Page 3888 - Week 13 - Thursday, 17 October 1991
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .
the contracting party. This type of approach has been used on several occasions in Australia to transfer businesses, assets and liabilities between banks. For example, the mergers of the Commercial Banking Company of Sydney and the then National Bank of Australasia and of the Bank of New South Wales and the Commercial Bank of Australia, both in 1982, were facilitated in the same way proposed in this Bill by a Territory ordinance and similar Acts around Australia. Facilitating bank mergers in this way creates considerable savings of time and effort for bank customers and staff as each individual banking arrangement, contract and mortgage will not need to be tediously renegotiated.
The integration of the National Mutual Royal Bank with the ANZ Banking Group will not entail the transfer of any premises and equipment in the ACT and therefore the integration will not attract any tax or stamp duty. The Financial Institutions Duty Act 1987 of the ACT exempts from duty the transfer of accounts from one financial institution to another that occurs as a result of amalgamation. ACT account holders will not be paying any duty because of this merger.
By passing the legislation, the ACT will assist the 1,500 ACT customers of the National Mutual Royal Bank as the customers will not be put to the inconvenience of renegotiation of all banking arrangements. Overall, the legislation will contribute to the efficient operation of the banking system. The ANZ Banking Group is meeting the costs associated with the preparation of this legislation.
I now present the explanatory memorandum for the Bill.
Debate (on motion by Mr Kaine) adjourned.
HUMAN RIGHTS AND EQUAL OPPORTUNITY BILL 1991
MS FOLLETT (Chief Minister and Treasurer) (10.51): Mr Speaker, I present the Human Rights and Equal Opportunity Bill 1991. I move:
That this Bill be agreed to in principle.
The Human Rights and Equal Opportunity Bill 1991 is the cornerstone of a package of legislation which will establish the Office of ACT Human Rights Commissioner and provide a legislative framework to protect the residents of the ACT from unfair discrimination. The Office of the ACT Human Rights Commissioner will be responsible for administering the provisions of this Bill and for promoting an understanding and acceptance in the community of the objects of the legislation. The office will also be responsible for research and development of educational and other programs to help achieve this.
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .