Central Bank Act 1971 (Approval of Scheme of Abn Amro Bank, N.V. and Allied Irish Banks, P.L.C.) Order 2003
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 ABN AMRO Bank N.V. and Allied Irish Banks, p.l.c.) Order 2003.
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paragraphs: In this Order —
“Agreement” means the Agreement for the Sale and Purchase of the Private Banking Business and Certain Assets of ABN AMRO Bank N.V. between the Transferor and the Transferee dated 23 December 2002;
“business” means all the Banking Assets as more particularly defined in the Scheme;
“Minister” means the Minister for Finance;
“Scheme” means the scheme dated 30 December 2002 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 30 April 2003 or such later date as the Transferor and the Transferee may agree in writing in accordance with the Scheme or the Agreement;
“Transferee” means Allied Irish Banks, p.l.c.;
“Transferor” means ABN AMRO Bank N.V.
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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 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 the custody of the Transferee, be deemed to be one of the ordinary books of the Transferee and any entry in that 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 —
(a) 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
(b) vest that property 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 of suretyship undertaken by the Transferor with any person (in this Article referred to as the “relevant person”) in the course of or incidental to the business shall —
(a) be transferred or deemed to have been transferred to the Transferee on the transfer date, and
(b) become as and from that date a contract between the Transferee and the relevant 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 the relevant person had continued.
(2) Any order, instruction, direction, mandate or authority given, whether before or after that date, by the relevant person in relation to any contract to which paragraph (1) of this Article relates, which is a subsisting contract at the transfer date, shall apply and have effect after the transfer of such contract to the Transferee as aforesaid and any monies due or owing by the relevant person to the Transferor at that date under or by virtue of any such contract shall become due and payable by the relevant person to the Transferee instead of the Transferor.