Westpac Banking Corporation Act 1995 Westpac Banking Corporation Amendment (Legal Capacity) Regulation 1996 (1996-613) [GG No 146 of 13.12.1996] (NSW)

1996 No 613

New South Wales

Westpac Banking Corporation

Amendment (Legal Capacity)

Regulation 1996

under the

Westpac Banking Corporation Act 1995

His Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Westpac Banking Corporation Act 1995.

JEFFREY SHAW, Q.C., M.L.C.,

Attorney General

Explanatory note
The object of this Regulation is to apply to the Westpac Banking Corporation the provisions of the Corporations Law that govern the purposes for which companies may legitimately carry on business. It will release the bank from the old company law doctrine of ultra vires and confer
on it the same legal capacity as companies now have.

The Regulation also refines an existing provision to make a cross reference refer to the appropriate provision of the bank’s deed of settlement dealing with the payment of dividends from a share premium account (rather than the equivalent provision of the Corporations Law).

This Regulation is made under section 9 (the general regulation-making power) and section 4 of the Westpac Banking Corporation Act 1995.

Published in Gazette No 146 of 13 December 1996, page 8276 Page 1

1996 No 613

Clause 4 Westpac Banking Corporation Amendment (Legal Capacity) Regulation 1996

Westpac Banking Corporation Amendment

(Legal Capacity) Regulation 1996

1 Name of Regulation

This Regulation is the Westpac Banking Corporation Amendment

(Legal Capacity) Regulation 1996.

2 Commencement

This Regulation commences on 13 December 1996.

1. Amendment of Westpac Banking Corporation Regulation 1996

   The Westpac Banking Corporation Regulation I996 is amended as set out in Schedule 1.

4 Notes

The explanatory note does not form part of this Regulation.

Schedule 1 Amendments

(Clause 3)

[1] Clause 3 Application of certain provisions of Corporations Law relating to capital and shares

Insert at the end of clause 3:

(2) A reference to section 191 of the Corporations l a w in section 201 of that law (as applied by this clause) is taken to be a reference to clause 98 of the deed of settlement.

1. Clause 4:

   Insert after clause 3:

4 Application of certain provisions of Corporations Law

relating to legal capaclty

The provisions of section 260 and Division 1 of Part 2.3 of the Corporations Law (other than section 166A), as in force on 13 December 1996, and any provisions of the Corporations Regulations made for the purposes of those provisions, as in force on that date, apply to the Bank.