Australia and New Zealand Banking Group Act 1970

Subject to subsection (2), all contracts, agreements, conveyances, deeds, leases, licences and other instruments or undertakings entered into by, or made with, or addressed to, an existing bank (whether alone or with any other person) in force immediately before the appointed day, shall on and after that day to the extent that they were immediately before that day binding upon and enforceable by or against the existing bank, be binding and of full force and effect in every respect in favour of or against the Bank as fully and effectually as if, instead of the existing bank, the Bank had been a party thereto or bound thereby or entitled to the benefit thereof.

The provisions of subsection (1) do not apply to any contract, agreement, conveyance, deed, lease, licence, instrument or undertaking relating to an excluded asset.