Victorian Current Acts

THE COMMERCIAL BANKING COMPANY OF SYDNEY LIMITED (MERGER) ACT 1982 - SECT 3

In this Act, unless the contrary intention appears—

"the appointed day" means the day of coming into operation of this Act;

"CBC" means The Commercial Banking Company of Sydney Limited;

"CBC Savings Bank" means C.B.C. Savings Bank Limited;

"the continuing bank" means The National Bank of Australasia Limited;

"the continuing savings bank" means The National Bank Savings Bank Limited;

"excluded assets" means—

        (a)     documents required by law to be kept by CBC or CBC Savings Bank;

        (b)     prescribed securities held, immediately before the appointed day, by or on behalf of CBC or CBC Savings Bank otherwise than by way of security; and

        (c)     land held, immediately before the appointed day, by or on behalf of CBC or CBC Savings Bank otherwise than by way of security;

"instrument" means an instrument (other than this Act) that creates, evidences, modifies, or extinguishes rights or liabilities or would do so if it or a copy thereof were lodged, filed or registered under any Act or law and includes any judgment, order or process of a court;

"land" includes any estate or interest in land, or any interest in respect of land;

"legal proceedings" includes an arbitration;

"liabilities" means all liabilities, duties and obligations, whether actual, contingent or prospective;

"prescribed securities" means securities within the meaning of the Securities Industry (Victoria) Code;

"property" means property of every kind whether tangible or intangible, real or personal, corporeal or incorporeal and without limiting the generality of the foregoing includes choses in action, goodwill, rights, interests and claims of every kind in or to property whether arising from, accruing under, created or evidenced by or the subject of an instrument or otherwise and whether liquidated or unliquidated, actual, contingent or prospective;

"rights" means all rights, powers, privileges and immunities whether actual, contingent or prospective;

"security" means a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, indemnity, lien, pledge or other security for the payment of money or for the discharge of any other liability and includes an agreement or undertaking to give or execute any of the foregoing whether upon demand or otherwise;

transferred employé means an employé of CBC who becomes an employé of the continuing bank in pursuance of this Act;

"undertaking" in relation to CBC or CBC Savings Bank means—

        (a)     all property of the relevant bank (apart from excluded assets); and

        (b)     all rights and liabilities of the relevant bank (apart from rights and liabilities relating to excluded assets).