Document ID: chunk:federal_register_of_legislation:C2016C00828:section:5:p1
Version: federal_register_of_legislation:C2016C00828
Segment Type: section
Provision Reference: s 5 (pt 1/3)
Character Range: 3911–6694

5  Interpretation
 (1) In this Act, unless the contrary intention appears:
asset means property, or a right, of any kind, and includes:
 (a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and
 (b) any chose in action; and
 (c) any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and
 (e) a CGT asset within the meaning of the Income Tax Assessment Act 1997.
authorised person, in relation to a particular provision, a particular receiving bank and the relevant transferring bank, means:
 (a) the Treasurer; or
 (b) if the Treasurer designates, in writing:
 (i) the chief executive officer or another senior executive of the receiving bank; or
 (ii) an SES employee or acting SES employee;
  as an authorised officer in relation to that provision and those banks—the officer so designated.
BNZ means Bank of New Zealand.
BNZ Savings means Bank of New Zealand Savings Bank Limited.
business, in relation to a bank, includes the assets and liabilities of the bank.
chief executive officer, in relation to a receiving bank, means the officer having the day to day management of the affairs of the bank and includes an officer acting from time to time in that capacity.
Commonwealth Bank means the Commonwealth Bank of Australia.
Commonwealth Savings Bank means the Commonwealth Savings Bank of Australia.
complementary legislation, in relation to the operation of this Act in respect of a particular receiving bank (other than the Commonwealth Bank or the BNZ) and the relevant transferring bank, means legislation of the kind referred to in subsection 11(1) in relation to those banks.
incorporating State means:
 (a) in relation to a receiving bank other than the Commonwealth Bank, the Westpac Banking Corporation or BNZ—the State in which the bank was incorporated; and
 (b) in relation to the Westpac Banking Corporation—New South Wales.
instrument includes a document and an oral agreement.
interest, in relation to land, includes:
 (a) a legal or equitable estate or interest in the land; or
 (b) a right, power or privilege over, or in relation to, the land.
liability includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).
parallel New Zealand legislation, in relation to the operation of this Act in respect of BNZ and BNZ Savings, means a law of New Zealand to vest the undertaking of BNZ Savings in BNZ and to enable the subsequent dissolution of BNZ Savings.
proceeding to which this