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Westpac Bank of Tonga (Amendment) Act 2015

TONGA

WESTPAC BANK OF TONGA (AMENDMENT) ACT 2015
Act 1 of 2015

Arrangement of Sections

Section
1 Short Title
2 Section 3 amended
3 New section 14 inserted

AN ACT TO AMEND THE WESTPAC BANK OF TONGA ACT (CAP. 105)

I assent,
TUPOU VI,
27th May 2015.

BE IT ENACTED by the King and Legislative Assembly of Tonga in the Legislature of the Kingdom as follows:

1 Short Title

(1) This Act may be cited as the Westpac Bank of Tonga (Amendment) Act 2015.

(2) In this Act, the Westpac Bank of Tonga Act (Cap 105), shall be referred to as the Principal Act.

2 Section 3 amended

Section 3 of the Principal Act is hereby amended by inserting the following new sub-section 3 –

"(3) Notwithstanding anything in sub-sections (1) and (2), the Bank shall register as a company under the Companies Act as the Westpac Bank of Tonga Limited."

3 New section 14 inserted

The Principal Act is hereby amended by inserting the following new section 14 –

"Transitional and Savings

(1) Upon incorporation under section 3(3) of this Act as Westpac Bank of Tonga Limited, all properties, rights and liabilities to which the Bank was entitled or subject immediately before that date shall, by virtue of this section, be vested in the Westpac Bank of Tonga Limited.

(2) The incorporation under section 3(3) of this Act does not –

(a) create a new legal entity;

(b) prejudice or affect the identity of the Bank or its continuity as a legal entity;

(c) affect the property, rights or obligations of the Bank; or

(d) affect proceedings by or against the Bank.

(3) Notwithstanding the repeal of this Act, the provisions of this section shall continue to be in force."

Passed by the Legislative Assembly this 18th day of May 2015.