R & I Bank Amendment Act 1994 (WA)
WESTERN AUSTRALIA
R&I BANK AMENDMENT ACT 1994
No. 6 of 1994
AN ACT to amend the Red Bank Act 1990.
[Assented to 11 April 1994.]
The Parliament of Western Australia enacts as follows:
Short title
1. This Act may be cited as the R&I Bank Amendment
Act 1994.
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| Commencement |
2. (1) Subject to subsection (2), this Act comes into operation
on the day on which it receives the Royal Assent.
(2) Sections 5, 6, 7, 8, 12 and 13 and Schedule 1 come into operation on such day as is, or days as are respectively, fixed by proclamation.
Principal Act
3. In this Act the R&I Bank Act 1990* is referred to as the
principal Act.
[* Act No. 73 of 1990 as amended by Act No. 6 of 19931
Long title amended
4. The long title to the principal Act is amended by deleting
Section 1 amended
5. Section 1 of the principal Act is amended by deleting "R&I
Bank" and substituting the following —
It
Bank of Western Australia
Heading to Part 3 amended
6. The heading to Part 3 of the principal Act is amended by
deleting "R&I".
| R&I Bank Amendment Act 1994 | [No. 6 |
Section 22 amended
7. Section 22 (1) of the principal Act is repealed and the
following subsection is substituted —
4f
(1) After the commencement of section 8 of the R&I Bank Amendment Act 1994 the public company referred to in section 3 (2) (a) continues to be constituted as a bank under the name "Bank of Western Australia Ltd".
Section 24 repealed and a section substituted
8. Section 24 of the principal Act is repealed and the following
section is substituted —
i<
Name of Bank
24. (1) On the commencement of section 8 of the
MI Bank Amendment Act 1994 the name of the Bank is changed to the name "Bank of Western Australia Ltd".
| (2) | Schedule 4 has effect. |
| (3) |
The name of the Bank as set out in
subsection (1) shall not be changed under the
provisions of the Corporations Law.
Notwithstanding subsection (3), the Bank may use and operate under a business name being —
(4)
(a) an abbreviation or adaptation of its company name; or
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(b) a name approved by the Minister, other than its company name or an abbreviation or adaptation of its company name.
Section 30 amended
9. Section 30 of the principal Act is amended —
|
if
value of the risk weighted assets of the
Bank
| (b) | by inserting after subsection (2) the following subsections — |
U
(2a) The board of directors of the Bank
shall —
| (a) | cause a fresh determination to be made by the Bank of the value of the risk weighted assets of the Bank each year for inclusion in the directors' statement for the Bank under Division 5 of Part 3.6 of the Corporations Law and as often as is required for the purpose of complying with subsection (2b) (b) and (c); and |
| (b) | specify a date as at which each determination is to be made. |
| R&I Bank Amendment Act 1994 | [No. 6 |
| (2b) The board of directors of the Bank shall notify the Minister in writing of the value of the risk weighted assets of the Bank determined under subsection (2a) — |
| (a) | by sending to the Minister a copy of the directors' statement referred to in subsection (2a) (a), as soon as is practicable in each year after the signing of that statement; |
| (b) | at such times as the Minister may request in writing; and |
| (c) | whenever the board of directors is of the opinion that, having regard to the most recent determination of that value or other matters of which it is aware, subsection (2) may apply to a contract, arrangement or other transaction proposed to be entered into by the Bank or a subsidiary of the Bank. |
and
(c) by inserting after subsection (3) the following
subsection —
(4) In this section, "value of the risk weighted assets of the Bank" means —
(a) the value that is determined in accordance with the requirements of the Reserve Bank of Australia from time to
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time for the determination of the capital adequacy of banks supervised by it; or
(b) if the Reserve Bank of Australia at any time ceases to notify banks supervised by it of requirements for the determination of capital adequacy, the value that is determined in accordance with requirements recommended from time to time by the board of directors of the Bank for calculating the value of the risk weighted assets of the Bank and approved by the Minister for that purpose.
Section 33 amended
10. Section 33 of the principal Act is amended —
|
Subject to subsections (2) and (2a), the
| (b) | in subsection (2) (a) by deleting "8" and substituting the following — |
| 8 (1) (a) | "; and |
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(c) by inserting after subsection (2) the following
subsections —
(2a)
On and from the fixed day the payment of the financial obligations of the Bank is guaranteed under subsection (1) to the extent set out in subsections (2b) and (2c) and to that extent only.
On and from the fixed day until the fifth anniversary of the fixed day, the payment of money standing to the credit of any account with the Bank that was in existence at the close of business on the day preceding the fixed day, other than a term deposit, continues to be guaranteed under subsection (1) to the extent of the amount calculated by deducting from the amount that was standing to the credit of the account at the dose of business on the day preceding the fixed day the aggregate of all amounts debited to the account on or after the fixed day.
(2b)
On and from the fixed day the payment of the financial obligations of the Bank (including contingent liabilities) continues to be guaranteed under subsection (1) to the extent that those obligations arise from
(2c)
| (a) | any term deposit made with the Bank, or other term liability incurred by the Bank before the fixed day; |
| (b) | securities issued by the Bank before the fixed day; |
| (c) | a deed, agreement, instrument, undertaking or other document |
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entered into, given or issued by the Bank before the fixed day; or
(d) any other event involving the Bank which occurred, or arrangements which were entered into by the Bank, before the fixed day, other than an account to which subsection (2b) applies.
(2d) In subsections (2a), (2b) and (2c)
"fixed day" means the day fixed for the
purposes of subsection (2a) by
proclamation.
Amendment of references to "Code"
11. The sections of the principal Act referred to in Column 1 of
the Table to this section are amended in the manner set out
opposite them in Column 2.
TABLE
| Column 1 | Column 2 |
Section 4 in the definitions of "articles", "memorandum" and "subsidiary", delete "Code" and substitute "Corporations Law"
| Section 5 | delete "Companies (Western Australia) Code" and substitute "Corporations Law" |
| delete "that Code" and substitute "the Corporations Law" | |
| Section 22 (4) | delete "Code" and substitute "Corporations Law" |
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| Section 22 (5) | delete "section 68 of the Code" and substitute "section 162 of the Corporations Law" |
| Section 24(1) | delete "Code" and substitute "Corporations Law" |
| Section 25 (2) | delete "Code" and substitute "Corporations Law" |
| Section 26 (3) | delete "Code" and substitute "Corporations Law" |
| Section 26 (6) | delete "82 and 364 (1) (d) of the Code" and substitute "186 and 461 (d) of the Corporations Law" |
| Section 28 (1) | delete "Code" and substitute "Corporations Law" |
| Section 31 (3) | delete "Code" and substitute "Corporations Law" |
| Section 34 (1) | delete "sections 280 and 281 of the Code" and substitute "sections 327 and 328 of the Corporations Law" |
| Section 34 (1) | delete "with the Code" and substitute "with the Corporations Law" |
| Section 34 (3) | delete "Code" and substitute "Corporations Law" |
| Section 35 (1) (c) | delete "Part VI of the Code" and substitute "Parts 3.6 and 3.7 of the Corporations Law" |
| Section 40 | delete "Code" wherever it occurs and substitute in each place "Corporations Law" |
| No. 6] | R&I Bank Amendment Act 1994 |
| Schedule 1, | delete "Code" and substitute "Corporations |
| Clause 1 (3) | Law" |
| Schedule 1, | delete "Code" and substitute "Corporations |
| Clause 10 (3) | Law" |
| Schedule 4 added |
12. After Schedule 3 to the principal Act the following Schedule
is added —
it
| SCHEDULE 4 | [section 24] |
TRANSITIONAL AND ENABLING PROVISIONS
Definitions
1. In this Schedule, unless the contrary intention
appears —
"amended provisions" means the provisions inserted into this Act by sections 7, 8 and 12 of the R&I Bank Amendment Act 1994;
"commencement day" means the day on which section 8 of the R&I Bank Amendment Act 1994 comes into operation;
"former name" means "R&I Bank of Western
Australia Ltd".
Name deemed to be changed under Corporations Law
2. (1) The name "Bank of Western Australia Ltd" is to be regarded as having been reserved for the Bank and registered in respect of the Bank, and the registration of the name "R&I Bank of Western Australia Ltd" is to be
| R&I Bank Amendment Act 1994 | [No. 6 |
regarded as having been cancelled in respect of the Bank,
under section 375 of the Corporations Law.
(2) Section 382 (4) of the Corporations Law applies to the change of name of the Bank made by section 24 (1) as if it had been made under that subsection of the Corporations Law.
References to former name
3. On and from the commencement day a reference in —
| (a) | the memorandum and articles of the Bank; |
| (b) | any other Act or any other instrument made under any Act; or |
| (c) | any document of any kind, |
to the former name of the Bank is to be construed as if it had been amended to be, or to include, a reference to the name of the Bank, except where the context requires otherwise.
Registration of documents
4. The Registrar of Titles, the Registrar of Deeds, the Ministers respectively administering the Land Act 1933 and the Mining Act 1978, the Commissioner for Corporate Affairs, 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, shall take cognizance of the amended provisions and are empowered to record and register in the appropriate manner such of those documents as are necessary to give effect to the amended provisions.
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Use of former name and derivatives of it
5. (1) Except as provided for or permitted by this Act,
on and from the commencement day no person is to —
| (a) | use the former name of the Bank or the name "The Rural and Industries Bank of Western Australia"; or |
| (b) | use any company, corporate, business, trading or other name substantially similar to either of the names referred to in paragraph (a); or |
| (c) | use the prefix "R&I" as part of any bank description without the approval in writing of the Minister. |
| (2) | In subelause (1) (c) "bank description" means |
any company, corporate, business, trading or other name, or
other trade description or symbol, used in connection with
banking business or the provision of financial services.
The Bank, or any officer or other person acting on behalf of the Bank, shall not be taken to be in breach of subclause (1) or of section 219 of the Corporations Law by reason of the use of any instrument or document of any kind or any sign or other form of publication bearing the former name of the Bank.
(3)
| (4) | Subclause (3) applies for the period of 30 months |
commencing on the commencement day.
Consequential amendments
13. The Acts referred to in Schedule 1 are amended in the
manner set out in that Schedule.
| R&I Bank Amendment Act 1994 | [No. 6 |
SCHEDULE 1
[section 13]
CONSEQUENTIAL AMENDMENTS
| Short title of Act | Amendment |
| 1. | Constitution Acts | In Part 3 of Schedule V |
Amendment Act
1899 (a) delete the item relating to the
board of directors of the R&I Bank of Western Australia Ltd and substitute the following —
.1t The board of directors
of the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990.
and
(b) delete the item relating to the Commissioners of The Rural and Industries Bank of Western Australia.
| 2. | Count?), Areas | (1) In section 81, delete "the Rural and |
| Water Supply | Industries Bank of Western |
| Act 1947 | Australia" and substitute the following — |
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
(2) In section 95, delete "the Rural and
Industries Bank of Western
| No. 6] | R&I Bank Amendment Act 1994 |
Australia" and substitute the
following
" the Bank of Western
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
(3) In section 99, in the passage beginning "Thirdly", delete "the Rural and Industries Bank of Western Australia" and substitute the following —
iC
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| 3. | Country Towns | (1) In section 89, delete "The Rural and |
| Sewerage | Industries Bank of Western |
| Act 1948 | Australia" and substitute the following — |
| C' the Bank of Western |
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
(2) In section 93, in the passage beginning "Thirdly", delete "The Rural and Industries Bank of Western Australia" and substitute the following —
44 the Bank of Western
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| MI Bank Amendment Act 1994 | [No. 6 |
| 4. | Financial | In section 3 (1), in the definition of |
| Administration | "bank", delete subparagraph (a) (ii) and | |
| and Audit | substitute the following subparagraph |
—Act 1985
(I
(ii) Bank of Western Australia Ltd; and
| 5. | Freedom of | In Schedule 2, delete the reference to |
| Information | "The R&I Bank of Western Australia | |
| Act 1992 | Ltd." and substitute the following — | |
| Cf |
The Bank of Western
Australia Ltd
| 6. | Industry | (1) In the long title delete "The Rural |
| Advances | and Industries" and substitute |
| Act 1947 | the following — |
| it |
the
(2) In section 2, delete the definition of "Bank" and substitute the following definition —
(4 "Bank" means the
Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990;
| 7. Land Act 1933 | (1) In section 61, delete "The Rural and Industries Bank of Western Australia" and substitute the following — |
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| No. 6] | R&I Bank Amendment Act 1994 |
(2) In section 89B, delete "the Commissioners of The Rural and Industries Bank of Western Australia, constituted pursuant to the provisions of the Rural and Industries Bank Act 1944" and substitute the following —
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| 8. | Local | (1) In section 6 (1), in the definition of |
| Government | "owner" delete paragraph (h) and |
| Act 1960 | substitute the following paragraph — |
| (h) | does not include the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990 as mortgagee in possession or |
1)
otherwise;
(2) In section 560 (1), delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following —
if the Bank of Western
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| R&I Bank Amendment Act 1994 | [No. 6 |
| (3) | In section 569 (7), delete paragraph (d) and substitute the following paragraph — |
| C.f |
| (d) | the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990 |
| (4) | In section 578 (5) (d), delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
| CC the Bank of Western |
Australia Ltd referred to in section 22 of the
Bank of Western
Australia Act 1990
| (5) | In section 578 (7), delete "The Commissioners of the Rural and Industries Bank of Western Australia" and substitute the following — |
| IC the Bank of Western |
Australia Ltd referred to in section 22 of the
Bank of Western
Australia Act 1990
| (6) | In section 581, delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
| C' |
the Bank of Western Australia Ltd referred
| No. 6] | R&I Bank Amendment Act 1994 |
to in section 22 of the Bank of Western Australia Act 1990
| (7) | In section 586, delete "the Red Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
| tt the Bank of Western |
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| (8) | In section 589 — | |
|
(I the Bank of
Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
and
| (b) | delete the passage beginning "thirdly" and ending with "1990;", and substitute the following — |
thirdly — in payment of money due under
| R&I Bank Amendment Act 1994 | [No. 6 |
mortgage of the land to the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990;
(9) In section 593 —
| (a) | in subsection (1) (b), delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
it
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
and
| (b) | in subsection (3) (b), delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
CC the Bank of
Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| No. 6] | R&I Bank Amendment Act 1994 |
| (10) | In section 594 (6), delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| (11) | In section 596 (2), delete "the R&I Bank of Western Australia Ltd referred to in section 22 of the R&I Bank Act 1990" and substitute the following — |
| (4 the Bank of Western |
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| 9. | Real Estate and | In section 1310 (1) (c), delete "The |
| Business Agents | Commissioners of the Rural and | |
| Act 1978 | Industries Bank of Western Australia" and substitute the following — | |
| 44 |
the directors of the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| 10. | Rural Adjustment | In section 15 (1), delete "the R&I Bank" |
| and Finance | and substitute the following — | |
| Corporation | ||
| (4 |
| Act 1993 | the Bank |
| MI Bank Amendment Act 1994 | [No. 6 |
| 11. | Soil and Land | In section 36 (1) (d), delete "The Rural |
| Conservation | and Industries Bank of Western | |
| Act 1945 | Australia" and substitute the following — | |
| If |
the Bank of Western
Australia Ltd referred to in
| section 22 of the Bank of | 71 |
| Western Australia Act 1990 |
12. Stamp Act 1921 (1) In section 1121 (1), in the definition of "bank", delete paragraph (a) and substitute the following paragraph —
| (a) | Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990; |
(2) In the Third Schedule, in item 1 (4) (b), delete "Savings Bank Division of the R&I Bank of Western Australia" and substitute the following —
savings bank of the Bank of Western Australia Ltd
| 13. | Superannuation | In section 6 (1), in the definition of |
| and Family | "department", delete "The Rural and | |
| Benefits | Industries Bank of Western Australia" | |
| Act 1938 | and substitute the following — | |
|
| No. 6] | R&I Bank Amendment Act 1994 |
| 14. | Unclaimed Money | In section 16 (3), delete "The Rural and |
| Act 1990 | Industries Bank of Western Australia" and substitute the following — | |
| 44 |
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| 15. | Wai. Service Land | In section 6 (4a), delete "the |
| Settlement | Commissioners of The Rural and | |
| Scheme Act 1954 | Industries Bank of Western Australia" and substitute the following — | |
| .44 |
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| 16. Water Boards | (1) | In section 108 (6), delete "The |
| Act 1904 | Rural and Industries Bank of Western Australia" and substitute the following — |
| CC the Bank of Western |
Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
| (2) | In section 108 (7), in the passage beginning "Fourthly" delete "The Rural and Industries Bank of Western Australia" and substitute the following — |
| 'C |
the Bank of Western Australia Ltd referred to in section 22 of the Bank of Western Australia Act 1990
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