Central Bank Act (Approval of Scheme of Hongkong and Shanghai Banking Corporation and Midland Bank Public Limited Company) Order, 1988.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: This Order may be cited as the Central Bank Act (Approval of Scheme of Hongkong and Shanghai Banking Corporation and Midland Bank Public Limited Company) Order, 1988.
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paragraphs: In this Order—
"the Minister" means the Minister for Finance;
"the Scheme" means the scheme submitted to the Minister for his approval by the Transferor and the Transferee pursuant to section 33 of the Central Bank Act, 1971 , and to the agreement between them dated the 1st day of September, 1988;
" the transfer date" means the 1st day of January, 1989, or such later date as the Transferor and the Transferee may agree in writing;
"the Transferee" means Midland Bank Public Limited Company;
"the Transferor" means Hongkong and Shanghai Banking Corporation.
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paragraphs: The Scheme is hereby approved of.
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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.
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paragraphs: ( a ) The Bankers' Books Evidence Acts, 1879 and 1959, shall continue to apply with respect to any books of the Transferor transferred to the Transferee in connection with the banking business agreed to be transferred and to entries made in those books before the transfer date as if such books were the books of the Transferee.
( b ) For the purpose 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 custody of the Transferee, be deemed to be one of the ordinary books of the Transferee and any entry therein purporting to have been made before the transfer date shall be deemed to have been made in the ordinary course of business.
( c ) In this paragraph "books" has the same meaning as "bankers' books" in the Bankers' Books Evidence Act, 1879.
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paragraphs: With effect from the Transfer Date all rights and interest in 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) shall vest in the Transferee in the same capacity upon the trusts and with and subject to the powers, provisions, liabilities and obligations applicable thereto respectively.
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paragraphs: 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: Any indemnity, bond, contract of suretyship or other guarantee or obligation of a nature similar to any of the foregoing undertaken by the Transferor and included in the Assets and Liabilities shall be assumed by and be deemed to have been transferred to the Transferee on the Transfer Date and shall become as and from that date an indemnity, bond, contract of suretyship or other guarantee, or obligation (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 thereto if such indemnity, bond, contract or suretyship or other guarantee, or obligation (as the case may be) between the Transferor and such person had continued without the substitution herein provided for and the Transferee together with each and every other party thereto shall be bound by the terms of such indemnity, bond, contract of suretyship or other guarantee, or obligation (as the case may be) in every way as if the Transferee were party thereto in substitution of the Transferor.
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paragraphs: Any contract, arrangement or obligation between the Transferor and any other party in respect of the following categories of financial transactions or transaction of a similar nature thereto 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 or obligation (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 thereto if such contract, arrangement or obligation (as the case may be) between the Transferor and such person had continued without the substitution herein provided for and the Transferee together with each and every other party thereto shall be bound by the terms of such contract, arrangement or obligation in every way as if the Transferee were party thereto in substitution of the Transferor—
(i) Documentary Credits;
(ii) Acceptance of Bills of Exchange;
(iii) Foreign Exchange contracts;
(iv) Note issuance facilities;
(v) Financial Leases;
(vi) Certificates of Deposit;
(vii) Forward Foreign Exchange Contracts;
(viii) Foreign Exchange Option Contracts.
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paragraphs: In the Trustee (Authorised Investments) (No. 2) Order, 1983 ( S.I. No. 366 of 1983 ), a reference to Hong Kong and Shanghai Banking Corporation, shall with effect from the Transfer Date be construed as a reference to Midland Bank Public Limited Company.
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paragraphs: In the Exchange Control Regulations, 1980 ( S.I. No. 6 of 1980 ), a reference to the Hongkong and Shanghai Banking Corporation, 41 St. Stephen's Green, shall with effect from the Transfer Date be construed as a reference to Midland Bank Public Limited Company.
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paragraphs: Articles 4 to 11 of this Order shall come into operation on the transfer date.