In this schedule, unless the context otherwise requires,—

A reference (express or implied) to a trustee bank in any instrument made, given, passed, or executed before the appointed day must be read as a reference to that trustee bank’s successor company.

A reference (express or implied) to the holder of an office (other than the office of trustee, secretary, or auditor) within a trustee bank in an instrument made, given, passed, or executed before the appointed day must be read as a reference to the person who, for the time being, holds office as the chief executive of its successor company or another officer of the company who is designated from time to time by the chief executive or by another person acting under delegation from the chief executive.

On and from the appointed day, the relationship between a trustee bank and a customer or depositor remains the same relationship between the successor company and that customer or depositor.

The same rights and liabilities, including rights of set-off, continue to exist between the successor company and a customer or depositor as existed between the trustee bank and that customer or depositor immediately before the appointed day.

Contracts, agreements, conveyances, deeds, leases, licences, and other instruments, undertakings, and notices (whether in writing or not), entered into by, made with, given to or by, or addressed to a trustee bank (whether alone or with another person) before the appointed day and subsisting immediately before the appointed day are binding on, and enforceable by, against, or in favour of the trustee bank’s successor company as if the company and not the trustee bank had been the person by whom they were entered into, with whom they were made, or to or by whom they were given or addressed.

An instruction, order, direction, mandate, or authority given to a trustee bank and subsisting immediately before the appointed day is deemed to have been given to its successor company.

A security held by a trustee bank as security for a debt or other liability to the trustee bank incurred before the appointed day is available to its successor company as security for the discharge of that debt or liability and, if the security extends to future or prospective debts or liabilities, is available as security for the discharge of debts or liabilities to the company incurred on or after the appointed day.

The company is entitled to the same rights and priorities and is subject to the same liabilities in relation to the security as the trustee bank.

All rights and liabilities of a trustee bank as bailor or bailee of documents or chattels are vested in and assumed by its successor company.

Unless the context otherwise requires, a negotiable instrument or order for payment of money which was drawn on, given to, accepted by, or indorsed by a trustee bank before the appointed day, or was payable at a place of business of the trustee bank, has the same effect on and after the appointed day as if it had been drawn on, given to, accepted by, indorsed by, or was payable at the place of business of, the successor company.

Nothing in this Act, and nothing done under this Act,—

An action, arbitration, proceeding, or cause of action that was pending or existing by, against, or in favour of a trustee bank or to which the bank was a party before the appointed day may be continued and enforced by, against, or in favour of its successor company.

It is not necessary to amend a writ, pleading, or other document to continue the action, arbitration, proceeding, or cause of action.

On and from the appointed day each employee of a trustee bank is an employee of its successor company.

For the purposes of an enactment, rule of law, contract, or agreement relating to an employee, the contract of employment of the employee is unbroken and a period of service with the trustee bank is a period of service with the company.

The terms and conditions of employment of the employee are the same as the terms and conditions of his or her employment with the trustee bank immediately before the appointed day, but they may be varied in the same manner.

An employee is not entitled to receive a payment or other benefit because the employee has, by reason solely of the Trustee Banks Restructuring Act 1988, ceased to be an employee of the trustee bank.

Property held on trust or vested in a person under any provident, benefit, superannuation, or retirement fund or scheme for the employees of a trustee bank, their dependants, or other persons immediately before the appointed day is, on and after the appointed day, held on trust or vested in that person for those employees (in their capacity as employees of the successor company), their dependants, or other persons on the same terms and conditions.

A reference in an instrument constituting a fund or scheme referred to in subclause (5) to a trustee bank, an employee of the trustee bank, a dependant of that employee, or any other person is a reference to the trustee bank’s successor company, an employee of that company, a dependant of that employee, or any other person.

This clause applies despite anything else in this schedule.

A document, matter, or thing which would have been admissible in evidence for or against a trustee bank is, on and after the appointed day, admissible in evidence for or against the trustee bank’s successor company.

In this clause, document has the meaning given to it in section 2(1) of the Evidence Amendment Act (No 2) 1980.

A Registrar of Deeds, District Land Registrar, or any other person charged with keeping books or registers is not required to change the name of a trustee bank to the name of its successor company in the books, registers, or a document solely by reason of the provisions of the Trustee Banks Restructuring Act 1988.

The presentation to a registrar or other person of an instrument, whether it is an instrument of transfer or not, by a trustee bank’s successor company is, in the absence of evidence to the contrary, sufficient proof that the property is vested in the company if the instrument—

For the purposes of the Inland Revenue Acts and any other enactment that imposes or provides for the collection of a tax, duty, levy, or other charge,—

On and after the appointed day, a trustee bank’s successor company is deemed to be an authorised savings institution for the purposes of—

A Home Ownership Account (within the meaning of section 2(1) of the Home Ownership Savings Act 1974) subsisting with a trustee bank immediately before the appointed day is, on and after the appointed day, deemed to be a Home Ownership Account with that trustee bank’s successor company, and the provisions of that Act apply with any necessary modifications.