Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p24
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 59143–61987

designated subsidiary of the State Bank of South

Australia" means a designated subsidiary of the State Bank of South Australia that is exempt from tax.

PART 2.5—MODIFICATION OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986 RELATING TO THE RESTRUCTURING OF THE STATE BANK OF SOUTH AUSTRALIA

Object of Part

55. The object of this Part is to facilitate the restructuring of the State Bank of South Australia by modifying the effect of provisions of the Fringe Benefits Tax Assessment Act 1986 relating to car fringe benefits.

Car benefits

56.(1) For the purposes of section 9 of the Fringe Benefits Tax Assessment Act 1986, Bank of South Australia Limited is taken not to be, and never to have been, an associate of:

  (a) the State Bank of South Australia; or

  (b) a designated subsidiary of the State Bank of South Australia.

  (2) In this section:

"designated subsidiary of the State Bank of South Australia" means a company that is an SBSA subsidiary within the meaning of the State Bank (Corporatisation) Act 1994 of South Australia.

CHAPTER 3—OTHER MATTERS

PART 3.1—AMENDMENT OF THE BANKING ACT 1959

Division 1—Principal Act

Principal Act

  57. In this Part, "Principal Act" means the Banking Act 19591.

Division 2—Amendments relating to the restructuring of foreign banks

Objects of Division

  58. The objects of this Division are:

    (a) to empower the Governor-General to revoke a banking authority granted to a restructured foreign bank if the Governor-General is satisfied that it would be contrary to the national interest for the bank to continue carrying on banking business in Australia; and

    (b) to require a foreign bank to give the Treasurer reasonable notice of a proposal to restructure the bank.

Authority to carry on banking business

59. Section 9 of the Principal Act is amended by inserting after subsection (8B) the following subsection:

"(8C) The Governor-General may, on the recommendation of the Treasurer, revoke the authority granted to a foreign bank if:

  (a) the bank:

        (i) enters into, or proposes to enter into, an arrangement or agreement for:

            (A) any sale or disposal of its business by amalgamation or otherwise; or

            (B) the carrying on of business in partnership with another bank; or

        (ii) effects, or proposes to effect, a reconstruction of the bank; and

    (b) the Governor-General is satisfied that it would be contrary to the national interest for the bank to continue carrying on banking business in Australia.".

Restructuring of banks

  60. Section 63 of the Principal Act is amended:

    (a) by inserting in subsection (1) "(other than a foreign bank)" after "bank" (first occurring);

  (b) by adding at the end the following subsection:

    "(4) A foreign bank must give the Treasurer reasonable notice, in writing, of any