State Bank (Succession of Commonwealth Bank) Act 1990
22Guaranteed instruments
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22 Guaranteed instruments
s. 22
(1) The due satisfaction of amounts payable by the Commonwealth Bank as a result of, or in connection with, an instrument issued or entered into by the State Bank before the commencement of this Part and referred to in Part A of Schedule 2 that, by reason of this Part, are liabilities of the Commonwealth Bank including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.
(2) The Treasurer, on behalf of the Government of Victoria, may guarantee the due satisfaction of amounts payable by the Commonwealth Bank under any other instrument—
(a) issued or entered into before the commencement of this Part by the State Bank; and
(b) declared by notice published in the Government Gazette to be an instrument to which this section applies—
including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction.
(3) A declaration under subsection (2) is deemed to have been made on the date of commencement of this section.
(4) Subsection (1) or (2) ceases to apply in relation to an instrument upon the Government of Victoria being released from the guarantee in accordance with the terms of the instrument.