New South Wales Consolidated Acts

BANK MERGERS ACT 1996 - SECT 4

4 Regulations for the merging of banks

(1) The regulations may make provision for or relating to the merger of 2 or more banks.

(2) Without limiting subsection (1), the regulations may make provision for or with respect to:

(a) the transfer of the whole or part of the undertaking of a bank to another bank and the vesting of the whole or part of that undertaking in the other bank,

(b) the succession of one bank as the successor in law of another bank and the effect of that succession, including the vesting of assets or liabilities,

(c) the obligations of the banks concerned in relation to the merger and related transactions,

(d) the effect of the merger on existing contracts, agreements (oral or written), deeds, leases, licences and other instruments and other undertakings of a bank that is being merged with another bank,

(e) the relationship of a bank with the customers or depositors of another bank concerned,

(f) the effect of the merger on custody or bailment of documents, goods or things held by the banks concerned,

(g) the effect of the merger on existing securities of a bank that is being merged with another bank,

(h) the effect of the merger on the employment, superannuation and related rights of staff of a bank that is being merged with another bank,

(i) the use of business names by the banks concerned,

(j) the effect of the merger on existing or pending legal proceedings and evidence in existing or future legal proceedings, and on legal rights and obligations,

(k) the effect of the merger on the liabilities of the banks concerned,

(l) the construction of references to the banks concerned and any other persons or bodies affected by the merger,

(m) service of documents on the banks concerned,

(n) the transfer of assets or liabilities of a bank that is being merged with another bank and the recognition of the transfer by the Registrar-General or any other person or authority,

(o) the identification of assets or liabilities of a bank that is being merged with another bank,

(p) the transfer of charges, and compliance with related statutory requirements, as a consequence of the merger,

(q) evidence of matters related to the merger,

(r) payment, or exemption from payment, of duties, taxes, charges, rates or other imposts,

(s) other provisions of a savings or transitional nature consequential on the merger.

(3) A regulation made for the purposes of this section may be expressed to have effect despite the provisions of any other Act relating to the payment of duties, taxes, charges, rates or other imposts or to the registration of ownership of assets or liabilities and, if so expressed, has effect accordingly.