6Assets and liabilities

6 Assets and liabilities

6 Assets and liabilities

(1) On the succession day:

(a) all assets of Advance Bank, wherever located, vest in, or are otherwise available for the use of, St.George without the need for any conveyance, transfer, assignment or assurance and without the need for any prior notice or further act, and

(b) all liabilities of Advance Bank, wherever located, become liabilities of St.George without the need for any prior notice or further act.

(2) On and from the succession day St.George may execute an instrument discharging, surrendering, transferring or otherwise dealing with a transferred asset or liability in its own name, in the name of Advance Bank or the name of any predecessor in title to Advance Bank.