10Interpretation

10 Interpretation

In this Part, unless the contrary intention appears:

authorized officer means:

(b) a prescribed officer of the Papua New Guinea commercial bank.

commencing date [see Note 3] means the date upon which the Commonwealth Banks Act 1959‑1973, other than subsection 5A(2) of that Act, ceases to extend to Papua New Guinea.

Commonwealth Bank means the Savings Bank or the Trading Bank, as the case requires.

excluded business means business carried on by the Trading Bank at a branch at Port Moresby in Papua New Guinea, being a branch designated by the Treasurer for the purposes of this definition.

instrument to which this Part applies means an instrument:

(a) to which a Commonwealth Bank is a party;

(b) which was given to or in favour of a Commonwealth Bank;

(c) in which a reference is made to a Commonwealth Bank; or

(d) under which any money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned to or by a Commonwealth Bank;

being an instrument subsisting immediately before the commencing date and relating to the business, other than excluded business, that was carried on immediately before that date by that Bank in Papua New Guinea.

Papua New Guinea assets and liabilities, in relation to a Commonwealth Bank, means assets and liabilities of that Bank subsisting immediately before the commencing date and relating to the business, other than excluded business, that was carried on immediately before that date by that Bank in Papua New Guinea.