Western Australian Current Acts Western Australian Current Acts The following
transitional provisions apply in relation to transferred assets and
liabilities —
(a) if
an instrument or other document, or oral agreement, understanding or
undertaking, is applicable to a transferred asset or liability, then for the
purpose of construing the instrument or other document or oral agreement,
understanding or undertaking (so far as it applies to the transferred asset or
liability) —
(i)
a reference to SBSA or an SBSA subsidiary is to be
construed as a reference to BSAL; and
(ii)
a reference to a branch, office, or agency of SBSA or an
SBSA subsidiary is to be construed as a reference to the corresponding branch,
office, or agency of BSAL, or a branch, office or agency designated by the CEO
of BSAL as the corresponding branch, office or agency; and
(iii)
a reference to an officer of SBSA or an SBSA subsidiary
is to be construed as a reference to the corresponding officer of BSAL or an
officer designated by the CEO of BSAL as the corresponding officer;
and
(b) the
relationship of banker and customer existing between SBSA and a customer in
relation to a transferred asset or liability immediately before the transfer
took effect continues between BSAL and the customer after the transfer takes
effect and gives rise to the same rights (including rights of set-off) and the
same liabilities as would have arisen if there had been no transfer; and
(c) an
instruction, order, mandate, authority or notice given to SBSA or an SBSA
subsidiary before the transfer takes effect is, so far as it is referable to a
transferred asset or liability, taken to have been given to BSAL; and
(d) if a
security held by SBSA or an SBSA subsidiary is referable to a transferred
asset or liability, then, so far as it is referable to the transferred asset
or liability —
(i)
the security is available to BSAL as security for the
discharge of the liabilities to which it relates including, where the security
extends to future liabilities, any such liabilities incurred after the
transfer; and
(ii)
BSAL is entitled to the same rights and priorities and
subject to the same liabilities in relation to the security as those to which
SBSA or the SBSA subsidiary would have been entitled or subject if there had
been no transfer;
and
(e) BSAL
is entitled to possession of all documents to which SBSA or an SBSA subsidiary
was entitled immediately before the transfer took effect that are entirely
referable to a transferred asset or liability and is entitled to access to,
and copies of, all documents that are referable to both a transferred asset or
liability and any other asset or liability that is not transferred; and
(f) a
negotiable instrument or order for payment drawn by or on, or accepted or
endorsed by SBSA, is (if SBSA’s liability under the instrument or order
is a transferred liability) payable by BSAL in the same way as if it had been
drawn by or on, or accepted or endorsed (as the case may be) by BSAL; and
(g) a
cheque drawn on an account transferred to BSAL is, although expressed to be
drawn on the account formerly at SBSA, taken to have been drawn on the account
at BSAL; and
(h) if
an account in respect of which a credit or debit card was issued by SBSA or an
SBSA subsidiary is transferred, the card is taken to have been issued by BSAL
and to be the property of BSAL; and
(i)
if a transferred asset consists of rights to the
possession or use of property under a lease or other agreement, BSAL may
exercise those rights without giving rise to any liability on the part of the
body corporate from which the asset was transferred for parting with
possession of the property, or permitting the possession or use of the
property by another person, contrary to the terms of the lease or agreement;
and
(j) BSAL
has the same right to ratify a contract or agreement relating to an asset or
liability transferred to it from SBSA or an SBSA subsidiary as SBSA or the
SBSA subsidiary would have had if there had been no transfer; and
(k)
legal proceedings in respect of a transferred asset or liability commenced by
or against SBSA or an SBSA subsidiary must (subject to discontinuance) be
continued and completed by or against BSAL; and
(l) in
legal proceedings relevant to a transferred asset or liability —
(i)
BSAL will have the same rights and privileges as SBSA or
the SBSA subsidiary would have had if there had been no transfer; and
(ii)
a document that could have been given in evidence by or
against SBSA or an SBSA subsidiary if there had been no transfer may be given
in evidence by or against BSAL;
and
(m) BSAL
may execute an instrument discharging, surrendering, transferring or otherwise
dealing with a transferred asset or liability either in its own name or in the
name of the body corporate from which the asset or liability was transferred
to BSAL.