Actions, etc., by or against existing banks not to abate
8 Actions, etc., by or against existing banks not to abate
This section applies to —
any action, arbitration or proceeding or cause of action, arbitration or proceeding that shall, on the appointed day, be pending or existing by, against or in favour of an existing bank;
any cause of action, arbitration or proceeding by, against or in favour of an existing bank arising after the appointed day and which arises in respect of a contract made by an existing bank before the appointed day or which arises in respect of anything done or omitted to be done by an existing bank before the appointed day;
but does not apply to any action, arbitration or proceeding or to any cause of action, arbitration or proceeding relating to an excluded asset.
Subject to subsection (3), any action, arbitration or proceeding and any cause of action, arbitration or proceeding to which this section applies shall not abate or be discontinued or be in any way prejudicially affected by reason of this Act, and it may be prosecuted and, without amendment of any writ, pleading or other document, continued and enforced by, against or in favour of the Bank in its own name as and when it might have been prosecuted, continued and enforced by, against or in favour of the existing bank if this Act had not been enacted.
The Court or other person making or entering any judgment, order or award for the payment of any sum of money, whether ascertained or to be ascertained, against the Bank in any action, arbitration or proceeding to which subsection (2) refers shall, at the request of any party in whose favour the judgment, order or award is being made or entered, make or enter it against both the existing bank and the Bank, and it may, when so made or entered, be enforced against both the existing bank and the Bank.
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