An Act to transfer certain Business of the Reserve Bank of Australia, the Commonwealth Trading Bank of Australia and the Commonwealth Savings Bank of Australia to certain Banks in Papua New Guinea
Part I—Preliminary
1 Short title [see Note 1]
This Act may be cited as the Papua New Guinea (Transfer of Banking Business) Act 1973.
2 Commencement [see Note 1]
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation
In this Act, unless the contrary intention appears:
assets means property of every kind and, without limiting the generality of the foregoing, includes:
(a) choses in action; and
(b) rights, interests and claims of every kind in or to property, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.
Bank of Papua New Guinea means the bank of that name established by the Central Banking Ordinance 1973 of Papua New Guinea.
bill of exchange includes a promissory note, cheque, bank draft, bank cheque or order.
liabilities means liabilities of every kind and, without limiting the generality of the foregoing, includes obligations of every kind, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.
Papua New Guinea commercial bank means such bank as is prescribed, being a commercial bank established by a law of Papua New Guinea.
Reserve Bank means the Reserve Bank of Australia.
Savings Bank means the Commonwealth Savings Bank of Australia.
Trading Bank means the Commonwealth Trading Bank of Australia.
4 Application of Act to Papua New Guinea
This Act extends to Papua New Guinea until the date on which it becomes an independent sovereign state.
Part II—Transfer of business of Reserve Bank
5 Interpretation
In this Part, unless the contrary intention appears:
authorized officer means:
(a) the Governor or the Deputy Governor of the Reserve Bank or of the Bank of Papua New Guinea; or
(b) an officer of the Reserve Bank Service or of the Bank of Papua New Guinea Service.
Part Part III - Papua New Guinea (Transfer of Banking Business) Act 1973 - Transfer of business of Commonwealth Banks | Zoe
commencing date [see Note 2] means the date upon which the Reserve Bank Act 1959‑1973, other than subsection 6A(2) of that Act, ceases to extend to Papua New Guinea.
instrument to which this Part applies means an instrument:
(a) to which the Reserve Bank is a party;
(b) which was given to or in favour of the Reserve Bank;
(c) in which a reference is made to the Reserve 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 the Reserve Bank;
being an instrument subsisting immediately before the commencing date and relating to the business that was carried on immediately before that date by the Reserve Bank at its branch at Port Moresby in Papua New Guinea.
Papua New Guinea assets and liabilities, in relation to the Reserve Bank, means assets and liabilities of the Reserve Bank subsisting immediately before the commencing date and relating to the business that was carried on immediately before that date by the Reserve Bank at its branch at Port Moresby in Papua New Guinea.
6 Transfer of assets and liabilities
(1) Subject to subsection (2), upon the commencing date, by force of this section, the Papua New Guinea assets and liabilities of the Reserve Bank cease to be assets and liabilities of the Reserve Bank and become assets and liabilities of the Bank of Papua New Guinea.
(2) Where the total amount of the assets transferred by subsection (1) is greater or less than the total amount of the liabilities so transferred, the amount of the difference shall be settled between the Reserve Bank and the Bank of Papua New Guinea on such terms and conditions as are agreed between the Treasurer and the appropriate Minister of the House of Assembly for Papua New Guinea.
7 Bills of exchange
The payment by the Bank of Papua New Guinea of a bill of exchange drawn on, or made payable at, the Reserve Bank has, by force of this section, the same effect for all purposes as that payment would have had if the bill of exchange had been drawn on, or made payable at, the Bank of Papua New Guinea.
8 Instruments
An instrument to which this Part applies continues, by force of this section, in full force and effect but, in its operation in relation to acts, transactions, matters or things done, entered into or occurring on or after the commencing date, has effect as if a reference in the instrument to the Reserve Bank were a reference to the Bank of Papua New Guinea.
9 Certificates of assets, liabilities and instruments
An authorized officer may, by writing under his hand, certify that an asset, liability or instrument specified or described in the certificate is an asset or liability referred to in section 6 or an instrument referred to in section 8, as the case may be, and such a certificate is, in all courts and for all purposes, prima facie evidence of the matters stated in the certificate.
Part III—Transfer of business of Commonwealth Banks
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.
11 Transfer of assets and liabilities
(1) Subject to subsection (2), upon the commencing date, by force of this section, the Papua New Guinea assets and liabilities of a Commonwealth Bank cease to be assets and liabilities of that Bank and become assets and liabilities of the Papua New Guinea commercial bank.
(2) Where the total amount of the assets of a Commonwealth Bank transferred by subsection (1) is greater or less than the total amount of the liabilities of that Bank so transferred, the amount of the difference shall be settled between that Bank and the Papua New Guinea commercial bank on such terms and conditions as are agreed between the Treasurer and the appropriate Minister of the House of Assembly for Papua New Guinea.
12 Bills of exchange
The payment by the Papua New Guinea commercial bank of a bill of exchange drawn on, or made payable at, a Commonwealth Bank has, by force of this section, the same effect for all purposes as that payment would have had if the bill of exchange had been drawn on, or made payable at, the Papua New Guinea commercial bank.
13 Instruments
An instrument to which this Part applies, being an instrument relating to business carried on by a Commonwealth Bank, continues, by force of this section, in full force and effect but, in its operation in relation to acts, transactions, matters or things done, entered into or occurring on or after the commencing date, has effect as if a reference in the instrument to that Bank were a reference to the Papua New Guinea commercial bank.
14 Certificates of assets, liabilities and instruments
An authorized officer may, by writing under his hand, certify that an asset, liability or instrument specified or described in the certificate is an asset or liability referred to in section 11 or an instrument referred to in section 13, as the case may be, and such a certificate is, in all courts and for all purposes, prima facie evidence of the matters stated in the certificate.
Part IV—Miscellaneous
15 Exemption from taxation
An instrument or document that an authorized officer within the meaning of Part II or Part III certifies to have been made, executed or given by reason of, or for a purpose connected with or arising out of, the operation of this Act is not liable to stamp duty or other tax under a law of Australia or of a State or of a Territory other than Papua New Guinea.
16 Judicial notice of certificates
Where a document purports to be a certificate under this Act signed by a person purporting to be an authorized officer within the meaning of Part II or Part III, judicial notice shall be taken of the signature of that person and of the fact that that person is or was such an authorized officer.
17 Regulations
The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed.