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

Without limiting regulations 4 and 5, the relationship between BNZ and a customer or depositor of that bank is, after the commencement time, between National and that customer or depositor, and gives rise to the same rights and the same duties (including rights of set‑off) as would have existed at that time if that relationship had been between National and the customer or depositor.

Any instruction, order, direction, mandate or authority given by a customer or depositor of BNZ to that bank and subsisting on or given after the commencement time is, unless and until revoked or cancelled, deemed to have been given to National.