Victorian Current Acts Victorian Current Acts(1) A person who was an employee of Challenge in Victoria immediately before the commencement time is to be regarded as—
(a) having been appointed by Bank of Melbourne with effect from that time; and
(b) having an accrued entitlement to long service leave, sick leave, recreation leave or other like benefits, in connection with that appointment by the Bank of Melbourne, that is equivalent to the accrued entitlement to those benefits that the person had, immediately before that time, in respect of the person's employment by Challenge.
(2) The service of a transferred employee as an employee of Bank of Melbourne is to be regarded for all purposes as having been continuous with the service of the employee, immediately before the commencement time, as an employee of Challenge.
(3) A transferred employee is not entitled to receive any payment or other benefit by reason only of having ceased to be an employee of Challenge because of this Part.
(4) Subsection (1) does not apply to an employee of Challenge who, in writing given to Challenge or Bank of Melbourne before the Bank of Melbourne vesting time, elects not to become an employee of Bank of Melbourne.