12
In forceConsequence of succession day
Part 3Bank reorganisations
12 Consequence of succession day
(1)
On the succession day for a receiving bank (other than BNZ) and the relevant transferring bank, the receiving bank becomes the successor in law of the transferring bank.
(2)
On the succession day for BNZ and BNZ Savings, the business of BNZ Savings that relates to its Australian operations ceases to be the business of that bank and becomes the business of BNZ.
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