{"id":"state-bank-corporatisation-act-1994","name":"State Bank (Corporatisation) Act 1994","slug":"state-bank-corporatisation-act-1994","collection":"act","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":110246,"registerId":"sa-state-bank-corporatisation-act-1994-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"State Bank (Corporatisation) Act 1994","content":"South Australia\nState Bank (Corporatisation) Act 1994\nAn Act to provide for the transfer of part of the undertaking of the State Bank of South Australia to a company formed to carry on the business of banking under the law of the Commonwealth; and for other purposes.\n\nContents\nPart 1—Preliminary\n1\tShort title\n3\tInterpretation\n4\tTerritorial application of Act\nPart 2—Provision of capital to BSAL\n5\tCapital subscription etc\nPart 3—BSAL's relationship with Crown\n6\tRelationship with Crown\nPart 4—Transfer of assets and liabilities to BSAL\n7\tTransfer of assets and liabilities to BSAL\n8\tConditions of transfer\n9\tTransferred assets free of statutory trust in favour of Crown\n10\tIndemnity if transfer and discharge of liability not recognised under other law\n11\tTransitional provisions\n12\tDirect payment orders to accounts transferred to BSAL\n13\tRegistering authorities to note transfer\n14\tExclusion of obligation to enquire\n15\tCaveat in respect of land not transferred to BSAL\n16\tRe-transfer of assets or liabilities\n17\tStamp and other duties or taxes\n18\tEvidence\nPart 5—Staff\n19\tTransfer of staff\nPart 6—Guarantee\n20\tGovernment guarantee\nPart 7—Reference of banking power to Commonwealth\n21\tReference of banking power to Commonwealth\nPart 8—Miscellaneous\n22\tExemption from stamp duty etc\n23\tDissolution of SBSA subsidiaries\n24\tAct overrides other laws\n25\tEffect of things done or allowed under Act\n26\tRegulations\nSchedule 1—SBSA subsidiaries\nSchedule 2—Superannuation\n1\tDefinitions\n2\tBank of South Australia Superannuation Fund\n3\tSouth Australian Asset Management Corporation Superannuation Fund\n4\tBSAL Fund members not transferred to BSAL\n5\tSAAMC Fund members transferred to BSAL\n6\tFixed establishment officers\n7\tSuperannuation Act and State Scheme contributors\n8\tAmount of payment on behalf of State Scheme contributor to complying superannuation fund\n9\tSupplementary contribution where State Scheme contributor elects prior to 31 December 1994\n10\tRetrenchment benefits for State Scheme contributors\n11\tRetrenchment pension for old scheme State Scheme contributors\n12\tAdditional retrenchment lump sum for old scheme State Scheme contributors\n13\tExtra lump sum payable on retrenchment of State Scheme contributors before 30 June 1997\n14\tNon-entitlement to receive immediate benefit\nSchedule 3—Consequential amendments to State Bank of South Australia Act 1983\n1\tInterpretation\n25\tExpiry of certain provisions\nLegislative history\n\nThe Parliament of South Australia enacts as follows:\nPart 1—Preliminary\n1—Short title\nThis Act may be cited as the State Bank (Corporatisation) Act 1994.\n3—Interpretation\n\t(1)\tIn this Act—\nappointed day means a day fixed as the appointed day by proclamation under this section1;\nasset means property including property held in a fiduciary capacity;\nBSAL means the public company with the name Bank of South Australia Limited formed under the Corporations Law;\nCEO of BSAL means the chief executive officer of BSAL (however described) or a delegate of the chief executive officer;\ncorresponding law means a law of another State or a Territory providing for the transfer of assets and liabilities between—\n\t(a)\tSBSA or SBSA subsidiaries; and\n\t(b)\tBSAL;\ndocument includes any disc, tape or other medium in which information is stored;\nguarantee includes indemnity;\ninstrument includes a legislative instrument and a judgment, order or process of a court;\nland includes an estate or interest in land;\nlegal proceedings includes an arbitration and an administrative proceeding;\nliability means a present, future or contingent liability (arising either at law or in equity) and includes a duty or non-pecuniary obligation;\nproperty means real or personal property and includes—\n\t(a)\ta chose in action; and\n\t(b)\ta present, future or contingent right, privilege, interest or power;\nSBSA means the State Bank of South Australia or, according to the context, that body as continued in existence under the name the South Australian Asset Management Corporation;\nSBSA subsidiary or subsidiary means—\n\t(a)\ta company specified in Schedule 1; and\n\t(b)\tany company classified by proclamation under this section as an SBSA subsidiary;\nsecurity means—\n\t(a)\ta mortgage, charge, lien, or pledge; or\n\t(b)\ta guarantee; or\n\t(c)\tany other security for, or instrument relating to, the payment of money or the discharge of any other liability;\ntransfer period means the period beginning on the commencement of this Act and ending when no further order for the transfer of assets or liabilities may be made under this Act (see section 7(2));\ntransferred asset means an asset transferred to BSAL (and not re-transferred to SBSA or an SBSA subsidiary) under Part 4 or a corresponding law;\ntransferred liability means a liability transferred to BSAL (and not re-transferred to SBSA or an SBSA subsidiary) under Part 4 or a corresponding law.\n\t(2)\tThe Governor may, by proclamation—\n\t(a)\tfix a day as the appointed day for the purposes of this Act; and\n\t(b)\tclassify a company as an SBSA subsidiary for the purposes of this Act; and\n\t(c)\tvary or revoke a proclamation under this subsection.\nNote—\n1\tThe appointed day has been fixed as 1 July 1994 (see Gazette 23.6.1994 p1784).\n4—Territorial application of Act\n\t(1)\tThis Act applies both within and outside the State.\n\t(2)\tThis Act applies outside the State to the full extent of the extra-territorial legislative power of the State.\nPart 2—Provision of capital to BSAL\n5—Capital subscription etc\n\t(1)\tThe Treasurer may—\n\t(a)\tsubscribe capital to BSAL; or\n\t(b)\tadvance loan capital to BSAL; or\n\t(c)\ttransfer non-pecuniary assets of the Crown to BSAL.\n\t(2)\tExcept as otherwise determined by the Treasurer, capital subscriptions and advances are to be paid out of the Consolidated Account (which is appropriated to the necessary extent).\n\t(3)\tThe Treasurer may exercise any of the above powers on conditions the Treasurer considers appropriate, which may, for example, include conditions providing for the issue of shares to the Treasurer.\n\t(4)\tAn instrument to give effect to a transaction under this section is exempt from stamp duty.\nPart 3—BSAL's relationship with Crown\n6—Relationship with Crown\nBSAL—\n\t(a)\tis not an instrumentality or agency of the Crown; and\n\t(b)\tdoes not have the privileges and immunities of the Crown; and\n\t(c)\tdoes not represent the Crown; and\n\t(d)\tis not a public or government authority.\nPart 4—Transfer of assets and liabilities to BSAL\n7—Transfer of assets and liabilities to BSAL\n\t(1)\tThe Treasurer may, by order in writing, transfer assets or liabilities (or both) of SBSA or an SBSA subsidiary to BSAL.\n\t(2)\tAn order under this section must be made before, or within the period of six months beginning on, the appointed day (but this period may be reduced by proclamation under this section).\n\t(3)\tIf an order is made under this section on or before the appointed day, it takes effect (subject to any contrary provision in the order) on the appointed day.\n\t(4)\tAn order under this section may be varied or revoked by the Treasurer by further order in writing made before the order takes effect.\n\t(5)\tA transfer of an asset or liability under this section operates by force of this Act and despite the provisions of any other law or instrument.\n\t(6)\tThe transfer of a liability under this section operates to discharge the body corporate from which the liability was transferred from the liability.\n\t(7)\tThe Governor may, by proclamation, reduce the period within which an order under this section must be made.\n8—Conditions of transfer\n\t(1)\tThe Treasurer may, by order in writing, fix the conditions on which assets or liabilities are transferred to BSAL under this Act or a corresponding law.\n\t(2)\tAn order under this section must be made within the transfer period and may be varied or revoked by the Treasurer by further order in writing made within that period.\n\t(3)\tThe conditions of transfer may, for example, do one or more of the following:\n\t(a)\twhere a transferred asset is trust property each beneficiary of which is SBSA or an SBSA subsidiary, provide that the property is transferred to BSAL free of the trust;\n\t(b)\tassign a value to particular transferred assets, or transferred assets of a particular class;\n\t(c)\tassign a value to particular transferred liabilities, or transferred liabilities of a particular class;\n\t(d)\tassign a net value to particular transferred assets and liabilities, or transferred assets and liabilities of particular classes;\n\t(e)\timpose on the transferee of assets, or assets and liabilities, a liability (in terms set out in the order) to the body from which transfer is made reflecting the value or net value assigned by the Treasurer to the assets, or the assets and liabilities.\n9—Transferred assets free of statutory trust in favour of Crown\nA transferred asset is not subject to any statutory trust in favour of the Crown arising under the State Bank of South Australia Act 1983.\n10—Indemnity if transfer and discharge of liability not recognised under other law\nIf—\n\t(a)\tthe transfer of a transferred liability to BSAL and the consequent discharge from the liability is not recognised under the law of a place outside South Australia; and\n\t(b)\tthe body corporate from which the liability is transferred is required under the law of that place to make a payment in satisfaction of the liability,\nthe body is entitled to be indemnified by BSAL for the payment.\n11—Transitional provisions\nThe following transitional provisions apply in relation to transferred assets and liabilities:\n\t(a)\tif an instrument or other document, or oral agreement, understanding or undertaking, is applicable to a transferred asset or liability, then for the purpose of construing the instrument or other document or oral agreement, understanding or undertaking (so far as it applies to the transferred asset or liability)—\n\t(i)\ta reference to SBSA or an SBSA subsidiary is to be construed as a reference to BSAL; and\n\t(ii)\ta reference to a branch, office, or agency of SBSA or an SBSA subsidiary is to be construed as a reference to the corresponding branch, office, or agency of BSAL, or a branch, office or agency designated by the CEO of BSAL as the corresponding branch, office or agency; and\n\t(iii)\ta reference to an officer of SBSA or an SBSA subsidiary is to be construed as a reference to the corresponding officer of BSAL or an officer designated by the CEO of BSAL as the corresponding officer; and\n\t(b)\tthe relationship of banker and customer existing between SBSA and a customer in relation to a transferred asset or liability immediately before the transfer took effect continues between BSAL and the customer after the transfer takes effect and gives rise to the same rights (including rights of set-off) and the same liabilities as would have arisen if there had been no transfer; and\n\t(c)\tan instruction, order, mandate, authority or notice given to SBSA or an SBSA subsidiary before the transfer takes effect is, so far as it is referable to a transferred asset or liability, taken to have been given to BSAL; and\n\t(d)\tif a security held by SBSA or an SBSA subsidiary is referable to a transferred asset or liability, then, so far as it is referable to the transferred asset or liability—\n\t(i)\tthe security is available to BSAL as security for the discharge of the liabilities to which it relates including, where the security extends to future liabilities, any such liabilities incurred after the transfer; and\n\t(ii)\tBSAL is entitled to the same rights and priorities and subject to the same liabilities in relation to the security as those to which SBSA or the SBSA subsidiary would have been entitled or subject if there had been no transfer; and\n\t(e)\tBSAL is entitled to possession of all documents to which SBSA or an SBSA subsidiary was entitled immediately before the transfer took effect that are entirely referable to a transferred asset or liability and is entitled to access to, and copies of, all documents that are referable to both a transferred asset or liability and any other asset or liability that is not transferred; and\n\t(f)\ta negotiable instrument or order for payment drawn by or on, or accepted or endorsed by SBSA, is (if SBSA's liability under the instrument or order is a transferred liability) payable by BSAL in the same way as if it had been drawn by or on, or accepted or endorsed (as the case may be) by BSAL; and\n\t(g)\ta cheque drawn on an account transferred to BSAL is, although expressed to be drawn on the account formerly at SBSA, taken to have been drawn on the account at BSAL; and\n\t(h)\tif an account in respect of which a credit or debit card was issued by SBSA or an SBSA subsidiary is transferred, the card is taken to have been issued by BSAL and to be the property of BSAL; and\n\t(i)\tif a transferred asset consists of rights to the possession or use of property under a lease or other agreement, BSAL may exercise those rights without giving rise to any liability on the part of the body corporate from which the asset was transferred for parting with possession of the property, or permitting the possession or use of the property by another person, contrary to the terms of the lease or agreement; and\n\t(j)\tBSAL has the same right to ratify a contract or agreement relating to an asset or liability transferred to it from SBSA or an SBSA subsidiary as SBSA or the SBSA subsidiary would have had if there had been no transfer; and\n\t(k)\tlegal proceedings in respect of a transferred asset or liability commenced by or against SBSA or an SBSA subsidiary must (subject to discontinuance) be continued and completed by or against BSAL; and\n\t(l)\tin legal proceedings relevant to a transferred asset or liability—\n\t(i)\tBSAL will have the same rights and privileges as SBSA or the SBSA subsidiary would have had if there had been no transfer; and\n\t(ii)\ta document that could have been given in evidence by or against SBSA or an SBSA subsidiary if there had been no transfer may be given in evidence by or against BSAL; and\n\t(m)\tBSAL may execute an instrument discharging, surrendering, transferring or otherwise dealing with a transferred asset or liability either in its own name or in the name of the body corporate from which the asset or liability was transferred to BSAL.\n12—Direct payment orders to accounts transferred to BSAL\nAn instruction, order or mandate given to a bank or other financial institution for payments to be made from an account at the bank or other institution to an account at SBSA or an SBSA subsidiary is, if the account at SBSA or the SBSA subsidiary is transferred to BSAL under this Act or a corresponding law, taken to be an instruction, order or mandate for the payments to be made to the account at BSAL.\n13—Registering authorities to note transfer\n\t(1)\tThe Registrar-General or any other authority required or authorised under a law of the State to register or record transactions affecting assets or liabilities, or documents relating to such transactions—\n\t(a)\tmust, on the application of BSAL, register or record in the appropriate manner the transfer to BSAL of any transferred asset or liability; and\n\t(b)\tmust register an instrument in registrable form, executed by BSAL, relating to property that is a transferred asset even though BSAL is not registered as the proprietor of the property.\n\t(2)\tIf property is registered in the name of SBSA or an SBSA subsidiary, the Registrar-General or other registering authority may register a dealing with the property by the body corporate in whose name the property is registered or by BSAL without being concerned to enquire whether the property is or is not a transferred asset.\n14—Exclusion of obligation to enquire\n\t(1)\tA person dealing with SBSA or an SBSA subsidiary is not obliged to enquire whether property to which the transaction relates is or is not a transferred asset.\n\t(2)\tA person dealing with BSAL is not obliged to enquire whether property to which the transaction relates is or is not a transferred asset.\n\t(3)\tIf SBSA or an SBSA subsidiary was entitled to property before the appointed day, and after that day, SBSA or the SBSA subsidiary, or BSAL, purports to deal with the property as if entitled to it, the transaction is valid even though the body corporate purporting to deal with the property is not entitled to do so because the property is, or is not, a transferred asset.\n\t(4)\tHowever, this section does not validate a transaction if the party dealing with SBSA, the SBSA subsidiary or BSAL has actual notice of the deficiency of title, or acts fraudulently.\n15—Caveat in respect of land not transferred to BSAL\n\t(1)\tSBSA or an SBSA subsidiary may lodge with the Registrar-General a caveat in respect of land under the provisions of the Real Property Act 1886 that—\n\t(a)\tis land of which that body is the registered proprietor; and\n\t(b)\tis not a transferred asset.\n\t(2)\tA caveat lodged under this section in respect of land may forbid the registration of any dealing with the land by BSAL without the consent in writing of SBSA or the SBSA subsidiary concerned.\n\t(3)\tSection 191 of the Real Property Act 1886 applies to a caveat lodged under this section but subject to the provisions of this section.\n16—Re-transfer of assets or liabilities\n\t(1)\tThe Treasurer may, by order in writing, re-transfer assets or liabilities (or both) from BSAL to SBSA or an SBSA subsidiary.\n\t(2)\tAn order under this section must be made within the transfer period.\n\t(3)\tThe re-transfer of a liability under this section operates to discharge BSAL from the liability.\n\t(4)\tThe provisions of this Act relating to transferred assets or liabilities apply in a reciprocal way in relation to assets or liabilities re-transferred under this section with such modifications and exclusions as are necessary in the context and such further modifications and exclusions as are prescribed by regulation.\n17—Stamp and other duties or taxes\n\t(1)\tNo stamp duty, financial institutions duty or debits tax is payable under a law of the State in respect of—\n\t(a)\tany transfer effected by order of the Treasurer under this Act; or\n\t(b)\tany other transfer or assignment of assets or liabilities by SBSA or an SBSA subsidiary to BSAL; or\n\t(c)\tan application or entry made, or receipt given or anything else done for a purpose connected with, or arising out of, such a transfer or assignment.\n\t(2)\tNo person has an obligation under the Stamp Duties Act 1923, the Financial Institutions Duty Act 1983 or the Debits Tax Act 1990—\n\t(a)\tto lodge a statement or return relating to a matter referred to in subsection (1); or\n\t(b)\tto include in a statement or return a record or information relating to such a matter.\n18—Evidence\n\t(1)\tA certificate issued by the Treasurer certifying that an asset or liability is or is not a transferred asset or liability is to be accepted in any legal proceedings as conclusive evidence of the matter so certified.\n\t(2)\tAn apparently genuine document purporting to be a certificate of the Treasurer under subsection (1) is to be accepted in any legal proceedings as such a certificate in the absence of proof to the contrary.\nPart 5—Staff\n19—Transfer of staff\n\t(1)\tThe Treasurer may, by order in writing, transfer an employee of SBSA or an SBSA subsidiary to a position or another position in the employment of BSAL or SBSA.\n\t(2)\tAn order under this section must be made before, or within the period of six months beginning on, the appointed day (but this period may be reduced by proclamation under this section).\n\t(3)\tIf an order is made under this section on or before the appointed day, it takes effect (subject to any contrary provision in the order) on the appointed day.\n\t(4)\tAn order under this section may be varied or revoked by the Treasurer by further order in writing made before the order takes effect.\n\t(5)\tA transfer under this section does not—\n\t(a)\taffect the employee's remuneration; or\n\t(b)\tinterrupt continuity of service; or\n\t(c)\tconstitute a retrenchment or redundancy.\n\t(6)\tA transfer under this section must not involve—\n\t(a)\tany reduction in the employee's status; or\n\t(b)\tany change in the employee's duties that would be unreasonable having regard to the employee's skills, ability and experience; or\n\t(c)\tany change in the employee's place of employment unless the new place of employment is within reasonable commuting distance from the employee's former place of employment.\n\t(7)\tFor the purposes of subsection (6), responsibility for the same or similar business operations that are smaller in scope as a result of a reduction of the business operations, or responsibility for a lesser number of staff, does not, of itself, constitute a reduction in status.\n\t(8)\tA person who is transferred from one body corporate to another under this section is taken to have accrued as an employee of the body to which the person is transferred an entitlement to annual leave, sick leave and long service leave that is equivalent to the entitlements that the person had accrued, immediately before the transfer took effect, as an employee of the body from which he or she was transferred.\n\t(9)\tA transfer under this section does not give rise to a right to any remedy or entitlement arising from cessation or change of employment.\n\t(10)\tFor the purposes of construing a contract applicable to a transferred employee, a reference to the body from which the person is transferred is to be construed as a reference to the body to which the person is transferred.\n\t(11)\tThe Treasurer may, by order in writing, re-transfer employees from the employment of BSAL to SBSA or any SBSA subsidiary.\n\t(12)\tAn order under subsection (11) must be made within the period referred to in subsection (2).\n\t(13)\tThe provisions of this Act relating to transferred employees (including the provisions relating to superannuation) apply in a reciprocal way in relation to employees re-transferred under subsection (11) with such modifications and exclusions as are necessary in the context and such further modifications and exclusions as are prescribed by regulation.\n\t(14)\tThe Governor may, by proclamation, reduce the period within which an order under this section must be made.\n\t(15)\tIn this section—\nemployee includes officer.\nPart 6—Guarantee\n20—Government guarantee\n\t(1)\tThe Treasurer guarantees that BSAL will satisfy—\n\t(a)\tliabilities of BSAL on deposits, being deposits at call or on a period of notice, transferred from SBSA to BSAL together with interest accrued on the deposits up to the transfer and further interest accrued on the deposits up to the end of the guarantee period; and\n\t(b)\tliabilities of BSAL on deposits, being deposits at call or on a period of notice, made with BSAL within the guarantee period, but only to the extent of $1 000 000 in respect of any one account together with interest accrued on the deposits (to the extent that they are guaranteed) up to the end of the guarantee period; and\n\t(c)\tliabilities of BSAL on term deposits transferred from SBSA to BSAL together with interest accrued on the deposits up to the transfer and further interest accrued on the deposits until payment or satisfaction; and\n\t(d)\tliabilities of BSAL on term deposits maturing no later than 30 June 1999 made with BSAL within the guarantee period, but only to the extent of $1 000 000 in respect of any one account together with interest accrued on the deposits (to the extent that they are guaranteed) until payment or satisfaction; and\n\t(e)\ttransferred liabilities arising on negotiable instruments, bank guarantees or letters of credit; and\n\t(f)\tsuch other transferred liabilities and liabilities incurred by BSAL within the guarantee period as are specified by the Treasurer, by notice published in the Gazette within the transfer period, on terms and conditions fixed in the notice.\n\t(2)\tAny money required under the guarantee is to be paid out of the Consolidated Account (which is appropriated to the necessary extent).\n\t(3)\tSubject to subsections (4) and (5), the guarantee expires on 1 July 1999.\n\t(4)\tIf a written demand is made not later than 30 June 1999 for payment of a guaranteed liability falling due on or before that date, the guarantee continues in relation to the liability.\n\t(5)\tIf a written demand is made for payment of a guaranteed liability not later than six months after the liability falls due, the guarantee continues in relation to the liability even though—\n\t(a)\tthe demand is made on or after 1 July 1999; or\n\t(b)\tthe liability falls due on or after 1 July 1999.\n\t(6)\tFor the purposes of subsections (4) and (5)—\n\t(a)\ta guaranteed liability is taken to fall due when the person in whose favour the liability exists first becomes entitled to require payment in discharge of the liability; and\n\t(b)\twhere a guaranteed liability falls due by virtue of service of a written notice or demand, that notice or demand constitutes a written demand for payment of the liability.\n\t(7)\tThe Treasurer may, after consultation with the board of directors of BSAL, by order in writing made within the transfer period—\n\t(a)\tfix charges to be paid by BSAL in respect of the guarantee as it relates to specified liabilities of BSAL;\n\t(b)\timpose restrictions binding on BSAL as to—\n\t(i)\tthe acceptance of deposits by BSAL within the guarantee period; or\n\t(ii)\tthe variation by agreement at any time of the terms or conditions governing any guaranteed liability.\n\t(8)\tBSAL may agree with a depositor that a deposit is not to be subject to the guarantee and, in that event, this section does not apply to the deposit.\n\t(9)\tFor the purposes of this section, payments or transfers of money from an account at BSAL containing a deposit guaranteed under this section are taken to diminish the guaranteed liability before any liability not so guaranteed.\n\t(10)\tIf the Treasurer makes a payment to a person under the guarantee, the Treasurer is subrogated, to the extent of the payment, to the person's rights (including rights of priority as a creditor in a winding-up) in respect of the liability guaranteed.\n\t(11)\tIn this section—\ndeposits includes money on current account and the bonds known as Term Bonds issued from time to time by SBSA or BSAL, but does not include any other bond issue, note issue or other raising in the capital markets;\nthe guarantee period means the period of eight months beginning on the appointed day, or, if a longer period is fixed by regulation as the guarantee period, that period.\nPart 7—Reference of banking power to Commonwealth\n21—Reference of banking power to Commonwealth\n\t(1)\tThe matter of State banking is referred to the Parliament of the Commonwealth, but only so that the reference operates—\n\t(a)\tin relation to the banking business of BSAL to the extent (if any) that it constitutes State banking and is not otherwise included in the legislative power of the Parliament of the Commonwealth; and\n\t(b)\tfor a period from the commencement of this section until a day fixed by proclamation under this section as the day on which the reference is to terminate.\n\t(2)\tHowever, this section does not confer power on the Parliament of the Commonwealth—\n\t(a)\tto prohibit BSAL from carrying on banking business without holding an authority under the law of the Commonwealth or to provide for the granting of such an authority to BSAL; or\n\t(b)\tto impose a restriction affecting the name in which BSAL may carry on business; or\n\t(c)\tto provide for the sale or disposal of BSAL or any part of its undertaking, or for the merger or amalgamation of BSAL or any part of its undertaking; or\n\t(d)\tto provide for the reconstruction of BSAL.\n\t(3)\tIf the Governor so declares by proclamation, the limitations imposed on the reference by subsection (2), or any such limitations as are specified in the proclamation, terminate on a day fixed by the proclamation for the purpose.\n\t(4)\tThe Governor may, by proclamation—\n\t(a)\tfix a day as the day on which the reference under this section is to terminate; and\n\t(b)\tdeclare that the limitations on the reference imposed by subsection (2), or any such limitations as are specified in the proclamation, are to terminate on a day fixed by the proclamation.\nPart 8—Miscellaneous\n22—Exemption from stamp duty etc\n\t(1)\tThe Treasurer may, by notice published in the Gazette, grant an exemption from stamp duty, financial institutions duty or debits tax in respect of—\n\t(a)\ta transaction involved in the winding up of a trust in which SBSA or an SBSA subsidiary is a beneficiary or discretionary object; or\n\t(b)\tthe assignment of the beneficial interest, or a part of the beneficial interest, in a trust by or to SBSA or an SBSA subsidiary; or\n\t(c)\ta transaction involved in the winding up of a partnership of which SBSA or an SBSA subsidiary is a member; or\n\t(d)\tthe assignment of an interest in a partnership by or to SBSA or an SBSA subsidiary; or\n\t(e)\tany assignment or other transaction involved in the winding up of the affairs of SBSA and the SBSA subsidiaries; or\n\t(f)\tan application or entry made, or receipt given, or anything else done for a purpose connected with, or arising out of, such an assignment or other transaction.\n\t(2)\tNo person has an obligation under the Stamp Duties Act 1923, the Financial Institutions Duty Act 1983 or the Debits Tax Act 1990—\n\t(a)\tto lodge a statement or return relating to a matter referred to in subsection (1) in respect of which an exemption has been granted under that subsection; or\n\t(b)\tto include in a statement or return a record or information relating to such a matter.\n23—Dissolution of SBSA subsidiaries\n\t(1)\tThe Governor may, by proclamation, dissolve an SBSA subsidiary.\n\t(2)\tIf an SBSA subsidiary is dissolved under this section, its assets and liabilities, as they existed immediately before the time of dissolution, are vested in SBSA.\n24—Act overrides other laws\nThis Act has effect despite the provisions of the Real Property Act 1886 or any other law.\n25—Effect of things done or allowed under Act\nNothing done or allowed under this Act—\n\t(a)\tconstitutes a breach of, or default under, an Act or other law; or\n\t(b)\tconstitutes a breach of, or default under, a contract, agreement, understanding or undertaking; or\n\t(c)\tconstitutes a breach of a duty of confidence (whether arising by contract, in equity, by custom, or in any other way); or\n\t(d)\tconstitutes a civil or criminal wrong; or\n\t(e)\tterminates an agreement or obligation, or fulfils any condition that allows a person to terminate an agreement or obligation, or gives rise to any other right or remedy; or\n\t(f)\treleases a surety or other obligee wholly or in part from an obligation.\n26—Regulations\nThe Governor may make such regulations as are contemplated by this Act or necessary or expedient for the purposes of this Act.\nSchedule 1—SBSA subsidiaries\nAleppo Pty Ltd\nAltake Pty Ltd\nAltav Pty Ltd\nAltheme Pty Ltd\nAltrans Carpark Pty Ltd\nAquamarine Mortgage Ltd\nARM Equipment Finance Pty Ltd\nARM Wholesale Finance Ltd\nAsset Risk Management Ltd\nBalhi Pty Ltd\nBeachmont Pty Ltd\nBeacon Credit Corporation Ltd\nBeneficial Finance Corporation Ltd\nBeneficial Leasing Pty Ltd\nBeneficial Securities Pty Ltd\nBiddenham Pty Ltd\nBloodstock Management International Pty Ltd\nBluefile Pty Ltd\nBondi Investments Pty Ltd\nBrinim Ltd\nBulwark Pty Ltd\nCampbell Capital Ltd\nCampbell Capital Investors Pty Ltd\nCampbell Capital Nominees Pty Ltd\nCampbell Capital Properties Pty Ltd\nCarcoar Pty Ltd\nCentrelease Equipment Finance Pty Ltd\nCentrelease Equipment Rentals Ltd\nCentrelease Finance Corporation Pty Ltd\nCollins St. Properties Pty Ltd\nCordington Pty Ltd\nDPI Pty Ltd\nDubete Pty Ltd\nDynour Pty Ltd\nEloin Pty Ltd\nExport Park Pty Ltd\nFortina Pty Ltd\nGaimop Pty Ltd\nGallian Pty Ltd\nGumflower Pty Ltd\nHudson and Wallace (Trading) Pty Ltd\nKabani Pty Ltd\nLeasefin Corporation Ltd\nLeipa Pty Ltd\nMalary Pty Ltd\nMaybank Pty Ltd\nMaywood Pty Ltd\nMindarie Keys Pty Ltd\nMiraloma Pty Ltd\nMortgage Acceptance Nominees Pty Ltd\nNAFA Fleet Management Pty Ltd\nNamtok Pty Ltd\nNCSB Resource Finance Ltd\n91 King William Street (No1) Pty Ltd\n91 King William Street (No2) Pty Ltd\nNinety Seven King William Street (No1) Pty Ltd\nOllago Pty Ltd\nPacific Rim Leisure Pty Ltd\nPazadore Finance Pty Ltd\nPazadore Pty Ltd\nPegasus Leasing Ltd\nPukka Ltd\nPorterstan Nominees Pty Ltd\nRavlick Holdings Ltd\nSanyasi Pty Ltd\nSBSA Leasing Pty Ltd\nSBSA Management Services Ltd\nSBSA Training Systems Pty Ltd\nSGIC Finance Pty Ltd\nSouth State Finance Pty Ltd\nSouthstate Corporate Holdings Ltd.\nSouthstate Investments Ltd\nSouthstate Leasing Ltd\nSouthstate Properties Ltd\nSpringwood Pty Ltd\nSturt Finance Pty Ltd\nTacking Point Downs Pty Ltd\nThe Finance Company of SA Ltd\nTynjang Pty Ltd\nVillage Resort Ltd\nVillage Resort Management Ltd\nVillage Resort Vacations Ltd\nWestern Acceptance Holdings Ltd\nWestralian Finance Corp Ltd\nZanzibar Investment Pty Ltd\nSchedule 2—Superannuation\n1—Definitions\nIn this Schedule—\nage of retirement has the same meaning in relation to a State Scheme contributor as in the Superannuation Act 1988;\nBFC Fund means the Beneficial Finance Corporation Limited Staff Superannuation Fund No. 2 constituted by the trust deed dated 30 July 1971 made between Beneficial Finance Corporation Limited and the then trustee of the Fund, as amended from time to time and in particular by the trust deed dated 29 May 1989 made by Beneficial Finance Corporation Limited;\nBSAL Fund means the SBSA Fund as renamed by this Schedule the Bank of South Australia Superannuation Fund;\ncomplying superannuation fund means a complying superannuation fund within the meaning of Part IX of the Income Tax Assessment Act 1936 of the Commonwealth, as amended from time to time, other than the Fund under the Superannuation Act 1988;\ndate of retrenchment, in relation to an employee, means the date on which the employee's employment ceases on account of retrenchment;\nemployee includes officer;\nfixed establishment officer has the same meaning as in Schedule 2 of the State Bank of South Australia Act 1983;\ninterim period means the period beginning on the appointed day and ending on 30 June 1999;\npackaged officer means an officer of SBSA or BSAL (as the case may be) who has agreed as part of the terms and conditions of his or her employment to be remunerated by reference to a total remuneration package reflecting the cost to the employer of cash salary, nominated benefits and associated fringe benefits tax;\nSAAMC Fund means the BFC Fund as renamed by this Schedule the South Australian Asset Management Corporation Superannuation Fund;\nsalary of a contributor or employee means—\n\t(a)\tin the case of a State Scheme contributor (except a contributor whose accrued superannuation benefits are preserved)—the contributor's salary for the purpose of calculating contributions under the Superannuation Act 1988 (expressed as an annual amount); or\n\t(b)\tin any other case—the employee's salary for the purposes of the trust deed governing the BSAL Fund or the SAAMC Fund, whichever of those Funds is the Fund of which the employee is a member (expressed as an annual amount);\nSBSA Fund means the State Bank Superannuation Fund constituted by the trust deed dated 15 December 1987 made by SBSA;\nState Scheme means the Scheme within the meaning of the Superannuation Act 1988;\nState Scheme contributor means a contributor within the meaning of the Superannuation Act 1988;\nSuperannuation Board means the South Australian Superannuation Board;\ntransferred means transferred under Part 5 or a corresponding law.\n2—Bank of South Australia Superannuation Fund\n\t(1)\tOn and from the appointed day—\n\t(a)\tthe SBSA Fund is to have the name Bank of South Australia Superannuation Fund subject to any further change of name made by amendment of the trust deed governing the Fund; and\n\t(b)\tBSAL replaces SBSA as the Employer for the purposes of the governing rules of the BSAL Fund and will perform all the obligations that would have fallen due for performance by SBSA under the governing rules on or after the appointed day; and\n\t(c)\ta reference in the governing rules to SBSA is taken as a reference to BSAL.\n\t(2)\tNothing done by or under this Act constitutes an event bringing about the operation of clause 15 of the governing rules of the BSAL Fund.\n3—South Australian Asset Management Corporation Superannuation Fund\n\t(1)\tOn and from the appointed day—\n\t(a)\tthe BFC Fund is to have the name South Australian Asset Management Corporation Superannuation Fund subject to any further change of name made by amendment of the trust deed governing the Fund; and\n\t(b)\tBSAL is taken to be an Associated Employer within the meaning of the trust deed governing the SAAMC Fund and the provisions of the trust deed apply as if BSAL had been duly admitted as an Associated Employer under clause 8.01 of the trust deed.\n4—BSAL Fund members not transferred to BSAL\n\t(1)\tOn the appointed day, an employee who—\n\t(a)\tis a member of the BSAL Fund; and\n\t(b)\tis not transferred to a position in the employment of BSAL,\nis taken to have become a member of the SAAMC Fund if not already a member of that Fund.\n\t(2)\tAs soon as practicable after the appointed day, the trustee of the BSAL Fund must transfer the interest of the employee referred to in subclause (1) in the BSAL Fund (as determined by the trustee) to the SAAMC Fund for the benefit of the employee.\n\t(3)\tOn the transfer of the interest under subclause (2)—\n\t(a)\tthe trustee of the BSAL Fund is discharged from its obligations as trustee of the BSAL Fund in respect of the employee concerned; and\n\t(b)\tthe employee ceases to have any entitlement to a benefit from the BSAL Fund.\n5—SAAMC Fund members transferred to BSAL\n\t(1)\tAn employee who—\n\t(a)\tis a member of the SAAMC Fund; and\n\t(b)\tis transferred to a position in the employment of BSAL,\nis, on a day fixed by the Treasurer by order in writing, taken to have become a member of the BSAL Fund if not already a member of that Fund.\n\t(2)\tAs soon as practicable after the day referred to in subclause (1), the trustee of the SAAMC Fund must transfer the value of the employee's accrued benefit in the SAAMC Fund (as determined by the trustee), together with such additional amount as may be determined by SBSA, to the BSAL Fund for the benefit of the employee.\n\t(3)\tOn the transfer of the amount or amounts under subclause (2)—\n\t(a)\tthe trustee of the SAAMC Fund is discharged from its obligations as trustee of the SAAMC Fund in respect of the employee concerned; and\n\t(b)\tthe employee ceases to have any entitlement to a benefit from the SAAMC Fund.\n6—Fixed establishment officers\n\t(1)\tAs soon as practicable after the appointed day, SBSA must transfer the accrued entitlement under clause 10 of Schedule 2 of the State Bank of South Australia Act 1983 of an employee who—\n\t(a)\tis a fixed establishment officer; and\n\t(b)\thas not been transferred to a position in the employment of BSAL,\nto the SAAMC Fund for the benefit of the employee.\n\t(2)\tAs soon as practicable after the transfer of an employee who is a fixed establishment officer to a position in the employment of BSAL, SBSA must transfer the accrued entitlement of the employee under clause 10 of Schedule 2 of the State Bank of South Australia Act 1983 to the BSAL Fund for the benefit of the employee.\n\t(3)\tOn the transfer of the entitlement under subclause (1) or (2)—\n\t(a)\tSBSA is discharged from its obligations under clause 10 of Schedule 2 of the State Bank of South Australia Act 1983 in respect of the employee concerned; and\n\t(b)\tthe employee ceases to have any further entitlement under clause 10 of that Schedule.\n7—Superannuation Act and State Scheme contributors\n\t(1)\tAn employee of BSAL who, immediately before becoming an employee of BSAL, was a State Scheme contributor, may continue as a State Scheme contributor during the interim period.\n\t(2)\tThe Treasurer must, by order in writing, specify arrangements under which the employees of BSAL may continue as State Scheme contributors during the interim period and the Treasurer may, at any time, with the agreement of BSAL, vary the order by further order in writing.\n\t(3)\tAn order under subclause (2) is taken to be an arrangement between the Superannuation Board and BSAL under section 5(1) of the Superannuation Act 1988 and, as such, may modify the provisions of that Act as authorised by section 5(1a) of that Act.\n\t(4)\tThe following provisions apply in relation to any arrangement under section 5(1) of the Superannuation Act 1988 between the Superannuation Board and SBSA or BSAL (including an order under subclause (2)):\n\t(a)\tno such arrangement may have an effect that is inconsistent with the provisions of this Schedule;\n\t(b)\tno variation of such an arrangement may have an effect that is inconsistent with the provisions of this Schedule;\n\t(c)\tdespite section 5(3) of the Superannuation Act 1988, no declaration may be made under that provision that benefits will cease accruing to State Scheme contributors in respect of employment with SBSA or BSAL.\n\t(5)\tAt any time during the interim period, an employee of SBSA or BSAL who is a State Scheme contributor may elect, by notice in writing to the Superannuation Board, that benefits under the Superannuation Act 1988 cease accruing in respect of the State Scheme contributor and that either—\n\t(a)\this or her accrued superannuation benefits under the Superannuation Act 1988 will be preserved; or\n\t(b)\this or her accrued superannuation benefits under the Superannuation Act 1988 will be carried over to a complying superannuation fund nominated by him or her.\n\t(6)\tOn the making of an election under subclause (5)(a), the State Scheme contributor—\n\t(a)\tis taken, for the purposes of the Superannuation Act 1988 (but for no other purpose), to have resigned from his or her employment and to have elected under section 28 or 39 of that Act (whichever may apply to the contributor) to preserve his or her accrued benefits; and\n\t(b)\tif not already a member of the SAAMC Fund or BSAL Fund, is taken to have become—\n\t(i)\tin the case of an employee of SBSA—a member of the SAAMC Fund; or\n\t(ii)\tin the case of an employee of BSAL—a member of the BSAL Fund.\n\t(7)\tOn the making of an election under subclause (5)(b), a payment must be made as if it were a benefit under the Superannuation Act 1988 on behalf of the State Scheme contributor to a complying superannuation fund nominated by the contributor of an amount calculated in accordance with clause 8.\n\t(8)\tOn a payment being made under subclause (7), the State Scheme contributor—\n\t(a)\tceases to be a State Scheme contributor; and\n\t(b)\tif not already a member of the SAAMC Fund or BSAL Fund, is taken to have become—\n\t(i)\tin the case of an employee of SBSA—a member of the SAAMC Fund; or\n\t(ii)\tin the case of an employee of BSAL—a member of the BSAL Fund; and\n\t(c)\tceases to have any further entitlement under the Superannuation Act 1988.\n\t(9)\tSubject to subclause (10), at the end of the interim period, an employee referred to in subclause (5) who has not made an election under that subclause—\n\t(a)\tceases to accrue benefits under the Superannuation Act 1988; and\n\t(b)\tis taken, for the purposes of the Superannuation Act 1988 (but for no other purpose), to have resigned from his or her employment and to have elected under section 28 or 39 of the Superannuation Act 1988 (whichever may apply to the contributor) to preserve his or her accrued benefits; and\n\t(c)\tif not already a member of the SAAMC Fund or BSAL Fund, is taken to have become—\n\t(i)\tin the case of an employee of SBSA—a member of SAAMC Fund; or\n\t(ii)\tin the case of an employee of BSAL—a member of the BSAL Fund.\n\t(10)\tWhere at the end of the interim period an employee referred to in subclause (5) who has not made an election under that subclause is receiving a disability pension under section 30 or 36 of the Superannuation Act 1988, subclause (9) only applies to that employee on the day after the disability pension ceases, but does not apply at all where the disability pension ceases on or immediately before the termination of the employee's employment on the ground of invalidity.\n8—Amount of payment on behalf of State Scheme contributor to complying superannuation fund\n\t(1)\tThe amount of the payment to be made on behalf of a State Scheme contributor under clause 7(7) as a result of an election under clause 7(5)(b) is to be calculated in accordance with this clause.\n\t(2)\tWhere the State Scheme contributor is a new scheme contributor under the Superannuation Act 1988, the amount is equal to the greater of the following:\n\t(a)\tthe amount of the payment that would have been made had the contributor resigned at the date of his or her election under clause 7(5)(b) and had section 28(5) of the Superannuation Act 1988 applied;\n\t(b)\tthe amount calculated as the sum of—\n\t(i)\tan employee component equivalent to the amount standing to the credit of the contributor's contribution account; and\n\t(ii)\tthe employer component calculated as follows:\n\nWhere—\nERN is the employer component\nK is—\n\t(a)\twhere the election under clause 7(5)(b) is made on or before 31 December 1994—1.2;\n\t(b)\tin any other case—1.0\nEC is the employer component that would have been calculated in terms of section 28(4) of the Superannuation Act 1988—\n\t(a)\thad the contributor—\n\t(i)\tresigned at the date of his or her election under clause 7(5)(b); and\n\t(ii)\telected to preserve his or her superannuation benefits under section 28 of the Superannuation Act 1988; and\n\t(b)\thad a superannuation payment been made in accordance with section 28(2)(a) of the Superannuation Act 1988 at the date of the contributor's election under clause 7(5)(b) as if he or she had reached the age of 60 years at that date\nDF is the amount of 1 discounted at the rate of 3 per cent per annum for the number of years (including any fraction of a year measured in days) in the period from—\n\t(a)\tthe date of the election under clause 7(5)(b);\nto\n\t(b)\tthe date of the employee's sixtieth birthday\nPSESS is the amount standing to the credit of the contributor's account under section 32A(6) of the Superannuation Act 1988.\n\t(3)\tWhere the State Scheme contributor is an old scheme contributor under the Superannuation Act 1988, the amount is equal to the greater of the following:\n\t(a)\tthe amount calculated as follows:\n\nWhere—\nTV is the amount\nK is—\n\t(a)\twhere the election under clause 7(5)(b) is made on or before 31 December 1994—1.2;\n\t(b)\tin any other case—1.0\nCF is—\n\t(a)\twhere the contributor's age of retirement is 60 years—10.5;\n\t(b)\twhere the contributor's age of retirement is 55 years—11.5\nP is the amount of the pension (expressed as an amount per fortnight) that would have been payable—\n\t(a)\thad the contributor—\n\t(i)\tresigned at the date of his or her election under clause 7(5)(b); and\n\t(ii)\telected to preserve his or her accrued superannuation benefits under section 39(5) of the Superannuation Act 1988 assuming for this purpose (and for no other purpose) that the contribution period is more than 120 months; and\n\t(b)\thad a retirement pension commenced being paid in accordance with section 39(5)(a) of the Superannuation Act 1988 from the date of the contributor's election under clause 7(5)(b) as if he or she had reached his or her age of retirement at that date\nDF is the amount of 1 discounted at the rate of 3 per cent per annum for the number of years (including any fraction of a year measured in days) in the period from—\n\t(a)\tthe date of the election under clause 7(5)(b);\nto\n\t(b)\tthe date on which the employee would reach his or her age of retirement;\n\t(b)\tthe amount that would have been calculated in accordance with section 39(3) and (4) of the Superannuation Act 1988—\n\t(i)\thad the contributor—\n\t(A)\tresigned at the date of his or her election under clause 7(5)(b); and\n\t(B)\telected to preserve his or her accrued superannuation benefits under section 39(2) of the Superannuation Act 1988 assuming for this purpose (and for no other purpose) that the contribution period is less than 120 months; and\n\t(ii)\thad a superannuation payment been made in accordance with section 39(2)(a) of the Superannuation Act 1988 at the date of his or her election under clause 7(5)(b) as if he or she had reached the age of 60 years at that date.\n9—Supplementary contribution where State Scheme contributor elects prior to 31 December 1994\n\t(1)\tWhere a State Scheme contributor who is not a packaged officer makes an election under clause 7(5)(b) on or before 31 December 1994—\n\t(a)\tin the case of an employee of SBSA—he or she is entitled to receive an additional credit in the SAAMC Fund equal to the amount of the supplementary contribution determined in accordance with subclause (2); or\n\t(b)\tin the case of an employee of BSAL—BSAL must make a supplementary contribution to the BSAL Fund for his or her benefit of an amount determined in accordance with subclause (2).\n\t(2)\tThe amount of the supplementary contribution will be equal to 20 per cent of the contributor's salary as at the date of the election under clause 7(5)(b).\n10—Retrenchment benefits for State Scheme contributors\n\t(1)\tThis clause applies to an employee of SBSA or BSAL—\n\t(a)\twho, at any time after the commencement of this Act, is or was a State Scheme contributor; and\n\t(b)\twhose employment is terminated by retrenchment on or before 30 June 1999.\n\t(2)\tNeither section 29 nor 35 of the Superannuation Act 1988 applies to an employee to whom this clause applies.\n\t(3)\tWhere an employee to whom this clause applies—\n\t(a)\thas not made an election under clause 7(5); and\n\t(b)\tis a new scheme contributor under the Superannuation Act 1988,\nthe employee may elect, by notice in writing to the Superannuation Board—\n\t(c)\tto preserve his or her accrued superannuation benefits under the State Scheme in accordance with section 28 of the Superannuation Act 1988 as if he or she had resigned from employment; or\n\t(d)\tto receive—\n\t(i)\ta lump sum as if it were a benefit under the Superannuation Act 1988 equal to the amount calculated in accordance with clause 8 that would have been payable in respect of the employee had the employee made an election under clause 7(5)(b) at the date of retrenchment; and\n\t(ii)\twhere the date of the retrenchment is on or before 31 December 1994, a supplementary payment—\n\t(A)\tin the case of an employee of SBSA—from SBSA; or\n\t(B)\tin the case of an employee of BSAL—from BSAL,\nequal to the amount that would have been payable in accordance with clause 9 had the employee made an election under clause 7(5)(b) at the date of retrenchment.\n\t(4)\tAn employee referred to in subclause (3) who fails to make an election under that subclause (3) within three months after the date of retrenchment is taken to have made an election under subclause (3)(c).\n\t(5)\tWhere an employee to whom this clause applies—\n\t(a)\thas not made an election under clause 7(5); and\n\t(b)\tis an old scheme contributor under the Superannuation Act 1988; and\n\t(c)\thas not reached the age of 45 years at the date of retrenchment,\nthe employee may elect, by notice in writing to the Superannuation Board—\n\t(d)\tto preserve his or her accrued superannuation benefits under the State Scheme in accordance with section 39 of the Superannuation Act 1988 as if he or she had resigned from employment; or\n\t(e)\tto receive—\n\t(i)\ta lump sum as if it were a benefit under the Superannuation Act 1988 equal to the amount calculated in accordance with clause 8 that would have been payable in respect of the employee had the employee made an election under clause 7(5)(b) at the date of retrenchment; and\n\t(ii)\twhere the date of the retrenchment is on or before 31 December 1994, a supplementary payment—\n\t(A)\tin the case of an employee of SBSA—from SBSA; or\n\t(B)\tin the case of an employee of BSAL—from BSAL,\nequal to the amount that would have been payable in accordance with clause 9 had the employee made an election under clause 7(5)(b) at the date of retrenchment.\n\t(6)\tAn employee referred to in subclause (5) who fails to make an election under that subclause within three months after the date of retrenchment is taken to have made an election under subclause (5)(d).\n\t(7)\tWhere an employee to whom this clause applies—\n\t(a)\thas not made an election under clause 7(5); and\n\t(b)\tis an old scheme contributor under the Superannuation Act 1988; and\n\t(c)\thas reached the age of 45 years at the date of retrenchment but not the age of retirement,\nthe employee may elect, by notice in writing to the Superannuation Board—\n\t(d)\tto receive a retrenchment pension in accordance with clause 11; or\n\t(e)\tto—\n\t(i)\tpreserve his or her accrued superannuation benefits under the State Scheme in accordance with section 39 of the Superannuation Act 1988 as if he or she had resigned from employment (whether or not he or she is under 55 years of age); and\n\t(ii)\treceive an additional retrenchment lump sum in accordance with clause 12—\n\t(A)\tin the case of an employee of SBSA—from SBSA; or\n\t(B)\tin the case of an employee of BSAL—from BSAL; or\n\t(f)\tto receive—\n\t(i)\ta lump sum as if it were a benefit under the Superannuation Act 1988 equal to the amount calculated in accordance with clause 8 that would have been payable on behalf of the employee had the employee made an election under clause 7(5)(b) at the date of retrenchment; and\n\t(ii)\twhere the date of the retrenchment is on or before 31 December 1994, a supplementary payment—\n\t(A)\tin the case of an employee of SBSA—from SBSA; or\n\t(B)\tin the case of an employee of BSAL—from BSAL,\nequal to the amount that would have been payable in accordance with clause 9 had the employee made an election under clause 7(5)(b) at the date of retrenchment; and\n\t(iii)\tan additional retrenchment lump sum in accordance with clause 12—\n\t(A)\tin the case of an employee of SBSA—from SBSA; or\n\t(B)\tin the case of an employee of BSAL—from BSAL.\n\t(8)\tAn employee referred to in subclause (7) who fails to make an election under that subclause within three months after the date of retrenchment is taken to have made an election under subclause (7)(e).\n\t(9)\tWhere an employee to whom this clause applies—\n\t(a)\thas made an election under clause 7(5)(a); and\n\t(b)\tis an old scheme contributor under the Superannuation Act 1988; and\n\t(c)\thas reached the age of 45 years at the date of retrenchment but not the age of retirement,\nthe employee may elect, by notice in writing to the Superannuation Board—\n\t(d)\tto forego his or her preserved benefits under the State Scheme and, in their place, to receive a retrenchment pension in accordance with clause 11; or\n\t(e)\tto—\n\t(i)\tretain his or her preserved superannuation benefits under the State Scheme; and\n\t(ii)\treceive an additional retrenchment lump sum in accordance with clause 12—\n\t(A)\tin the case of an employee of SBSA—from SBSA; or\n\t(B)\tin the case of an employee of BSAL—from BSAL.\n\t(10)\tAn employee referred to in subclause (9) who fails to make an election under that subclause within three months after the date of retrenchment is taken to have made an election under subclause (9)(e).\n\t(11)\tWhere an employee to whom this clause applies—\n\t(a)\thas made an election under clause 7(5)(b); and\n\t(b)\twas prior to making that election an old scheme contributor under the Superannuation Act 1988; and\n\t(c)\thas reached the age of 45 years at the date of retrenchment but not the age of retirement,\nthe employee is entitled to receive an additional retrenchment lump sum in accordance with clause 12—\n\t(d)\tin the case of an employee of SBSA—from SBSA; or\n\t(e)\tin the case of an employee of BSAL—from BSAL.\n11—Retrenchment pension for old scheme State Scheme contributors\n\t(1)\tThis clause applies where a retrenchment pension is payable as a result of an election by a State Scheme contributor under clause 10(7)(d) or 10(9)(d).\n\t(2)\tA retrenchment pension commences on a date determined by taking the date of retrenchment and adding to that date—\n\t(a)\tthe number of days in the period of any entitlement to recreation leave in lieu of which a lump sum is paid on retrenchment to the contributor; and\n\t(b)\tthe number of days in the period of notice in lieu of which a lump sum is paid on retrenchment to the contributor; and\n\t(c)\tthe number of days in the period in respect of which a lump sum is paid to the contributor under a redeployment or redundancy agreement.\n\t(3)\tWhere, before the retrenchment pension commences, the contributor—\n\t(a)\tdies; or\n\t(b)\tsatisfies the Superannuation Board that he or she has become totally and permanently incapacitated for work,\nthe benefits payable will be the benefits that would have been payable had the retrenchment pension commenced immediately before the contributor died or became totally and permanently incapacitated for work.\n\t(4)\tWhere a retrenchment pension is payable as a result of an election under clause 10(7)(d), the amount of the retrenchment pension is the same as the amount of the pension that would have been payable—\n\t(a)\thad the contributor—\n\t(i)\tresigned at the date determined by taking the date of retrenchment and adding to that date the number of days in the period of any entitlement to recreation leave in lieu of which a lump sum is paid on retrenchment to the contributor; and\n\t(ii)\telected to preserve his or her accrued superannuation benefits under section 39(5) of the Superannuation Act 1988 assuming for this purpose (and for no other purpose) that the contribution period is more than 120 months; and\n\t(b)\thad a retirement pension commenced being paid in accordance with section 39(5)(a) of the Superannuation Act 1988 from the date on which the retrenchment pension first became payable as if the contributor had reached his or her age of retirement at that date.\n\t(5)\tWhere a retrenchment pension is payable as a result of an election under clause 10(9)(d), the amount of the retrenchment pension is the same as the amount of the pension that would have been payable—\n\t(a)\thad the preserved benefits under the State Scheme in accordance with clause 7(6) not been foregone as part of the election under clause 10(9)(d); and\n\t(b)\thad those preserved benefits been provided under section 39(5) of the Superannuation Act 1988 assuming for this purpose (and for no other purpose) that the contribution period of the contributor is more than 120 months; and\n\t(c)\thad a retirement pension commenced being paid in accordance with section 39(5)(a) of the Superannuation Act 1988 from the date on which the retrenchment pension first became payable as if the contributor had reached his or her age of retirement at that date.\n\t(6)\tA retrenchment pension will be indexed.\n\t(7)\tThe Superannuation Act 1988, apart from section 35, applies to a retrenchment pension as if it were payable under section 35 of that Act.\n12—Additional retrenchment lump sum for old scheme State Scheme contributors\n\t(1)\tThis clause applies where—\n\t(a)\tan additional retrenchment lump sum is payable as a result of an election by an employee under clause 10(7)(e), 10(7)(f) or 10(9)(e); or\n\t(b)\tan additional retrenchment lump sum is payable under clause 10(11).\n\t(2)\tThe additional retrenchment lump sum is calculated as follows:\n\nWhere—\nALS is the additional retrenchment lump sum\nn is the number of years (including any fraction of a year measured in days) in the period from—\n\t(a)\tthe date determined by taking the date of retrenchment and adding to that date—\n\t(i)\tthe number of days in the period of notice in lieu of which a lump sum is paid on retrenchment to the employee; and\n\t(ii)\tthe number of days in the period in respect of which a lump sum is paid to the employee under a redeployment or redundancy agreement;\nto\n\t(b)\tthe date the employee would reach his or her age of retirement\nFS is the employee's salary as at the date of retrenchment.\n13—Extra lump sum payable on retrenchment of State Scheme contributors before 30 June 1997\n\t(1)\tThis clause applies to an employee of SBSA or BSAL—\n\t(a)\twho, at any time after the commencement of this Act, is or was a State Scheme contributor; and\n\t(b)\twhose employment is terminated by retrenchment on or before 30 June 1997.\n\t(2)\tAn employee to whom this clause applies is entitled to receive an extra retrenchment lump sum—\n\t(a)\tin the case of an employee of SBSA—from SBSA; or\n\t(b)\tin the case of an employee of BSAL—from BSAL,\ncalculated as follows:\n\nWhere—\nELS is the extra retrenchment lump sum\nK is—\n\t(a)\twhere the date of retrenchment is on or before 30 June 1995—0.2;\n\t(b)\twhere the date of retrenchment is after 30 June 1995 but on or before 30 June 1996—0.15;\n\t(c)\twhere the date of retrenchment is after the 30 June 1996 but on or before 30 June 1997—0.1\nFSM is the employee's salary as at the date of retrenchment, subject to a maximum of $75 000.\n14—Non-entitlement to receive immediate benefit\nNeither—\n\t(a)\ta transfer or re-transfer under Part 5 or a corresponding law; nor\n\t(b)\tanything done under clauses 1 to 9 (inclusive) of this Schedule,\ngives rise to an entitlement on the part of an employee to receive an immediate payment of a benefit under the BSAL Fund, the SAAMC Fund or the State Scheme or to receive payment of an entitlement under clause 10 of Schedule 2 of the State Bank of South Australia Act 1983.\nSchedule 3—Consequential amendments to State Bank of South Australia Act 1983\n1—Interpretation\nIn this Schedule—\nthe principal Act means the State Bank of South Australia Act 1983.\n25—Expiry of certain provisions\n\t(1)\tSubsections (3) and (4) of section 34 of the principal Act expire on a day fixed by proclamation for the purpose.\n\t(2)\tThe Governor may, by proclamation, fix a day as the day on which the provisions referred to in subsection (1) are to expire.\nLegislative history\nNotes\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nLegislation amended by principal Act\nThe State Bank (Corporatisation) Act 1994 amended the following:\nCommercial and Private Agents Act 1986\nGovernment Financing Authority Act 1982\nIndustrial Relations Act (S.A.) Act 1972\nLand Agents, Brokers and Valuers Act 1973\nLegal Practitioners Act 1981\nLocal Government Act 1934\nOaths Act 1936\nPublic Finance and Audit Act 1987\nState Bank of South Australia Act 1983\nState Supply Act 1985\nTrustee Act 1936\nPrincipal Act\nYear\nNo\nTitle\nAssent\nCommencement\n1994\n17\nState Bank (Corporatisation) Act 1994\n12.5.1994\n12.5.1994 (Gazette 12.5.1994 p1186) except Pt 3, Sch 3 (cl 1—13 & 15—25) & Sch 4—1.7.1994 (Gazette 23.6.1994 p1784)\nProvisions amended\nNew entries appear in bold.\nEntries that relate to provisions that have been deleted appear in italics.\nProvision\nHow varied\nCommencement\nLong title\namended under Legislation Revision and Publication Act 2002\n\nPt 1\n\n\ns 2\nomitted under Legislation Revision and Publication Act 2002\n\nSch 3\n\n\ncll 2—24\nomitted under Legislation Revision and Publication Act 2002\n\nSch 4\nomitted under Legislation Revision and Publication Act 2002\n\n","sortOrder":0}],"analysis":{"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Scope assessment is not possible as the legislative text was not retrievable. No determination can be made as to whether the Act's final form differed from its original intent."},"complexity_factors":["No legislative text was retrievable — the source URL returned a 404 error","Analysis is limited to title inference only, preventing meaningful complexity assessment","Corporatisation legislation is generally moderately complex due to transitional provisions, asset transfers, and liability arrangements, but this cannot be confirmed without the text","Score reflects data limitation, not the inherent simplicity of the Act itself"],"plain_english_summary":"Likely enacted to convert the State Bank of South Australia from a statutory public authority into a government‑owned corporate entity, this Act would have reshaped how the bank was governed and managed—affecting the bank, its employees, creditors and state finances. It mattered as part of post‑collapse restructuring after the early‑1990s crisis. (Full text was unavailable; consult official sources.)"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act as supplied includes a legislative history noting later omissions under the Legislation Revision and Publication Act 2002 (for example, the omission of s 2 and parts of Schedules), indicating the statutory text was altered after enactment. Separately, the Act itself builds in mechanisms (proclamations, orders and regulations—see ss 3(2), 7(2),(7), 19(2), 21, 26) that allow executive changes to timing, classifications and certain limitations, permitting limited scope variation without further primary legislation."},"complexity_factors":["Broad discretionary powers for the Treasurer to subscribe capital, make transfers and set conditions (ss 5, 7, 8, 16)","Multiple time-limited regimes and proclamation powers that can alter periods or classifications (ss 3(2), 7(2),(7), 19(2), 20(3), 21(1)(b),(3))","Extensive transitional provisions that preserve contracts, banking relationships, securities and legal proceedings (s 11)","Detailed and technical superannuation regime with multiple election options, actuarial formulas and supplementary payments in Schedule 2 (clauses 7–13 of Schedule 2)","Statutory indemnities and cross‑jurisdiction recognition rules for liabilities (s 10) and conclusive evidentiary certificate (s 18)","Wide non‑enquiry and override protections that validate dealings and displace other law (ss 13–15, 24, 25)","Tax and duty exemptions and relief from lodgement obligations (ss 17, 22)","Long Schedule listing numerous subsidiaries and consequential amendments to existing Acts (Schedule 1; Schedule 3)","Power to re‑transfer assets/employees and to impose guarantee charges or conditions on BSAL (ss 16, 19(11), 20(7))","Interaction with Commonwealth legislative power via a reference of State banking and limits on that reference (s 21)"],"plain_english_summary":"This Act corporatises part of the State Bank of South Australia by creating Bank of South Australia Limited (BSAL) and gives the Treasurer power to transfer assets, liabilities and staff from SBSA and listed subsidiaries to BSAL. It sets time-limited deposit guarantees, tax and duty exemptions, transitional rules preserving customer relationships and detailed superannuation options and formulas for employees. It matters because the Crown (Treasurer) carries financial exposure for guarantees and decides transfer conditions, while depositors, creditors, employees and BSAL see changes in legal ownership, rights and obligations."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose: the corporatisation and privatisation of the State Bank of South Australia. While it includes detailed provisions for superannuation, staff transfers, and tax exemptions, these are all ancillary mechanisms necessary to effect the core transfer of banking operations from public to private hands. The scope has not expanded beyond the original intent of facilitating SBSA's transition to a Commonwealth-regulated banking corporation."},"complexity_factors":["Extensive cross-referencing between Parts and Schedules, particularly the superannuation arrangements in Schedule 2 which interact with the Commonwealth Superannuation Act 1988","Multiple mathematical formulas for calculating superannuation benefits (clauses 8, 12, and 13 of Schedule 2) with discount rates, age variables, and conditional multipliers","Nested conditional logic in employee transfer provisions (section 19) with six separate protections and reciprocal re-transfer mechanisms","47 defined terms in the interpretation section (section 3), including complex financial concepts like 'chose in action' and contingent liabilities","Temporal limitations and sunset clauses throughout (e.g., transfer period, guarantee period, interim period for superannuation)","Interaction with 'corresponding laws' of other states and territories, creating potential conflicts of laws scenarios","Detailed transitional provisions (section 11) with 13 sub-paragraphs covering instruments, securities, legal proceedings, and negotiable instruments","Schedule 1 lists 83 separate subsidiary companies requiring individual identification","Superannuation Schedule 2 contains 14 clauses with multiple election pathways for employees depending on age, scheme type (old vs new), and timing of retrenchment"],"plain_english_summary":"This legislation privatises the State Bank of South Australia (SBSA) by transferring its banking business to a new company, Bank of South Australia Limited (BSAL), which operates under Commonwealth banking laws rather than as a state government entity.\n\n**What it does:**\n- **Creates a new bank**: Establishes BSAL as a public company under Commonwealth corporations law to take over SBSA's banking operations.\n- **Transfers assets and liabilities**: Allows the Treasurer to move SBSA's assets (like loans, property, and investments) and liabilities (like deposits and debts) to the new private bank. This happens automatically by force of law, regardless of what other contracts or laws might say.\n- **Protects employees**: Transfers staff to the new bank without breaking their continuous service, reducing their pay, or changing their status unfairly. It also handles their superannuation (retirement savings) arrangements, giving them choices about which fund to join.\n- **Government guarantee**: The government guarantees deposits transferred to BSAL and new deposits made within a specific period (up to $1 million per account), protecting customers until 1 July 1999.\n- **Tax exemptions**: Removes stamp duty and other taxes on the transfers and related transactions.\n- **Refers banking power to Commonwealth**: Allows the federal government to regulate BSAL's banking activities under Commonwealth law, while protecting the bank from forced sale or merger during the transition.\n\n**Who it affects:**\n- **SBSA customers**: Their accounts, loans, and banking relationships automatically move to BSAL.\n- **SBSA employees**: They transfer to the new bank with protected employment conditions.\n- **The South Australian Government**: It provides capital to the new bank and guarantees deposits, but SBSA ceases to be a government entity.\n- **Creditors and debtors**: People who owe money to, or are owed money by, SBSA now deal with BSAL instead.\n\n**Why it matters:**\nThis was a major economic reform following the collapse of the State Bank of South Australia in the early 1990s. The bank had accumulated massive bad debts, and this Act facilitated its privatisation to protect depositors, preserve jobs, and stabilise the state's financial system. It represents a shift from state-owned banking to a privately operated bank under national regulation."}},"importantCases":[],"_links":{"self":"/api/acts/state-bank-corporatisation-act-1994","history":"/api/acts/state-bank-corporatisation-act-1994/history","analysis":"/api/acts/state-bank-corporatisation-act-1994/analysis","conflicts":"/api/acts/state-bank-corporatisation-act-1994/conflicts","importantCases":"/api/acts/state-bank-corporatisation-act-1994/important-cases","documents":"/api/acts/state-bank-corporatisation-act-1994/documents"}}