Western Australian Consolidated Acts

PERTH BUILDING SOCIETY (MERGER) ACT 1986 - SECT 5

5 .         Recognition of merger of Perth Building Society and Hotham Permanent Building Society

        (1)         Notwithstanding anything in the Building Societies Act 1976 ² but subject to this section, the merger under the Victorian Act of the assets, liabilities and undertakings of Hotham with those of PBS has after the merger time full force and effect in this State.

        (2)         After the merger time — 

            (a)         a person who was a member of Hotham immediately before the merger time is a member of PBS in accordance with the rules of PBS;

            (b)         a person who was a depositor, lender or other creditor of Hotham immediately before the merger time is a depositor, lender or other creditor of PBS on the same terms and conditions as those on which he was a depositor, lender or other creditor of Hotham;

            (c)         a person who was a borrower from Hotham immediately before the merger time is a debtor of PBS on the same terms and conditions as those on which he was a debtor of Hotham;

            (d)         the duties, responsibilities and obligations imposed immediately before the merger time on Hotham, and the immunities, rights and privileges of or vested in, exerciseable by or available to Hotham immediately before the merger time, are transferred to PBS, and PBS is subject to those duties, responsibilities and obligations and entitled to those immunities, rights and privileges;

            (e)         the property and assets that immediately before the merger time were vested in Hotham are by force of this section vested in PBS;

            (f)         the debts and liabilities of Hotham immediately before the merger time are by force of this section debts and liabilities of PBS;

            (g)         PBS is by force of this section substituted as a party to any proceedings pending in any court to which Hotham was a party immediately before the merger time;

            (h)         PBS is by force of this section substituted as a party to any arrangement or contract entered into by or on behalf of Hotham and in force immediately before the merger time; and

                  (i)         any reference to Hotham in any agreement, instrument, deed or other document whatsoever is to be construed as a reference to PBS unless such a construction is inconsistent with the context or subject-matter so far as that reference relates to any period after the merger time.