Australia and New Zealand Banking Group Act 1970

the relationship between an existing bank and a customer at any office or branch of that existing bank shall, on and after the appointed day, be between the Bank and that customer, and shall give rise to the same rights and the same duties (including rights of set‑off) as would have existed before that day if that relationship had been between the Bank and the customer, and so that any instruction, order, direction, mandate or authority given by that customer to the existing bank and subsisting at or given after the appointed day shall, unless and until revoked or cancelled, be deemed to have been given to the Bank;

any security held by an existing bank as security for the payment of debts or liabilities (whether present or future, certain or contingent) of any person shall be transferred or deemed to be transferred to the Bank on the appointed day, and shall be held by and be available to the Bank as security for the payment of those debts and liabilities to the Bank; and where the security extends to future advances to, or to future liabilities of, the person, the security shall, as on and after that day, subject to any agreement between the Bank and the person, be held by and be available to the Bank as security for future advances to the person by, and future liabilities of the person to, the Bank to the same extent to which future advances by, or liabilities to, the existing bank were secured thereby immediately before that day;

the Bank shall, in relation to any security transferred or deemed to have been transferred to it in accordance with or by virtue of this Act and the moneys thereby secured, be entitled to the same rights and priorities and subject to the same obligations and incidents as the existing bank from which the security has been transferred or deemed to have been transferred would have been entitled and subject to, if the security had continued to be held by that existing bank;

the custody of any document, goods or thing held by an existing bank as bailee for any other person at any office or branch of that existing bank shall be transferred or deemed to be transferred to the Bank on the appointed day, and the rights and obligations of that existing bank under any contract of bailment relating to the document, goods or thing shall be transferred or deemed to be transferred on that day to the Bank;

any negotiable instrument or order for payment of money, whether drawn, given, accepted or endorsed before, on or after the appointed day, that is expressed to be drawn on, or given to, or accepted or endorsed by, an existing bank, or payable at any place of business of an existing bank shall have the same effect on and after the appointed day as if it had been drawn on, or given to, or accepted or endorsed by, the Bank, or payable at the same place of business of the Bank.