(1) The directors of AIB Finance Limited may appoint a day to be the appointed day for the purposes of this Part of this Act.
(2) Not less than 14 days before the day appointed under subsection (1) above AIB Finance Limited shall publish in the London Gazette, the Edinburgh Gazette and the Belfast Gazette a notice stating the day so appointed.
(1) Subject as provided in subsection (2) below, on the appointed day the AIBF business shall, by virtue of this Act and without further assurance, vest in AIB NI as if, as respects the AIBF business, AIB NI were the same person in law as AIB Finance Limited and to the intent that AIB NI shall succeed to the whole of the AIBF business.
(2) Where the vesting of any part of the AIBF business is governed wholly or partly by the law of any territory outside the United Kingdom, AIB Finance Limited shall, if AIB NI so requires, take all necessary steps for the purpose of securing the vesting thereof in AIB NI and, pending such vesting, AIB Finance Limited shall hold any such property in trust for AIB NI.
The provisions of sections 5 to 12 of this Act shall apply (subject to the provisions of section 17 (Application to Scotland and Northern Ireland) of this Act) in relation to the vesting of the AIBF business in AIB NI under section 14 (Vesting of AIBF business in AIB NI) of this Act as they apply in relation to the vesting of the AIB Group business in AIB NI under section 4 (Vesting of AIB Group business in AIB NI) of this Act and, accordingly, in those provisions as so applied—
(a) references to the transferor banks or any of them shall have effect as references to AIB Finance Limited;
(b) references to the AIB Group business shall have effect as references to the AIBF business; and
(c) references to the said section 4 shall have effect as references to the said section 14.
Except as otherwise expressly provided in this Act, nothing in this Act shall exempt any body corporate from any statutory provision relating to the carrying on of the business of banking.
(1) This Act shall extend to Scotland and Northern Ireland.
(2) In the application of this Act to Scotland the following provisions shall have effect:—
(a) In the construction of this Act—
“assignment” includes an assignation;
“bailee” includes a custodian, and “contract of bailment” includes any other contract regulating custody of things;
“convey” includes the execution of any deed or other instrument or document by which any property, or any estate, interest, security or other right in or over property, is constituted, completed, disponed, assigned, transmitted or discharged;
“debenture” includes a floating charge or instrument containing a floating charge;
“forfeiture” includes an irritancy;
“judgment” includes a decree;
“judicial trustee” includes a judicial factor;
“mortgage” includes a standard security, an assignation or disposition ex facie absolute and any agreement qualifying the same, a bond and disposition or assignation in security, a cash credit bond and disposition or assignation in security, an assignation in security and any real right or burden of whatever kind in the nature of a security whether or not constituted in respect of a heritable security;
“will” includes a trust disposition and settlement and any deed taking effect on the death of any person whereby any part of his estate is disposed of, or under which a succession thereto arises;
(b) All standard securities and cash credit bonds and dispositions or assignations in security expressed to be in favour of a transferor bank vested in AIB NI by or under this Act shall, on and from the appointed day, have the same effect in favour of AIB NI up to such maximum amounts as may be stated therein respectively in all respects as if they had been originally granted in favour of AIB NI for such maximum amounts;
(c) To enable AIB NI to complete a title, if thought fit, to any property vested in it by virtue of this Act by notice of title or otherwise, or to deduce title, this Act shall be deemed to be, and may be used as, a general disposition, conveyance or, as the case may be, assignation of such property in favour of AIB NI;
(d) For the reference in subsection (2) of section 8 (Evidence: books and documents) of this Act to section 10 of the [1964 c. 64.] Civil Evidence Act 1968 there shall be substituted reference to section 17 of the [1968 c. 70.] Law Reform (Miscellaneous Provisions) (Scotland) Act 1968.
(3) In the application of this Act to Northern Ireland—
(a) for the reference in subsection (2) of section 8 (Evidence: books and documents) of this Act to section 10 of the Civil Evidence Act 1968 there shall be substituted reference to section 6 of the [1971 c. 36 (N.I.)] Civil Evidence Act (Northern Ireland) 1971;
(b) the references in subsection (3) of section 10 (Evidence of vesting) of this Act to the [1963 c. 18.] Stock Transfer Act 1963 shall include references to the [1963 c. 24 (N.I).] Stock Transfer Act (Northern Ireland) 1963; and for the reference in subsection (9) of that section to the [1925 c. 20.] Law of Property Act 1925 there shall be substituted reference to the [1881 c. 41.] Conveyancing Act 1881.
The costs, charges and expenses preliminary to, and of and incidental to, the preparing for, obtaining and passing of this Act, or otherwise in relation thereto, shall be paid by AIB and may in whole or in part be paid out of revenue.