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National Australia Group Europe Act 2001

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4Transfer to Clydesdale Bank

(1)On the appointed day the undertaking shall, by virtue of this Act and without further assurance, be transferred to Clydesdale Bank to the intent that Clydesdale Bank shall succeed to the undertaking as if in all respects Clydesdale Bank were the same person in law as Yorkshire Bank.

(2)Where the transfer or vesting of any property or liability comprised in the undertaking is governed by the law of any country or territory outside the United Kingdom, Yorkshire Bank shall, if Clydesdale Bank so requires, take all necessary steps for securing that the transfer to Clydesdale Bank of the property or liability is fully effective under the law of that country or territory.

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