Western Australian Current Acts Western Australian Current Acts (1) In this section
—
undertaking of Challenge in respect of the
transition period, means that part of the undertaking of Westpac —
(a)
divested from Challenge and vested in Westpac under section 7 (1); or
(b)
acquired using the same products as were offered by Challenge before the
commencement time.
(2) If, after the
commencement of section 13 of the Consumer Credit (Western Australia) Act
1996 , Westpac or Challenge find that in relation to the undertaking of
Challenge or the business of Challenge it is not practicable to comply with
that Act in relation to any particular matter, situation or product, then that
Act does not apply in respect of that matter, situation or product and the
Credit Act 1984 (as in force before the commencement of Part 5 of the
Consumer Credit (Western Australia) Act 1996 ) continues to apply in respect
of that matter, situation or product.
(3) Subsection (2) has
effect despite the Consumer Credit (Western Australia) Act 1996 .
(4) The exemption
granted under subsection (2) applies until the day on which the transition
period ends unless —
(a) any
condition set out in a letter dated 6 May 1996 from the Minister for Fair
Trading to the Chief Executive Officer of Challenge has not been complied
with; and
(b) the
Minister responsible for the administration of the Credit Act 1984 gives
written notice to the Chief Executive Officer of Westpac that such a condition
has not been complied with and that this section will cease to apply on such
day as is specified in the notice,
in which case it
ceases to apply on the day specified in the notice.
(5) Sections 19A (1)
and 19B of the Credit Act 1984 apply in respect of the undertaking of
Challenge and the business of Challenge as if a reference in those provisions
to “the commencement day” were a reference to the day after the
day on which the exemption granted under subsection (2) ceases to apply in
accordance with subsection (4).
[Section 12 amended: No. 10 of 1998 s. 74.]