21Transfer of State Bank staff to Commonwealth Bank

21 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 Commonwealth Banks Act 1959 of the Commonwealth as amended and in force for the time being, 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.

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(5) The SBV Staff Superannuation Fund as constituted and governed under General Orders and Rules in force under the State Bank Act 1988 immediately before the commencement of this section continues, on and after that commencement, as the SBV Staff Superannuation Fund continued in force and governed by the Trust Deed made before that commencement between the State Bank, SBV Staff Superannuation Pty Ltd and the Commonwealth Bank.

(6) All rights, benefits, entitlements, liabilities and obligations of the members or former members of the SBV Staff Superannuation Fund and their beneficiaries existing immediately before the commencement of this section continue after that commencement, subject to the Trust Deed referred to in subsection (5).