New South Wales Consolidated Acts

CANBERRA ADVANCE BANK LIMITED (MERGER) ACT 1992 - SECT 22

22 Assets not part of undertaking

(1) No person dealing with ABA or CAB (in any capacity at all) nor the Registrar-General, nor any other person registering or certifying title to land or having the power or duty to examine or receive evidence as to title to land, is, in respect of any dealing or transaction entered into or purporting to be entered into by ABA or CAB, to be concerned to see, or inquire into, whether any property the subject of the dealing or transaction (whether or not that property is land) is or is not part of the undertaking of CAB, or be affected by any notice, express, implied or constructive, that any such property is or is not part of the undertaking of CAB.

(2) If any dealing or transaction is entered into by ABA with any person, in relation to or in connection with property or any liability that is not part of, or any liability that is related to part of, the undertaking of CAB, it is to be taken in favour of that person that ABA has full power and authority to enter into that dealing or transaction as if the property or liability had vested in ABA under this Act.

(3) Nothing in this section affects the liability of ABA to CAB, in respect of anything done, or purporting to be done, by ABA in relation to or in connection with property that was not part of the undertaking of CAB.