The Bank may be sold to an approved person in accordance with this Act.
For the purposes of this Act, an approved person is The Colonial Mutual Life Assurance Society Limited (ACN 004 021 809) or a wholly-owned subsidiary of that company.
(1) The Premier and the Treasurer (or either of them) are authorised to negotiate, enter into and carry out on behalf of the State:(a) the Share Sale Agreement, and(b) each of the Transaction Documents.(2) The Ministers who are shareholders in the Bank are authorised to transfer their shares to an approved person in accordance with the terms of the Share Sale Agreement and to enter into and carry out agreements for the transfer of their shares to an approved person.(3) Any such negotiations conducted before the date of assent to this Act are validated to the extent of any invalidity.(4) The Share Sale Agreement and any of the Transaction Documents may be entered into before, on or after the date of assent to this Act, and if entered into before that date are validated to the extent of any invalidity.(5) However, any such transfer of shares does not take effect before the appointed day.(6) Any modification made or purporting to be made to the Share Sale Agreement after 11 October 1994, being a modification that materially alters the substance of that agreement, is of no force or effect.(7) Subsection (6) does not apply to:(a) any of the exhibits to the Share Sale Agreement, or(b) a modification that is approved by resolutions of both Houses of Parliament, passed before or after the modification is made.
9 Amendment of State Owned Corporations Act 1989 No 134
On a day to be appointed by proclamation for the purposes of this section, the State Owned Corporations Act 1989 is amended by omitting from Schedule 1 the words “State Bank of New South Wales Limited”.
The State Owned Corporations Act 1989 does not apply to the Bank or any subsidiary of the Bank on and after the appointed day. This section has effect subject to any express provisions of this Act.
(1) The Ministers who are the voting shareholders of the Bank are authorised to take steps before the appointed day to make alterations and additions to the memorandum and articles of association of the Bank or a subsidiary of the Bank, being alterations and additions contemplated by the Share Sale Agreement, whether or not some or all of them are or may be inconsistent with the requirements of the State Owned Corporations Act 1989 or the State Bank (Corporatisation) Act 1989 or both.(2) However, any such inconsistent alterations or additions do not take effect before the appointed day.(3) Despite section 172 of the Corporations Law, subsection (6) of that section does not apply in relation to any alteration or addition referred to in subsection (1) of this section.