10Transfer of staff

10 Transfer of staff

10 Transfer of staff

On the succession day each employee of Advance Bank ceases to be employed by Advance Bank and becomes an employee of St.George on the same terms and conditions as those that applied immediately before the succession day and this section does not:

(a) affect his or her contract of employment, or

(b) interrupt his or her continuity of service, or

(c) prejudice his or her existing or accruing rights to recreation leave, sick leave, superannuation or long service leave or any other employee entitlement existing immediately before the succession day, or

(d) affect rights or liabilities under any provident, benefit, superannuation or retirement fund or scheme relating to employees of Advance Bank, or

(e) constitute a retrenchment or redundancy or give rise to any right of the employee to receive any payment or other benefit.