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

A security held by BNZ as security for the payment of the debts or liabilities (whether present or future, certain or contingent) of a person is by virtue of Part 2 transferred to National at the commencement time, and is to be held by and be available to National as security for the payment of those debts and liabilities to National (but not, by reason only of Part 2, as security for any debt or liability of that person to National existing immediately before that time).

A security referred to in subregulation (1) which extends to future advances to, or to future liabilities of, a person, is, subject to any agreement between National and that person, to be held by and be available to National as security for future advances to that person by, and future liabilities of that person to, National, to the same extent to which future advances by, or liabilities to, BNZ were secured immediately before that time.

National is, in relation to any security transferred under Part 2 and the money secured by the security, entitled to the same rights and priorities and subject to the same liabilities as BNZ would have been entitled and subject to, if the security had continued to be held by BNZ.

Despite subregulations (1), (2) and (3) and regulations 4 and 5, National is, in relation to any security —

held by it over any money on deposit with BNZ immediately before the commencement time, entitled to the same rights and priorities and subject to the same liabilities as it would have been had the money on deposit continued to be held by BNZ; and

held by BNZ immediately before the commencement time over money on deposit with National, entitled to the same rights and priorities and subject to the same liabilities as BNZ would have been had the security continued to be held by BNZ.

10. Custody of documents, goods, etc.

The custody of any document, goods or thing held by BNZ as bailee for any other person at any office or branch or agency of BNZ is by virtue of Part 2 transferred to National at the commencement time, and the rights, duties and liabilities of BNZ under any contract of bailment relating to the document, goods or thing are transferred at that time to National.