Queensland Consolidated Acts

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (NMRB) ACT 1991 - SECT 16

16 Legal proceedings—the category B undertaking of NMR Savings Bank

(1) This section applies to—

(a) any action, arbitration or proceeding or cause of action, arbitration or proceeding that is on the appointed day pending or existing by, against, or in favour of, NMR Savings Bank in relation to the category B undertaking of NMR Savings Bank; and

(b) any cause of action, arbitration or proceeding by, against, or in favour of, NMR Savings Bank, that arises after the appointed day in relation to a contract made by NMR Savings Bank before the appointed day or that arises in relation to anything done or omitted to be done by NMR Savings Bank before the appointed day in either case in relation to the category B undertaking of NMR Savings Bank;

but does not apply to any action, arbitration or proceeding or to any cause of action, arbitration or proceeding relating to an excluded asset.

(2) Any action, arbitration or proceeding and any cause of action, arbitration or proceeding to which this section applies, is not abated or discontinued or in any way prejudicially affected because of this Act, and they may without any further act, deed or instrument other than any appropriate amendment of the records of the relevant court or tribunal, be prosecuted and continued and enforced by, against, or in favour of, ANZ, in its own name as and when it might have been prosecuted, continued and enforced by, against, or in favour of, NMR Savings Bank if this Act had not been enacted.

(3) Despite subsection (2) , the court, tribunal or other person making or entering any judgment, order or award for the payment of any sum of money, whether ascertained or to be ascertained, against ANZ in any action, arbitration or proceeding to which this section applies must, at the request of any party in whose favour the judgment, order or award is being made or entered, make or enter the judgment, order or award against both NMR Savings Bank and ANZ, and the judgment, order or award may, when so made or entered, be enforced against both NMR Savings Bank and ANZ.