provide—

  • (a) for the transfer to Bank of New South Wales of the undertaking in New Zealand of The Commercial Bank of Australia Limited; and

  • (b) for the transfer to Bank of New South Wales Savings Bank (N.Z.) Limited of the undertaking of The Commercial Bank Savings Bank (N.Z.) Limited; and

  • (c) for recognition of a change in the name of Bank of New South Wales to Westpac Banking Corporation; and

  • (d) for Westpac Banking Corporation to hold at all times in New Zealand assets (other than goodwill) of not less than the value of the total of that Corporation's deposit liabilities in New Zealand; and

  • (e) for other purposes incidental thereto and consequent thereon

  • Preamble

    Whereas Bank of New South Wales is a body politic and corporate incorporated under the Bank of New South Wales Act of 1850 of the State of New South Wales of the Commonwealth of Australia: And whereas The Commercial Bank of Australia Limited is a corporation incorporated under the Companies Act 1890 of the State of Victoria of the Commonwealth of Australia: And whereas both Bank of New South Wales and The Commercial Bank of Australia Limited are trading banks named in Schedule 1 of the Reserve Bank of New Zealand Act 1964 and carry on the business of banking in New Zealand and elsewhere: And whereas Bank of New South Wales Savings Bank (N.Z.) Limited, a company duly incorporated under the Companies Act 1955, is a wholly owned subsidiary of Bank of New South Wales Savings Bank Limited (which is incorporated under the Companies Acts of the State of New South Wales of the Commonwealth of Australia and which is a wholly owned subsidiary of Bank of New South Wales): And whereas The Commercial Bank Savings Bank (N.Z.) Limited, a company duly incorporated under the Companies Act 1955, is a wholly owned subsidiary of The Commercial Bank of Australia Limited: And whereas both Bank of New South Wales Savings Bank (N.Z.) Limited and The Commercial Bank Savings Bank (N.Z.) Limited are savings bank companies under the Private Savings Banks Act 1964: And whereas, by the acquisition by Bank of New South Wales of all the stock units in The Commercial Bank of Australia Limited in pursuance of action under Part 6B of the Companies Act 1961 of the State of Victoria of the Commonwealth of Australia, The Commercial Bank of Australia Limited became, on or about 12 February 1982, a wholly owned subsidiary of Bank of New South Wales: And whereas, by the Bank of New South Wales (Change of Name) Act 1982 of the State of New South Wales of the Commonwealth of Australia, provision is made for the name of Bank of New South Wales to be changed to Westpac Banking Corporation, such change to take effect on a date appointed and notified pursuant to section 2(2) of that Act: And whereas it is expedient in the interests of banking efficiency that the banking business conducted by The Commercial Bank of Australia Limited should be vested in Bank of New South Wales in order that the banking businesses of the two banks may be amalgamated and that the banking business conducted by The Commercial Bank Savings Bank (N.Z.) Limited should be vested in Bank of New South Wales Savings Bank (N.Z.) Limited in order that the banking businesses of the two savings banks may be amalgamated: And whereas legislation is the only means by which—

    • (a) a transfer to Bank of New South Wales of such part of the undertaking of The Commercial Bank of Australia Limited as relates to its New Zealand business; and

    • (b) a transfer to Bank of New South Wales Savings Bank (N.Z.) Limited of the undertaking of The Commercial Bank Savings Bank (N.Z.) Limited; and

    • (c) the amalgamation of the banking businesses of the said banks; and

    • (d) the changes consequent on the change in the name of Bank of New South Wales to Westpac Banking Corporation—

    can be effected efficiently and economically and without interference with the conduct and continuity of the business of banking in the interests of the said banks, their customers, and other persons having business with them: And whereas the objects of this Act cannot be attained without the authority of Parliament.