Victorian Current Acts Victorian Current Acts(1) This section applies to—
(a) any action, arbitration or proceeding or cause of action, arbitration or proceeding which is at the commencement time pending or existing by, against, or in favour of, Challenge; and
(b) any cause of action, arbitration or proceeding by, against, or in favour of, Challenge, which arises after the commencement time in respect of a contract made by Challenge before the commencement time or which arises in respect of anything done or omitted to be done by Challenge before the commencement time—
but does not apply to any action, arbitration or proceeding or to any cause of action relating to—
(c) a Westpac excluded asset;
(d) the employment of a Challenge employee; or
(e) a provident, benefit, superannuation or retirement fund relating to Challenge employees.
(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 by reason of this Part, and 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 or against Westpac, in its own name as and when it might have been prosecuted, continued and enforced by or against Challenge 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 Westpac in any legal or arbitral proceeding to which this section applies may, 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 Challenge and Westpac, and the judgment, order or award may, when so made or entered, be enforced against both Challenge and Westpac.
(4) Subsections (2) and (3) cease to have effect in relation to the transferring undertaking at the Bank of Melbourne vesting time.