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BANK MERGERS ACT 1997 (NO. 47 OF 1997) - SECT 5

Regulations for the merger of banks

5. (1) The regulations may make provision for or relating to the merger of 2 or more banks.

(2) Without limiting the generality of subsection (1), the regulations may make provision for or with respect to—

        (a)     the transfer of the whole or a part of the undertaking of a bank to another bank and the vesting of the whole or that part of that undertaking in the other bank;

        (b)     the succession of a bank as the successor in law of another bank and the effect of that succession, including the vesting of assets or liabilities;

        (c)     the obligations of the merging banks in relation to the merger and related transactions;

        (d)     the effect of the merger on—

              (i)     existing contracts, oral or written agreements, deeds, leases, licences and other instruments and other undertakings of a merging bank;

              (ii)     custody or bailment of documents, goods or things held by a merging bank;

              (iii)     existing securities of a merging bank;

              (iv)     the employment, superannuation and related rights of staff of a merging bank;

              (v)     current or pending legal proceedings, evidence in current or future legal proceedings, and legal rights and obligations; and

              (vi)     the liabilities of the merging banks;

        (e)     the relationship of a merging bank with the customers of another merging bank;

        (f)     the use of business names by the merging banks;

        (g)     the construction of references to the merging banks and any other persons or bodies affected by the merger;

        (h)     service of documents on the merging banks;

              (i)     the transfer of assets or liabilities of a merging bank and due registration or other legal recognition of the transfer;

        (j)     the identification of assets or liabilities of a merging bank;

        (k)     the transfer of charges, and compliance with related statutory requirements, consequent on the merger;

        (l)     evidence of matters related to the merger;

        (m)     payment, or exemption from payment, of duties, taxes, charges, rates or other imposts consequent on or otherwise related to the merger; and

        (n)     other matters of a savings or transitional nature consequent on the merger.

(3) A regulation made for the purposes of this section may be expressed to have effect notwithstanding the provisions of any other Act relating to the payment of duties, taxes, charges, rates or other imposts or to the registration of ownership of assets or liabilities and, if so expressed, has effect accordingly.

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