New South Wales Consolidated Regulations

BANK MERGERS (BANK OF MELBOURNE) REGULATION 1998 - REG 24

24 Regulation to have effect despite other instruments

(1) This Regulation has effect despite anything in any contract, deed, undertaking, agreement or other instrument (whether made before or after the commencement of this Regulation).

(2) Nothing done by or under this Regulation:

(a) places Westpac, the Bank of Melbourne or another person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong, or

(b) places Westpac, the Bank of Melbourne or another person in breach of:

(i) any law of New South Wales, or

(ii) any contractual provision prohibiting, restricting or regulating the assignment or transfer of any asset or liability or the disclosure of any information, or

(c) constitutes an event or fulfils any condition which allows a person to terminate or otherwise exercise a right or power under any agreement or liability, or

(d) releases any surety or other obligor, wholly or partly, from any liability, whether actual, contingent or prospective.

(3) Without limiting subclause (1), where, apart from this clause, the advice or consent of a person would be necessary in any particular respect in order to give effect to this Regulation, the advice is taken to have been obtained or the consent is taken to have been given, as the case requires.

(4) Nothing in this Regulation exempts Westpac from the provisions of any Act or statutory instrument relating to companies carrying on the business of banking.