{"id":"nsw:sl-2001-0409","name":"Westpac Banking Corporation (Transfer of Incorporation) Regulation 2001","slug":"westpac-banking-corporation-transfer-of-incorporation-regulation-2001","collection":"regulation","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"409 of 2001","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":178956,"registerId":"nsw-nsw:sl-2001-0409-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Regulation","content":"#### 1 Name of Regulation\n\n1 Name of Regulation\n\n> This Regulation is the [Westpac Banking Corporation (Transfer of Incorporation) Regulation 2001](/view/html/inforce/current/sl-2001-0409).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Definition","content":"#### 2 Definition\n\n2 Definition\n\n> In this Regulation:\n> \n> the Act means the [Westpac Banking Corporation (Transfer of Incorporation) Act 2000](/view/html/inforce/current/act-2000-071).","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Notes","content":"#### 3 Notes\n\n3 Notes\n\n> The explanatory note does not form part of this Regulation.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Prescribed period for purposes of section 5A of the Act","content":"#### 4 Prescribed period for purposes of section 5A of the Act\n\n4 Prescribed period for purposes of section 5A of the Act\n\n> The period of 30 months after the date on which the transfer resolution was passed is prescribed for the purposes of paragraph (b) of the definition of prescribed period in section 5A (8) of the Act.\n> \n> **cl 4:** Subst 14.6.2002.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Westpac company same legal entity as Westpac","content":"#### 5 Westpac company same legal entity as Westpac\n\n5 Westpac company same legal entity as Westpac\n\n> Westpac company is taken to be a continuation of, and the same legal entity as, Westpac.\n> \n> **cl 5:** Ins 20.12.2002.","sortOrder":4}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"The regulation as shown includes post‑enactment amendments: clause 4 (substituted 14.6.2002) prescribes a 30‑month period for the definition in s 5A(8) of the Act, and clause 5 (inserted 20.12.2002) introduces a deeming that Westpac company is the same legal entity as Westpac. Those amendments add temporal prescription and a legal‑continuity rule not present in the original unamended text."},"complexity_factors":["Very short and targeted instrument (two operative clauses)","Cross‑reference to the Westpac Banking Corporation (Transfer of Incorporation) Act 2000 (s 5A(8)) introduces dependence on external statutory definition","Use of a deeming provision treating the new company as the same legal entity has potentially wide legal consequences across property, contract and statutory rights","Amendments recorded (cl 4 substituted 14.6.2002; cl 5 inserted 20.12.2002) require checking historical versions for original text","Low administrative discretion — effects are prescription and deeming rather than delegated rule‑making"],"plain_english_summary":"This Regulation sets two legal effects: it prescribes a 30‑month period after a transfer resolution for the purposes of paragraph (b) of the prescribed‑period definition in section 5A(8) of the Act, and it declares that “Westpac company” is a continuation of, and the same legal entity as, Westpac. It affects Westpac, its shareholders, creditors and counterparties by fixing the time available to complete the transfer process and by treating the new company as the same legal person for rights and obligations."},"summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"Based on available information, the regulation appears to have remained focused on its original narrow purpose: managing the legal mechanics of Westpac's transfer of incorporation. The amendments reflected in the version history (June 2001, June 2002, December 2002) appear to be technical updates rather than expansions of scope. The regulation did not appear to broaden into wider banking regulation or affect other institutions."},"complexity_factors":["Involves a specialised area of corporate/banking law (transfer of incorporation) that laypeople rarely encounter","Intersects multiple legal frameworks — State (NSW) and Commonwealth (Federal) — requiring understanding of how jurisdiction works in Australia's federal system","The full substantive text of the regulation is not available in the provided content, limiting full analysis","Specific to a single named entity (Westpac), reducing general applicability but requiring knowledge of banking regulation context","Multiple historical versions suggest amendments were made, adding a layer of temporal complexity"],"plain_english_summary":"## Westpac Banking Corporation (Transfer of Incorporation) Regulation 2001\n\nThis is a NSW regulation that dealt with the **transfer of Westpac Banking Corporation's legal home base** (its 'incorporation' — meaning the legal jurisdiction under whose laws it was registered and governed) from one legal framework to another.\n\n**What it did:** When a major bank like Westpac wants to shift from being incorporated (registered) under the laws of one jurisdiction (such as a State) to another (such as the Commonwealth/Federal level), specific legal steps and rules are needed to make that transition smooth. This regulation set out those rules for Westpac.\n\n**Who it affects:**\n- Primarily Westpac Banking Corporation itself\n- Potentially Westpac's customers, shareholders, and creditors, as the legal entity they dealt with was formally re-established under a different legal framework\n- Regulators overseeing the bank\n\n**Why it matters:** Changing where a major bank is incorporated is a significant legal event. It affects things like which laws govern the bank's structure, who regulates it, and how contracts and obligations carry over. This regulation ensured continuity — so that existing accounts, loans, contracts, and other obligations weren't disrupted by the technical legal change.\n\n**Note:** The actual substantive content of the regulation is not fully reproduced in the provided text — only the status and navigation information is visible. The regulation has been in its current form since 20 December 2002 and remains technically in force."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This regulation remains tightly focused on its original purpose: facilitating Westpac's transfer of incorporation while preserving legal continuity. The amendments noted (June 2002 and December 2002) appear to be minor technical insertions rather than scope expansion."},"complexity_factors":["Extremely short: only 5 clauses, 2 of which are purely administrative (name, notes)","Only 1 defined term ('the Act')","No cross-references to other legislation beyond the parent Act","No conditional logic or exceptions","Substantive content limited to: (a) prescribing a 30-month time period, and (b) declaring legal continuity","Simple declaratory language with no nested provisions"],"plain_english_summary":"This regulation deals with Westpac Bank's change from being a company incorporated under a special Act of Parliament to a standard company under the Corporations Act.\n\n**What it does:**\n- **Sets a time limit:** It gives Westpac 30 months after its shareholders approve the transfer (the \"transfer resolution\") to complete the process of changing its legal structure.\n- **Preserves legal continuity:** It makes clear that despite the change in how Westpac is incorporated, it remains the exact same legal entity. This means all its contracts, debts, property rights, and legal obligations continue uninterrupted — nothing resets just because the bank changed its corporate structure.\n\n**Who it affects:**\n- Primarily Westpac Banking Corporation and its shareholders\n- Also affects anyone doing business with Westpac (customers, creditors, counterparties) by ensuring their legal relationships remain intact\n\n**Why it matters:**\nWithout this regulation, Westpac's change of corporate structure could have created legal uncertainty about whether existing contracts and obligations still applied. The regulation prevents that by explicitly stating Westpac stays the same legal \"person\" even after the transfer, and sets a clear deadline for completing the process."}},"importantCases":[],"_links":{"self":"/api/acts/westpac-banking-corporation-transfer-of-incorporation-regulation-2001","history":"/api/acts/westpac-banking-corporation-transfer-of-incorporation-regulation-2001/history","analysis":"/api/acts/westpac-banking-corporation-transfer-of-incorporation-regulation-2001/analysis","conflicts":"/api/acts/westpac-banking-corporation-transfer-of-incorporation-regulation-2001/conflicts","importantCases":"/api/acts/westpac-banking-corporation-transfer-of-incorporation-regulation-2001/important-cases","documents":"/api/acts/westpac-banking-corporation-transfer-of-incorporation-regulation-2001/documents"}}