Document ID: chunk:federal_register_of_legislation:C2016C00828:section:13
Version: federal_register_of_legislation:C2016C00828
Segment Type: section
Provision Reference: s 13
Character Range: 15415–16604

13  Assets and liabilities
 (1) Without limiting, by implication, the operation of subsection 12(1), on the succession day for a receiving bank and the relevant transferring bank:
 (a) all assets of the transferring bank, wherever located, vest in, or are otherwise available for the use of, the receiving bank; and
 (b) all liabilities of the transferring bank, wherever located, become liabilities of the receiving bank.
 (2) Without limiting, by implication, the operation of subsection 12(2), on the succession day for BNZ and BNZ Savings:
 (a) all assets of BNZ Savings, wherever located, acquired in respect of the business of BNZ Savings that relates to its Australian operations:
 (i) vest in, or are otherwise available for the use of, BNZ; and
 (ii) are to be treated as assets acquired in respect of the business of BNZ that relates to its Australian operations; and
 (b) all liabilities of BNZ Savings, wherever located, incurred in respect of the business of BNZ Savings that relates to its Australian operations:
 (i) become liabilities of BNZ; and
 (ii) are to be treated as liabilities incurred in respect of the business of BNZ that relates to its Australian operations.