Victorian Current Acts Victorian Current ActsWithout prejudice to the generality of other provisions of this Act the following provisions shall have effect on and after the appointed day—
(a) an instruction, order, direction, mandate or authority given to CBC and subsisting immediately before the appointed day (not being one relating to an excluded asset) shall be deemed to have been given to the continuing bank;
(b) an instrument given or addressed to CBC on or after the appointed day (not being an instrument relating to an excluded asset) shall be deemed to have been given or addressed to the continuing bank;
(c) a security held by CBC as security for a debt or other liability to CBC incurred before the appointed day shall be available to the continuing bank as security for the discharge of that debt or liability and, where the security extends to future or prospective debts or liabilities, shall be available as security for the discharge of debts owed to or liabilities to the continuing bank which are incurred on or after the appointed day; and in relation to a security the continuing bank shall be entitled to all the rights and priorities (howsoever arising) and shall be subject to all liabilities to which CBC would have been entitled or subject if this Act had not been passed;
(d) all the rights and liabilities of CBC as bailee of documents or chattels shall be transferred to and assumed by the continuing bank;
(e) a negotiable instrument or order for payment of money which before, on or after the appointed day is drawn on or given to or accepted or endorsed by CBC or payable at a place of business of CBC shall have the same effect on and after the appointed day as if it had been drawn on or given to or accepted or endorsed by the continuing bank instead of CBC or was payable at the place of business of the continuing bank which the first mentioned place of business is by this Act deemed to be;
(f) the relationship between CBC and a customer or depositor shall become the same relationship between the continuing bank and the customer or depositor and the same rights and liabilities including rights of set-off shall exist between the continuing bank and the customer or depositor as existed immediately before the appointed day between CBC and the customer or depositor;
(g) all contracts, agreements, conveyances, deeds, leases, licences, instruments, undertakings and notices (whether or not in writing) entered into by, made with, given to or by or addressed to CBC (whether alone or with any other person) before the appointed day and in effect immediately before the appointed day shall (except to the extent that they relate to an excluded asset), to the extent that they were previously binding on and enforceable by, against or in favour of CBC, be binding on and enforceable by, against or in favour of the continuing bank as fully and effectually in every respect as if, instead of CBC, the continuing bank had been the person by whom they were entered into, with whom they were made or to or by whom they were given or addressed, as the case may be;
(h) no legal proceedings commenced before the appointed day by, against or in favour of CBC shall abate or be otherwise prejudiced by reason of this Act;
(i) nothing effected by this Act—
(i) shall be regarded as placing CBC or the continuing bank in breach of contract or confidence or as otherwise making either of them guilty of a civil wrong;
(ii) shall be regarded as placing either of them in breach of any Act or other law or contractual provision prohibiting, restricting or regulating the assignment or transfer of any property or the disclosure of any information; or
(iii) shall release any surety wholly or in part from all or any of his obligations; and
(j) nothing done or suffered by CBC or the continuing bank pursuant to this Act (not being something effected by this Act)—
(i) shall be regarded as a breach of contract or confidence or otherwise as a civil wrong;
(ii) shall be regarded as a breach of any Act or other law or contractual provision prohibiting, restricting or regulating the assignment or transfer of any property or the disclosure of any information; or
(iii) shall release any surety wholly or in part from all or any of his obligations—
if it would not have had that effect had it been done or suffered by CBC in the absence of this Act.