New South Wales Consolidated Acts

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (NMRB) ACT 1991 - SECT 12

12 Vesting of undertaking

(1) On the appointed day the category A undertaking of NMR Savings Bank is by virtue of this Act divested from NMR Savings Bank and vested in ANZ Savings Bank and the category B undertaking of NMR Savings Bank is by virtue of this Act divested from NMR Savings Bank and vested in ANZ.

(2) If any portion of the category A undertaking of NMR Savings Bank cannot be vested in ANZ Savings Bank by virtue of this Act because transfer of that portion is governed otherwise than by the law of New South Wales, then NMR Savings Bank must as soon as is practicable after the appointed day take all necessary steps for the purpose of securing that the portion is effectively transferred to ANZ Savings Bank.

(3) If any portion of the category B undertaking of NMR Savings Bank cannot be vested in ANZ by virtue of this Act because transfer of that portion is governed otherwise than by the law of New South Wales, then NMR Savings Bank must as soon as is practicable after the appointed day take all necessary steps for the purpose of securing that the portion is effectively transferred to ANZ.

(4) The production of a copy of this Act printed by the Government Printer is on and after the appointed day conclusive evidence in all courts and tribunals and proceedings of the transfer to and the vesting in ANZ Savings Bank of that part of the category A undertaking of NMR Savings Bank affected by the operation of subsection (1).

(5) The production of a copy of this Act printed by the Government Printer is on and after the appointed day conclusive evidence in all courts and tribunals and proceedings of the transfer to and the vesting in ANZ of that part of the category B undertaking of NMR Savings Bank affected by the operation of subsection (1).