Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Despite the repeal
of the 1987 Act the former Bank —
(a)
continues as if there had been no such repeal, for the purpose of performing
the function described in subsection (2); and
(b) has
all such powers as are necessary or convenient for that purpose.
(2) Where any asset,
right or liability to which Schedule 2 to the 1990 Act applied could not
be properly vested in or succeeded to by Bank of Western Australia Ltd by the
operation of that Act (whether because the matter was governed otherwise than
by the law of the State, or for any other reason) and the asset, right or
liability was not vested in or succeeded to by Bank of Western Australia Ltd
before the repeal of that Schedule the former Bank —
(a) is
to be taken to continue to hold or be liable for that asset, right or
liability until the same is effectively vested in or succeeded to by the Bank;
and
(b) is
to take all practicable steps for the purpose of securing that such asset,
right or liability is effectively vested in or succeeded to by the Bank.
(3) The former Bank is
to perform the function described in subsection (2)(b) through the
managing director of the Bank.
(4) The performance of
the functions of the former Bank under this section does not constitute or
continue the former Bank as a bank and is not to be construed as the conduct
of State banking or banking business by the former Bank.