Commonwealth Numbered Acts

FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 No. 97 of 1993 - SECT 3

3. In this Part, unless the contrary intention appears:

"asset" means property, or a right, of any kind, and includes:

   (a)  any legal or equitable estate or interest (whether present or future,
        vested or contingent, tangible or intangible, in real or personal
        property) of any kind; and

   (b)  any chose in action; and

   (c)  any right, interest or claim of any kind including rights, interests
        or claims in or in relation to property (whether arising under an
        instrument or otherwise, and whether liquidated or unliquidated,
        certain or contingent, accrued or accruing); and

   (d)  any asset within the meaning of Part IIIA of the
        Income Tax Assessment  Act 1936 ;

"banking authority" means an authority to carry on banking business granted
under section 9 of the Banking Act 1959;

"eligible foreign bank" means a foreign bank (within the meaning of Division
1B of Part II of the Banking Act 1959) in possession of a banking authority:

   (a)  granted before this Act commenced; or

   (b)  granted after this Act commenced upon an application made either
        before, or not later than 3 years after, this Act commenced;

"eligible local bank" means a local bank in possession of a banking authority
granted on or before 18 June 1993;

"eligible money market corporation" has the meaning given by section 4;

"eligible subsidiary", in relation to an eligible local bank or eligible money
market corporation, means a body that:

   (a)  is incorporated under a law of the Commonwealth, of a State or a
        Territory relating to companies; and

   (b)  is a financial corporation registered under the
        Financial Corporations  Act 1974 ; and

   (c)  is a subsidiary of the eligible local bank or money market
        corporation;

"financial corporation" means a financial corporation within the meaning of
paragraph 51(xx) of the Constitution;

"foreign corporation" means a foreign corporation within the meaning of
paragraph 51(xx) of the Constitution;

"interest", in relation to land, includes:

   (a)  a legal or equitable estate or interest in the land; or

   (b)  a right, power or privilege over, or in relation to, the land;

"liability" includes a duty or obligation of any kind (whether arising under
an instrument or otherwise, and whether actual, contingent or prospective);

"local bank" means a body that:

   (a)  is incorporated under a law of the Commonwealth, of a State or a
        Territory relating to companies; and

   (b)  is in possession of a banking authority;

"newly established local bank" means a local bank in possession of a banking
authority:

   (a)  granted before this Act commenced but after 18 June 1993; or

   (b)  granted after this Act commenced upon an application made either
        before, or not later than 3 years after, this Act commenced;

"receiving corporation" has the meaning given by section 5;

"subsidiary" has the same meaning as in the Corporations Law;

"transfer", in relation to an asset or liability, means an act as a result of
which the asset or liability:

   (a)  ceases to be vested in a person; and

   (b)  becomes vested in another person;

"transferring corporation" has the meaning given by section 5.