New South Wales Consolidated Acts

BANK INTEGRATION ACT 1992 - SECT 8

8 Assets and liabilities

Without limiting, by implication, the operation of section 7, on the succession day:

(a) all assets of the transferring bank, wherever located, vest in, or are otherwise available for the use of, the receiving bank, and

(b) all liabilities of the transferring bank, wherever located, become liabilities of the receiving bank.