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Banking Legislation Amendment Act 1992

No. 193 of 1992

An Act to amend certain Acts relating to banking

[Assented to 21 December 1992]

  The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

1. This Act may be cited as the Banking Legislation Amendment Act 1992.

Commencement

2.(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2)     Subsections 4(2) and 5(1) and sections 16, 17 and 35 commence on a day to be fixed by Proclamation, being a day not earlier than the day on which the State Act commences.

(3)     If the provisions referred to in subsection (2) do not commence under that subsection within the period of 6 months beginning on the day on which the State Act commences, they commence on the first day after the end of that period.

(4)     Subsections 4(3) and 5(2) commence on a day to be fixed by Proclamation.

  (5)     Part 3 commences on a day to be fixed by Proclamation.

  (6)     In this section:

"State Act" means an Act of New South Wales that refers to the Parliament the matter of State banking in so far as it applies to State Bank of New South Wales Limited.

PART 2—AMENDMENTS OF THE BANKING ACT 1959

Principal Act

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

Interpretation

  4.(1) Section 5 of the Principal Act is amended:

    (a)     by omitting from the definition of "bank" in subsection (1) ", the Commonwealth Development Bank and the Australian Resources Development Bank Limited" and substituting "and the Commonwealth Development Bank";

    (b)    by omitting from subsection (1) the definition of "Australian Resources Development Bank Limited";

    (c)     by inserting in subsection (1) the following definition:

     " 'foreign bank' means a body corporate that:

         (a)     is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and

         (b)     is authorised to carry on banking business in a foreign country; and

         (c)     has been granted an authority under section 9 to carry on banking business in Australia;".

  (2) Section 5 of the Principal Act is amended:

    (a)     by inserting in the definition of "bank" in subsection (1) "State Bank Limited," after "includes";

  (b)    by inserting in subsection (1) the following definition:

     " 'State Bank Limited' means State Bank of New South Wales Limited, being the body of that name constituted as a bank under the State Bank (Corporatisation) Act 1989 (NSW);".

(3) Section 5 of the Principal Act is amended by omitting from the definition of "bank" in subsection (1) "State Bank Limited,".

Application of Act

  5.(1) Section 6 of the Principal Act is amended:

    (a)     by omitting "Nothing" from subsection (1) " and substituting "Subject to subsection