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Without prejudice to the generality of the foregoing provisions, but subject to any provision of this Act to the contrary effect, the following provisions of this section shall have effect on the appointed day to the extent that they relate to the property or liabilities comprising the AIB Group business:—
(1)Every contract to which a transferor bank is a party (whether in writing or not) shall have effect on and from the appointed day as if—
(a)AIB NI had been a party thereto instead of that transferor bank;
(b)for any reference (however worded and whether express or implied) to that transferor bank there were substituted, as respects anything falling to be done on or after the appointed day, a reference to AIB NI; and
(c)any reference (however worded and whether express or implied) to the directors or to any director, officer or employee of that transferor bank were, as respects anything falling to be done on or after the appointed day, a reference to the directors of AIB NI or, as the case may require, to such director, officer or employee of AIB NI as AIB NI may appoint for that purpose or, in default of appointment, to the director, officer or employee of AIB NI who corresponds as nearly as may be to the first-mentioned director, officer or employee:
(2)Sub-paragraphs (b) and (c) of paragraph (1) above shall apply to—
(a)any statutory provision other than the provisions of this Act;
(b)any provision of any existing contract to which a transferor bank was not a party; and
(c)to any provision of any other existing document (not being a contract);
as they apply to a contract to which that paragraph applies, and every such provision shall be construed and have effect accordingly:
(3)Any account between a transferor bank and a customer shall, on the appointed day, become an account between AIB NI and the customer subject to the same conditions and incidents as theretofore; and such account shall be deemed for all purposes to be a single continuing account:
Provided that nothing herein shall affect any right of AIB NI or of the customer to vary the conditions or incidents subject to which any account is kept:
(4)Any existing instruction, order, direction, mandate, power of attorney, authority, undertaking or consent given to a transferor bank, either alone or jointly with another person (whether in writing or not and whether or not in relation to an account), shall have effect, on and from the appointed day, as if given to AIB NI:
(5)Any negotiable instrument or order for payment of money drawn on or given to, or accepted or endorsed by, a transferor bank or payable at any place of business of a transferor bank whether so drawn, given, accepted, endorsed or payable before, on or after the appointed day, shall have the same effect on and from that day, as if it had been drawn on, or given to, or accepted or endorsed by, AIB NI, or were payable at the same place of business of AIB NI:
(6)The custody of any document or record, goods or other thing held by a transferor bank as bailee shall pass to AIB NI on the appointed day, and the rights and obligations of that transferor bank under any contract of bailment relating to any such document or record, goods or thing shall on that day become rights and obligations of AIB NI:
(7)(a)Any security held immediately before the appointed day by a transferor bank, or by a nominee or agent of or trustee for a transferor bank, as security for the payment or discharge of any liability shall, on and from that day, be held by, or, as the case may require, by that nominee, agent or trustee for, AIB NI, and be available to AIB NI (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of that liability;
(b)In relation to any security vested in AIB NI in accordance with the provisions of this Act and any liabilities thereby secured, AIB NI shall be entitled to the rights and priorities and be subject to the obligations and incidents to which the transferor bank in question would have been entitled and subject if it had continued to hold the security;
(c)Any security referred to in the foregoing provisions of this paragraph which extends to future advances or liabilities shall, on and from the appointed day, be available to AIB NI (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of future advances and future liabilities to the same extent and in the same manner in all respects as future advances by, or liabilities to, the transferor bank in question were secured thereby immediately before that day:
(8)Where by virtue of this Act any right or liability of a transferor bank becomes a right or liability of AIB NI, AIB NI and all other persons shall, on and from the appointed day, have the same rights, powers and remedies (and in particular the same rights and powers as to taking or resisting legal proceedings or making or resisting applications to any authority) for ascertaining, perfecting or enforcing that right or liability as if it had at all times been a right or liability of AIB NI; and any legal proceedings or application to any authority existing or pending immediately before the appointed day by or against the transferor banks may be continued by or against AIB NI:
(9)Any judgment or award obtained by or against a transferor bank and not fully satisfied before the appointed day shall on that day, to the extent to which it is enforceable by or against a transferor bank, become enforceable by or against AIB NI:
(10)The Data Protection Registrar may, on and from the appointed day, serve on AIB NI any notice under section 10 of the [1984 c. 35.] Data Protection Act 1984 which he could have served on a transferor bank in respect of a breach by that transferor bank of the data protection principles; but the transfer to, and vesting in AIB NI by this Act of the AIB Group business (and any disclosure to AIB NI of any information in contemplation or as a result thereof) shall not amount to a breach of any duty of confidentiality to which the existing banks are subject immediately before the appointed day or to a contravention by AIB NI or a transferor bank of the data protection principles.
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