6Assets and liabilities

6 Assets and liabilities

6 Assets and liabilities

(1) On the succession day, in accordance with the principle of succession in law:

(a) all assets of the Bank of Melbourne, wherever located, vest in, or are otherwise available for the use of, Westpac 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 the Bank of Melbourne, wherever located, become liabilities of Westpac without the need for any prior notice or further act.

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