Commonwealth Consolidated Acts

COMMONWEALTH BANKS ACT 1959 - SECT 27F

    The Commonwealth:

  (a)   by force of this subsection, becomes a member of the Commonwealth Bank at the conversion time; and

  (b)   in relation to membership of the Commonwealth Bank:

  (i)   is entitled to the same rights, privileges and benefits; and

  (ii)   is subject to the same duties, liabilities and obligations;

    as if the Commonwealth had become a member of the Commonwealth Bank under the Commonwealth Bank's memorandum and articles.