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16 Mar 09 Partnership did not survive bank integration - Commonwealth Bank

The Federal Court (Stone J) has held that four partnerships that existed between the Commonwealth Bank of Australia and its subsidiary, the Commonwealth Savings Bank of Australia (the Savings Bank), did not survive the integration of the Savings Bank with the Commonwealth Bank in 1993, pursuant to the Bank Integration Act 1991 (Cth). The Commonwealth Bank relied on the statement in s 22(3) of that Act that “nothing in this Act affects the continuity of any partnership in which a transferring bank was a partner immediately before the succession day”. Her Honour held that s 22(3) applied only to partnerships between the bank and third parties: Commonwealth Bank of Australia v FCT [2009] FCA 226 (Federal Court, Stone J, 13 March 2009).

For a copy of the decision, go here.

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