Western Australian Current Acts

WESTPAC BANKING CORPORATION (CHALLENGE BANK) ACT 1996 - SECT 17

17 .         Payment of amount in lieu of State taxes and charges

        (1)         Westpac is to pay to the Treasurer in lieu of all taxes, duties and charges for which it would otherwise be liable under the law of the State as a result of, or in connection with, the transfer of the undertaking of Challenge to Westpac a sum which is, in the opinion of the Treasurer, equal to the amount of those taxes, duties and charges.

        (2)         The amount payable under subsection (1) is to be determined by the Treasurer in accordance with such principles as the Treasurer thinks appropriate.

        (3)         The Treasurer is to give a certificate to Westpac when satisfied that the sum due under subsection (1) has been paid stating that the sum due under that subsection has been paid.