New South Wales Consolidated Acts

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (NMRB) ACT 1991 - SECT 13

13 Effect of contracts and instruments

(1) All contracts, agreements, conveyances, deeds, leases, licences and other instruments or undertakings concerning or relating to the category A undertaking of NMR Savings Bank and entered into by, or made with, or addressed to, NMR Savings Bank (whether alone or with any other person) in force immediately before the appointed day are on and after that day to the extent that they were immediately before that day binding upon and enforceable by, or against, NMR Savings Bank, binding and of full force and effect in every respect in favour of, or against, ANZ Savings Bank, as fully and effectually as if, instead of NMR Savings Bank, ANZ Savings Bank had been a party thereto or bound thereby or entitled to the whole or any portion of the benefit thereof.

(2) All contracts, agreements, conveyances, deeds, leases, licences and other instruments or undertakings concerning or relating to the category B undertaking of NMR Savings Bank and entered into by, or made with, or addressed to, NMR Savings Bank (whether alone or with any other person) in force immediately before the appointed day are on and after that day to the extent that they were immediately before that day binding upon and enforceable by, or against, NMR Savings Bank, binding and of full force and effect in every respect in favour of, or against, ANZ as fully and effectually as if, instead of NMR Savings Bank, ANZ had been a party thereto or bound thereby or entitled to the whole or any portion of the benefit thereof.

(3) Subsections (1) and (2) do not apply to any contract, agreement, conveyance, deed, lease, licence, instrument or undertaking relating to an excluded asset.

(4) A director, secretary or auditor of NMR Savings Bank is not by virtue only of this Act a director, secretary or auditor (as the case may be) of ANZ Savings Bank or ANZ.