Western Australian Current Acts

AUSTRALIA AND NEW ZEALAND BANKING GROUP ACT 1970 - SECT 15

15 .         Transfer of Savings Bank business of E.S.A. Savings Bank to A.N.Z. Savings Bank

                Without prejudice to the generality of the foregoing provisions of this Part, the following provisions have effect with relation to the banking business of E.S.A. Savings Bank —

            (a)         the relationship between E.S.A. Savings Bank and a customer or depositor at any office or branch or agency of E.S.A. Savings Bank shall, on and after the appointed day, be between A.N.Z. Savings Bank and the customer or depositor, and shall give rise to the same rights and the same duties (including rights of set-off) as would have existed before that day if that relationship had been between A.N.Z. Savings Bank and the customer or depositor and so that any instruction, order, direction, mandate or authority given by the customer or depositor to E.S.A. Savings Bank and subsisting at or given after the appointed day shall, unless and until revoked or cancelled, be deemed to have been given to A.N.Z. Savings Bank;

            (b)         any security held by E.S.A. Savings Bank as security for the payment of debts or liabilities (whether present or future, certain or contingent) of any person shall be transferred or deemed to be transferred to A.N.Z. Savings Bank on the appointed day, and shall be held by and be available to A.N.Z. Savings Bank as security for the payment of those debts and liabilities to A.N.Z. Savings Bank; and where the security extends to future advances to or to future liabilities of the person, the security shall, as on and after that day, subject to any agreement between A.N.Z. Savings Bank and the person, be held by and be available to A.N.Z. Savings Bank as security for future advances to the person by, and future liabilities of the person to, A.N.Z. Savings Bank to the same extent to which future advances by, or liabilities to, E.S.A. Savings Bank were secured thereby immediately before that day;

            (c)         A.N.Z. Savings Bank shall, in relation to any security transferred or deemed to have been transferred to it in accordance with or by virtue of this Act and the moneys thereby secured, be entitled to the same rights and priorities and subject to the same obligations and incidents as E.S.A. Savings Bank would have been entitled and subject to if the security had continued to be held by E.S.A. Savings Bank;

            (d)         the custody of any document, goods or thing held by E.S.A. Savings Banks as bailee for any other person at any office or branch of E.S.A. Savings Bank shall be transferred or deemed to be transferred to A.N.Z. Savings Bank on the appointed day and the rights and obligations of E.S.A. Savings Bank under any contract of bailment relating to the document, goods or thing shall be transferred or deemed to be transferred on that day to A.N.Z. Savings Bank;

            (e)         any negotiable instrument or order for payment of money, whether drawn, given, accepted or endorsed before, on or after the appointed day, that is expressed to be drawn on, or given to, or accepted or endorsed by, E.S.A. Savings Bank, or payable at any place of business of E.S.A. Savings Bank 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, A.N.Z. Savings Bank, or payable at the same place of business of A.N.Z. Savings Bank.