Legislative Assembly for the ACT: 1997 Week 9 Hansard (4 September) . . Page.. 2952..
MR SPEAKER: Order! It being 5.00 pm, I propose the question:
That the Assembly do now adjourn.
Mr Humphries: I require the question to be put forthwith without debate.
Question resolved in the negative.
MR HUMPHRIES (Attorney-General) (5.00): Mr Speaker, in accordance with standing order 152, I move:
That order of the day No. 1, Executive business, relating to the Mediation Bill 1997, be discharged from the notice paper.
That is because a new version of that Bill has been tabled this morning.
Question resolved in the affirmative.
Debate resumed from 26 August 1997, on motion by Mrs Carnell:
That this Bill be agreed to in principle.
MR WHITECROSS (5.01): Mr Speaker, the Bank Mergers Bill 1997 is designed to provide some sort of generic power in relation to bank mergers which will ensure that, rather than individual pieces of legislation having to be moved each time banks wish to merge, these matters can be dealt with by regulation. The proposition that is being put is that, once a bank merger has been approved by the Reserve Bank and the Australian Competition and Consumer Commission, there are a number of essential processes involved in transferring contracts, assets, liabilities and other obligations to the newly formed banking institution. This Bank Mergers Bill 1997 facilitates the transfer processes resulting from the bank merger. This involves deeming the merging bank as the successor in law of another bank and includes the effects of that succession such as the vesting of assets and/or liabilities as the case may be. The Bill provides for the use of regulations to be made by the Executive each time a bank merger takes place which affects banking business in the ACT.