(1) All contracts, agreements, conveyances, deeds, leases, licences and other instruments or undertakings entered into by or made with, or addressed to, Town & Country (whether alone or with any other person) in force immediately before the appointed day are on and after that day to the extent that they were immediately before that day binding upon and enforceable by, or against, Town & Country, binding and of full force and effect in every respect in favour of, or against, ANZ, as fully and effectually as if, instead of Town & Country, ANZ had been a party to them or bound by them or entitled to the whole or any portion of the benefit of them.

(2) Subsection (1) does not apply to any contract, agreement, conveyance, deed, lease, licence, instrument or undertaking relating to an excluded asset or to a provident, benefit, superannuation or retirement fund.

(3) A director, secretary or auditor of Town & Country is not by virtue only of this Act a director, secretary or auditor (as the case may be) of ANZ.