Central Bank Act 1971 (Approval of Scheme of Icc Investment Bank Limited and Icc Bank Plc) Order 2002
Statutory Instruments
Source: Statutory Instruments

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paragraphs: This Order may be cited as the Central Bank Act 1971 (approval of Scheme of ICC Investment Bank Limited and ICC Bank plc) Order 2002.
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paragraphs: In this Order -
“Agreement” means the agreement referred to in the definition of “Scheme”;
“Business” means all the banking business agreed to be transferred as more particularly defined in the Agreement;
“Minister” means the Minister for Finance;
“Scheme” means the Scheme dated 23 November 2001 submitted to the Minister for his approval by the Transferor and the Transferee pursuant to Section 33 of the Central Bank Act 1971 (No. 24 of 1971), and the Agreement;
“Transfer Date” means 23 March 2002 or such later date as the Transferor and the Transferee may agree in writing in accordance with the Scheme;
“Transferee” means ICC Bank plc;
“Transferor” means ICC Investment Bank Limited.
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paragraphs: The Minister approves of the Scheme.
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paragraphs: All books and other documents which would, before the Transfer Date, have been evidence in respect of any matter for or against the Transferor, shall be admitted in evidence in respect of the same matter for or against the Transferee on and from the Transfer Date.
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paragraphs: (1) On and from the Transfer Date:-
(a) the Bankers' Books Evidence Acts 1879 to 1989, shall continue to apply with respect to any books of the Transferor transferred to the Transferee in connection with the Business and to entries made in those books before the Transfer Date as if such books were the books of the Transferee; and
(b) for the purposes of section 4 of the Bankers' Books Evidence Act 1879, any book to which that Act applies by virtue of subparagraph (a) of this paragraph shall, on being proved to be in the custody of the Transferee, be deemed to be one of the ordinary books of the Transferee and any entry in such book purporting to have been made before the Transfer Date shall be deemed to have been made in the ordinary course of business.
(2) In this Article “books” has the same meaning as “bankers' books” in the Bankers' Books Evidence Acts 1879 to 1989.
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paragraphs: (1) In respect of the Business, the Transferor shall, at the request of the Transferee, execute all instruments and do all such acts as may be necessary to transfer the property vested immediately before the Transfer Date in the Transferor as trustee, executor, guardian or in any other fiduciary capacity (as the case may be) to, and vest the same in, the Transferee in the same capacity upon the trusts and with and subject to the powers, provisions, liabilities and obligations applicable thereto respectively.
(2) The Transferee shall be entitled to remuneration and to act as trustee, executor guardian or in any other fiduciary capacity (as the case may be) at the same scale of fees and upon and subject to the same terms and conditions as were applicable to the Transferor immediately before the Transfer Date.
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paragraphs: (1) Any contract of guarantee, indemnity or other contract or suretyship undertaken by the Transferor with any person in the course of or incidental to the Business shall be transferred or deemed to have been transferred to the Transferee on the Transfer Date and shall become as and from that date a contract between the Transferee and that person with the same rights and subject to the same obligations and incidents (including rights of set-off) as would have been applicable to it if such contract between the Transferor and such person had continued and any order, instruction, direction, mandate or authority given, whether before or after that date, by that person in relation to any such contract and subsisting at the Transfer Date shall apply and have effect after the transfer of such contract to the Transferee as aforesaid and any monies due and owing by such person to the Transferor at that date under or by virtue of any such contract shall become due and payable by that person to the Transferee instead of the Transferor.
(2) Any contract, arrangement, obligation or security entered into in the course of or incidental to or relating to the Business between the Transferor and any other party shall be transferred to and assumed by or deemed to have been transferred to and assumed by the Transferee on the Transfer Date and shall become as and from that date a contract, arrangement, obligation or security (as the case may be) between the Transferee and that person with the same rights and subject to the same obligations and incidents as would have been applicable to it if such contract, arrangement, obligation or security (as the case may be) between the Transferor and such person had continued without the substitution duly provided for and the Transferee together with each and every other party to such contract, arrangement, obligation or security shall be bound by its terms in every way as if the Transferee were party it to in substitution of the Transferor.