Bank Mergers (National Australia Bank and Bank of New Zealand) Regulations 1997

All contracts, agreements, conveyances, deeds, leases, licences and other instruments or undertakings entered into by or made with, or addressed to, BNZ (whether alone or with any other person) in force immediately before the commencement time are on and after that time to the extent that they were immediately before that time binding upon and enforceable by, or against, BNZ, binding and of full force and effect in every respect in favour of, or against, National.

Subregulation (1) does not apply to any contract, agreement, conveyance, deed, lease, licence, instrument or undertaking relating to —

an excluded asset;

the employment of a BNZ employee; or

a provident, benefit, superannuation or retirement fund relating to BNZ employees.

A director, secretary or auditor of BNZ is not by reason only of this Part a director, secretary or auditor (as the case may be) of National.