New South Wales Consolidated Acts

BANK MERGERS ACT 1996 - SECT 5

5 Succession of banks

(1) A regulation for the purposes of this Act may provide for the liquidation or dissolution of a bank being merged with another bank.

(2) Any such regulation may only be made with the approval of the Minister administering the Corporations Law .

(3) A regulation for the purposes of this Act may provide that a bank is the successor in law of another bank and is, for all purposes, a continuation of and the same legal entity as the other bank.