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Section 12 - Bank Integration Act 1991 - Consequence of succession day — Zoe

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Bank Integration Act 1991

12Consequence of succession day

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#### 12 Consequence of succession day (1) On the succession day for a receiving bank (other than BNZ) and the relevant transferring bank, the receiving bank becomes the successor in law of the transferring bank. (2) On the succession day for BNZ and BNZ Savings, the business of BNZ Savings that relates to its Australian operations ceases to be the business of that bank and becomes the business of BNZ.

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