10Transitional provisions

10 Transitional provisions

(1) In this section, unless the contrary intention appears:

assets means property of every kind, and, without limiting the generality of the foregoing, includes:

(a) choses in action; and
(b) rights, interests and claims of every kind in or to property, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.

assets of the Commonwealth Bank to which this section applies means assets of the Commonwealth Bank subsisting immediately before the commencing date and relating to the business that was carried on before that date by the Commonwealth Bank in its Mortgage Bank Department or Industrial Finance Department.

authorized officer means the Managing Director of the Commonwealth Banking Corporation, the Deputy Managing Director of the Commonwealth Banking Corporation, the General Manager of the Development Bank or an officer of the Commonwealth Banking Corporation Service.

bill of exchange includes promissory note, cheque, bank draft, bank cheque and order.

instrument includes a contract or agreement (whether express or implied and whether made orally or in writing), bond, authority, order, power of attorney, guarantee, mortgage, transfer, conveyance or other assurance, charge, lien, bill of lading, bill of exchange, letter of credit and security.

instrument to which this section applies means an instrument:

(a) to which the Commonwealth Bank is a party;
(b) which was given to or in favour of the Commonwealth Bank;
(c) in which a reference is made to the Commonwealth Bank; or
(d) under which any money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned, to or by the Commonwealth Bank;

being an instrument subsisting immediately before the commencing date and relating to the business which was carried on before that date by the Commonwealth Bank in its Mortgage Bank Department or Industrial Finance Department.

liabilities means liabilities of every kind, and, without limiting the generality of the foregoing, includes obligations of every kind, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.

liabilities of the Commonwealth Bank to which this section applies means liabilities of the Commonwealth Bank subsisting immediately before the commencing date and relating to the business which was carried on before that date by the Commonwealth Bank in its Mortgage Bank Department or Industrial Finance Department.