Western Australian Current Acts Western Australian Current ActsReasons for enactment
1. Town & Country
Bank Limited A.C.N. 053 814 378 (“Town & Country”) is a
company incorporated in Western Australia and is a company within the meaning
of the Corporations Law 2 and is a company limited by shares.
2. Australia and New
Zealand Banking Group Limited A.C.N. 005 357 522 (“ANZ”) is a
company deemed to be incorporated in Victoria and is a company within the
meaning of the Corporations Law 2 and is a company limited by shares.
3. ANZ carries on the
business of banking throughout Australia and elsewhere in the world, and Town
& Country carries on the business of banking in Western Australia.
4. ANZ Funds Pty Ltd
A.C.N. 004 594 343 (“ANZ Funds”) is a wholly owned subsidiary of
ANZ.
5. On 30 July 1990 ANZ
Funds became the beneficial owner of the whole of the issued share capital of
Town & Country and since that date Town & Country has been a wholly
owned subsidiary of ANZ Funds.
6. On 30 September
1991 the Governor-General of Australia granted to Town & Country an
authority to carry on banking business in Australia on condition that its
banking business was transferred to ANZ in due course.
7. Accordingly it is
necessary and expedient to transfer the banking business of Town & Country
to ANZ, but at the same time facilitating the preservation of the character of
the business of Town & Country.
8. On 8 May 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 Town & Country with that of ANZ.
9. It is expedient to
enact legislation to provide for the vesting of the banking business of Town
& Country in ANZ.
The Parliament of Western Australia enacts as follows: