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The Landsbanki Freezing Order 2008

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Freezing prohibitions

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4.  (1)  The provisions of this article apply in relation to the following funds (“frozen funds”)—

(a)funds owned, held or controlled by Landsbanki; and

(b)funds relating to Landsbanki and owned, held or controlled by—

(i)any of the Authorities; or

(ii)the Government of Iceland.

(2) A person must not make frozen funds available to or for the benefit of a specified person.

(3) A person must not make frozen funds available at the direction or instruction of a specified person.

(4) A person must not deal with frozen funds.

(5) For the purposes of this article, making funds available to or for the benefit of a specified person includes—

(a)allowing it to withdraw from an account;

(b)honouring a cheque payable to it;

(c)crediting its account with interest;

(d)releasing documents of title (such as share certificates) held on its behalf;

(e)making available the proceeds of realisation of its property; and

(f)making a payment to or for its benefit.

(6) In this article, “deal with” means—

(a)use, alter, move, allow access to or transfer;

(b)deal with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or

(c)make any other change that would enable use, including portfolio management.

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