Queensland Consolidated Acts

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (NMRB) ACT 1991 - SECT 14

14 Transitional provisions

(1) Without limiting sections 12 and 13 , and subject to subsections (3) and (4) , the following provisions have effect in relation to the banking business of NMR Savings Bank—

(a) the relationship between NMR Savings Bank and a customer or depositor at any office or branch or agency of that bank is, to the extent that it relates to the category A undertaking of NMR Savings Bank, on and after the appointed day, between ANZ Savings Bank and that customer or depositor, and gives rise to the same rights and the same duties (including rights of set-off) as would have existed before that day if that relationship had been between ANZ Savings Bank and the customer or depositor, and so that any instruction, order, direction, mandate or authority given by that customer or depositor to NMR Savings Bank and subsisting on or given after the appointed day, is, unless and until revoked or cancelled, taken to have been given to ANZ Savings Bank;

(b) any security held by NMR Savings Bank as security for the payment of debts or liabilities (whether present or future, certain or contingent) of any person and that forms part of the category A undertaking of NMR Savings Bank is transferred or taken to be transferred to ANZ Savings Bank on the appointed day, and must be held by and be available to ANZ Savings Bank as security for the payment of those debts and liabilities to ANZ Savings Bank and, where the security extends to future advances to, or to future liabilities of, that person, the security must, on and after that day, subject to any agreement between ANZ Savings Bank and that person, be held by and be available to ANZ Savings Bank as security for future advances to that person by, and future liabilities of that person to, ANZ Savings Bank, to the same extent to which future advances by, or liabilities to, NMR Savings Bank were secured immediately before that day;

(c) ANZ Savings Bank is, in relation to any security transferred or taken to have been transferred to it in accordance with, or by virtue of, this Act and the money thereby secured, entitled to the same rights and priorities and subject to the same obligations and incidents as NMR Savings Bank would have been entitled and subject to, if the security had continued to be held by NMR Savings Bank;

(d) the custody of any document, goods or thing held by NMR Savings Bank as bailee for any other person at any office or branch or agency of NMR Savings Bank and that relates to or forms part of the category A undertaking of NMR Savings Bank, is transferred or taken to be transferred to ANZ Savings Bank on the appointed day, and the rights and obligations of NMR Savings Bank under any contract of bailment relating to the document, goods or thing are transferred or taken to be transferred on that day to ANZ Savings Bank;

(e) any negotiable instrument or order for payment of money that relates to or forms part of the category A undertaking of NMR Savings Bank, whether drawn, given, accepted or endorsed before, on or after the appointed day, that is expressed to be drawn by, drawn on, or given to, or accepted or endorsed by, NMR Savings Bank, or payable at any place of business of NMR Savings Bank has the same effect on and after the appointed day as if it had been drawn by, drawn on, or given to, or accepted or endorsed by, ANZ Savings Bank, or payable at the same place of business of ANZ Savings Bank.

(2) Without limiting sections 12 and 13 , and subject to subsections (3) and (4) , the following provisions have effect in relation to the banking business of NMR Savings Bank—

(a) the relationship between NMR Savings Bank and a customer or depositor at any office or branch or agency of that bank is, to the extent that it relates to the category B undertaking of NMR Savings Bank, on and after the appointed day, between ANZ and that customer or depositor, and gives rise to the same rights and the same duties (including rights of set-off) as would have existed before that day if that relationship had been between ANZ and the customer or depositor, and so that any instruction, order, direction, mandate or authority given by that customer or depositor to NMR Savings Bank and subsisting on or given after the appointed day, is, unless and until revoked or cancelled, taken to have been given to ANZ;

(b) any security held by NMR Savings Bank as security for the payment of debts or liabilities (whether present or future, certain or contingent) of any person and that forms part of the category B undertaking of NMR Savings Bank is transferred or taken to be transferred to ANZ on the appointed day, and must be held by and be available to ANZ as security for the payment of those debts and liabilities to ANZ and, where the security extends to future advances, to or to future liabilities of, that person, the security must, on and after that day, subject to any agreement between ANZ and that person, be held by and be available to ANZ as security for future advances to that person by, and future liabilities of that person to, ANZ, to the same extent to which future advances by, or liabilities to, NMR Savings Bank were secured immediately before that day;

(c) ANZ is, in relation to any security transferred or taken to have been transferred to it in accordance with, or by virtue of, this Act and the money thereby secured, entitled to the same rights and priorities and subject to the same obligations and incidents as NMR Savings Bank would have been entitled and subject to, if the security had continued to be held by NMR Savings Bank;

(d) the custody of any document, goods or thing held by NMR Savings Bank as bailee for any other person at any office or branch or agency of NMR Savings Bank and that relates to or forms part of the category B undertaking of NMR Savings Bank, is transferred or taken to be transferred to ANZ on the appointed day, and the rights and obligations of NMR Savings Bank under any contract of bailment relating to the document, goods or thing are transferred or taken to be transferred on that day to ANZ;

(e) any negotiable instrument or order for payment of money that relates to or forms part of the category B undertaking of NMR Savings Bank, whether drawn, given, accepted or endorsed before, on or after the appointed day, that is expressed to be drawn by, drawn on, or given to, or accepted or endorsed by, NMR Savings Bank, or payable at any place of business of NMR Savings Bank has the same effect on or after the appointed day as if it had been drawn by, drawn on, or given to, or accepted or endorsed by ANZ, or payable at the same place of business of ANZ.

(3) In cases where a security is transferred to ANZ Savings Bank under subsection (1) and it also secures or is liable to secure the payment of a debt (whether present or future) or the discharge of an obligation or liability (whether actual or contingent), in either case that forms part of the category B undertaking of NMR Savings Bank, the security will be held by ANZ Savings Bank as trustee for both ANZ Savings Bank and ANZ as security for the respective amounts owing to ANZ Savings Bank and ANZ from time to time.

(4) In cases where a security is transferred to ANZ under subsection (2) and it also secures or is liable to secure the payment of a debt (whether present or future) or the discharge of an obligation or liability (whether actual or contingent), in either case that forms part of the category A undertaking of NMR Savings Bank, the security will be held by ANZ as trustee for both ANZ and ANZ Savings Bank as security for the respective amounts owing to ANZ and ANZ Savings Bank from time to time.