Victorian Current Acts Victorian Current Acts(1) All contracts, agreements, conveyances, deeds, leases, licences and other instruments or undertakings entered into by or made with, or addressed to, Challenge (whether alone or with any other person) in force immediately before the commencement time are on and after that time to the extent that they were immediately before that time binding upon and enforceable by, or against, Challenge, binding and of full force and effect in every respect in favour of, or against, Westpac, as fully and effectually as if, instead of Challenge, Westpac had been a party to them or bound by them or entitled to the whole or any portion of the benefit of them.
(2) Subsection (1) does not apply to any contract, agreement, conveyance, deed, lease, licence, instrument or undertaking relating to—
(a) a Westpac excluded asset; or
(b) the employment of a Challenge employee; or
(c) a provident, benefit, superannuation or retirement fund relating to Challenge employees.
(3) A director, secretary or auditor of Challenge is not by reason only of this Part a director, secretary or auditor (as the case may be) of Westpac.
(4) Subsection (1) ceases to have effect in relation to the transferring undertaking at the Bank of Melbourne vesting time.