South Australian Current Acts

STATE BANK (CORPORATISATION) ACT 1994 - SECT 7

7—Transfer of assets and liabilities to BSAL

        (1)         The Treasurer may, by order in writing, transfer assets or liabilities (or both) of SBSA or an SBSA subsidiary to BSAL.

        (2)         An order under this section must be made before, or within the period of six months beginning on, the appointed day (but this period may be reduced by proclamation under this section).

        (3)         If an order is made under this section on or before the appointed day, it takes effect (subject to any contrary provision in the order) on the appointed day.

        (4)         An order under this section may be varied or revoked by the Treasurer by further order in writing made before the order takes effect.

        (5)         A transfer of an asset or liability under this section operates by force of this Act and despite the provisions of any other law or instrument.

        (6)         The transfer of a liability under this section operates to discharge the body corporate from which the liability was transferred from the liability.

        (7)         The Governor may, by proclamation, reduce the period within which an order under this section must be made.