Western Australian Current Acts Western Australian Current Acts Without 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 (other than
in relation to an excluded asset) and subsisting immediately before the
appointed day shall be deemed to have been given to the continuing bank;
(b) an
instrument given or addressed to CBC (other than in relation to an excluded
asset) on or after the appointed day 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 owed 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 and 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 enacted;
(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, whether 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 (except to the extent that they relate to an excluded asset)
shall, 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, to or by whom they were given or to
whom they were 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;
(j)
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 rendering either of them
liable for a civil wrong;
(ii)
shall be regarded as placing either of them in breach of
any Act or other law, or of any 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
(k)
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
of any 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 if this Act had not been
enacted.