succession day means the day on which this Part comes into operation.

transferred employee means a person who, under section 72, is regarded as having been appointed by the Commonwealth Bank.

It is the intention of the Parliament that the operation of this Part should, as far as possible, include operation in relation to the following:

(a)

land situated outside Australia;

(b)

things situated outside Australia;

(c)

acts, transactions and matters done, entered into or occurring outside Australia;

(d)

things, acts, transactions and matters (wherever situated, done, entered into or occurring) that would, apart from this Act, be governed or otherwise affected by the law of a foreign country.

On the succession day:

(a)

all property and rights of the State Bank, wherever located, vest in the Commonwealth Bank; and

(b)

all liabilities of the State Bank, wherever located, become liabilities of the Commonwealth Bank; and

(c)

the Commonwealth Bank becomes the successor in law of the State Bank.

Each State Bank instrument continues to have effect according to its tenor on and after the succession day as if a reference in the instrument to the State Bank were a reference to the Commonwealth Bank.

On and after the succession day, a place, wherever located, that, immediately before that day, was a place of business of the State Bank is to be taken to be a place of business of the Commonwealth Bank.

Where, immediately before the succession day, proceedings (including arbitration proceedings) to which the State Bank was a party were pending or existing in any court or tribunal, then, on and after the succession day, the Commonwealth Bank is substituted for the State Bank as a party to the proceedings and has the same rights in the proceedings as the State Bank had.

Where:

(a)

under this Part, land that is situated in a State or Territory, or an interest in such land, becomes land, or an interest in land, of the Commonwealth Bank; and

(b)

there is lodged with the Registrar of Titles or other proper officer of the State or Territory in which the land is situated a certificate that:

(i)

is signed by an authorised person; and

(ii)

identifies the land or interest, whether by reference to a map or otherwise; and

(iii)

states that the land or interest has, under this section, become land, or an interest in land, of the Commonwealth Bank;

the officer with whom the certificate is lodged may:

(c)

register the matter in like manner to the manner in which dealings in land or interests in land of that kind are registered; and

(d)

deal with, and give effect to, the certificate.

(1)

A person who was an employee of the State Bank immediately before the succession day is to be regarded as:

(a)

having been appointed by the Commonwealth Bank under section 88 of the amended Act, with effect from the succession day; and

(b)

having been so appointed on the same terms and conditions as those that applied to the person, immediately before the succession day, as an employee of the State Bank; and

(c)

having accrued an entitlement to benefits, in connection with that appointment by the Commonwealth Bank, that is equivalent to the entitlement that the person had accrued, as an employee of the State Bank, immediately before the succession day.

(2)

The service of a transferred employee as an officer of the Commonwealth Bank is to be regarded for all purposes as having been continuous with the service of the employee, immediately before the succession day, as an employee of the State Bank.

(3)

A transferred employee is not entitled to receive any payment or other benefit by reason only of having ceased to be an employee of the State Bank because of this Act.

(4)

A director, secretary or auditor of the State Bank does not, because of the operation of this Act, become a director, secretary or auditor of the Commonwealth Bank.

(5)

In this section: