Reasons for enactment
1. Challenge Bank
Limited ACN: 009 230 433 (“Challenge”) is a company incorporated
in Western Australia and is a company within the meaning of the Corporations
Law and is a company limited by shares.
2. Westpac Banking
Corporation ARBN: 007 457 141 (“Westpac”) is a body corporate
constituted by an Act of the Parliament of New South Wales.
3. Westpac carries on
the business of banking throughout Australia and elsewhere in the world, and
Challenge carries on the business of banking principally in Western Australia
and Victoria but also in the other States and Territories of Australia.
4. On 21 December 1995
Westpac became the beneficial owner of the whole of the issued share capital
of Challenge and since that date Challenge has been a wholly owned subsidiary
of Westpac.
5. Under the
conditions imposed on the authority of Challenge to carry on banking business
in Australia, Challenge is required to surrender that authority.
6. Accordingly it is
necessary and expedient to transfer the banking business of Challenge to
Westpac, but at the same time to facilitate the preservation of the character
of the business of Challenge.
7. On 22 November 1995
the Treasurer of Australia consented pursuant to section 63 of the
Banking Act 1959 of the Commonwealth to the amalgamation of the banking
business of Challenge with that of Westpac.
8. It is expedient to
enact legislation to provide for the vesting of the banking business of
Challenge in Westpac.