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HSBC Investment Banking Act 2002

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6Provisions as to trust property and wills

(1)Any property transferred to, and vested in, a successor bank by virtue of this Act which immediately before the appointed day was held by HSBC Investment Bank whether alone or jointly with any other person, as trustee, shall, on and from the appointed day, be held by the relevant successor bank alone or, as the case may be, jointly with such other person in the same capacity upon the same trusts, and with and subject to the same powers, provisions and liabilities, as were applicable thereto prior to such transfer.

(2)The following—

(a)any existing instrument or order of any court under or by virtue of which any property became or may become vested in HSBC Investment Bank as trustee, and

(b)any provision therein, or any existing contract for the payment to, or retention by, HSBC Investment Bank of remuneration for its services in any such capacity,

shall, on and from the appointed day, be construed and have effect, so far as the context permits, as if for any reference therein to HSBC Investment Bank, other than a reference (however worded and whether express or implied) to terms and conditions of, or to a rate, charge, tariff or scale of fees of, HSBC Investment Bank, there were substituted a reference to the relevant successor bank:

Provided that any right which was exercisable by HSBC Investment Bank to alter the terms and conditions or the rate, charge, tariff or scale of fees of HSBC Investment Bank shall after the appointed day be exercisable by the relevant successor bank.

(3)The following—

(a)any will made before the appointed day which has not been proved in any part of the United Kingdom before the appointed day, and

(b)any will made on or after the appointed day, being a will which appoints HSBC Investment Bank to be a trustee or recipient of any property as trustee,

shall be construed and have effect as if for any reference therein to HSBC Investment Bank as such trustee or recipient or otherwise in connection with such appointment, not being a reference (however worded and whether express or implied) to terms and conditions of, or to a rate, charge, tariff or scale of fees of, HSBC Investment Bank, there were substituted a reference to HSBC Republic Bank:

Provided that any right which was exercisable by HSBC Investment Bank to alter the terms and conditions or the rate, charge, tariff or scale of fees of HSBC Investment Bank shall after the appointed day be exercisable by HSBC Republic Bank.

(4)No testamentary gift shall be adeemed by reason only of the operation of any of the provisions of this Act.

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