New South Wales Consolidated Acts

STATE BANK OF SOUTH AUSTRALIA (TRANSFER OF UNDERTAKING) ACT 1994 - SECT 10

10 Exclusion of obligation to inquire

(1) A person dealing with SBSA or a SBSA subsidiary is not obliged to inquire whether property to which a transaction relates is or is not a transferred asset.

(2) A person dealing with BSAL is not obliged to inquire whether property to which a transaction relates is or is not a transferred asset.

(3) If SBSA or a SBSA subsidiary was entitled to property before the appointed day, and after that day, SBSA or the SBSA subsidiary, or BSAL, purports to deal with the property as if entitled to it, the transaction is valid even though the body corporate purporting to deal with the property is not entitled to do so because the property is, or is not, a transferred asset.

(4) However, this section does not validate a transaction if the party dealing with SBSA, the SBSA subsidiary or BSAL has actual notice of the deficiency of title or acts fraudulently.