New South Wales Consolidated Acts

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (NMRB) ACT 1991 - SECT 8

8 Legal proceedings

(1) This section applies to:

(a) any action, arbitration or proceeding or cause of action, arbitration or proceeding which is on the appointed day pending or existing by, against, or in favour of, NMRB, and

(b) any cause of action, arbitration or proceeding by, against, or in favour of, NMRB, which arises after the appointed day in respect of a contract made by NMRB before the appointed day or which arises in respect of anything done or omitted to be done by NMRB before the appointed day,

but does not apply to any action, arbitration or proceeding or to any cause of action, arbitration or proceeding relating to an excluded asset.

(2) Any action, arbitration or proceeding and any cause of action, arbitration or proceeding to which this section applies, is not abated or discontinued or in any way prejudicially affected by reason of this Act, but the same may, without any further act, deed or instrument other than any appropriate amendment of the records of the relevant court or tribunal, be prosecuted and continued and enforced by, against, or in favour of, ANZ, in its own name as and when it might have been prosecuted, continued and enforced by, against, or in favour of, NMRB if this Act had not been enacted.

(3) Despite subsection (2), the court, tribunal or other person making or entering any judgment, order or award for the payment of any sum of money, whether ascertained or to be ascertained, against ANZ in any action, arbitration or proceeding to which this section applies must, at the request of any party in whose favour the judgment, order or award is being made or entered, make or enter the judgment, order or award against both NMRB and ANZ, and the judgment, order or award may, when so made or entered, be enforced against both NMRB and ANZ.