72Transfer of State Bank staff to Commonwealth Bank

72 Transfer of State Bank staff to Commonwealth Bank

(1) A person who was an employee of the State Bank immediately before the succession day is to be regarded as: (a) having been appointed by the Commonwealth Bank under section 88 of the amended Act, with effect from the succession day; and (b) having been so appointed on the same terms and conditions as those that applied to the person, immediately before the succession day, as an employee of the State Bank; and (c) having accrued an entitlement to benefits, in connection with that appointment by the Commonwealth Bank, that is equivalent to the entitlement that the person had accrued, as an employee of the State Bank, immediately before the succession day. (2) The service of a transferred employee as an officer of the Commonwealth Bank is to be regarded for all purposes as having been continuous with the service of the employee, immediately before the succession day, as an employee of the State Bank. (3) A transferred employee is not entitled to receive any payment or other benefit by reason only of having ceased to be an employee of the State Bank because of this Act. (4) A director, secretary or auditor of the State Bank does not, because of the operation of this Act, become a director, secretary or auditor of the Commonwealth Bank. (5) In this section:

employee means a person appointed or employed by the State Bank.