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S.I. No. 24/1972 - Central Bank Act (Approval of Scheme of the Royal Bank of Ireland Limited and Allied Irish Banks Limited) Order, 1972

Type Statutory Instrument

Publication 1972-01-28

State In force

Text As published

Source Irish Statute Book

articles 9

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

Reform history JSON API

WHEREAS by an agreement in writing dated the 12th day of November, 1970, The Royal Bank of Ireland Limited (in this Order referred to as the Transferor), having its registered office at Foster Place, Dublin, 2, and being the holder of a licence, agreed to transfer the business to which the licence relates to Allied Irish Banks Limited (in this Order referred to as the Transferee), having its registered office at 3/4 Foster Place, Dublin, 2, and being the holder of a licence;

AND WHEREAS on the 29th day of November, 1971, the Transferor and the Transferee submitted to the Minister for his approval a scheme for the transfer (in this Order referred to as the Scheme) made by the Transferor and the Transferee on the 26th day of November, 1971;

NOW I, SEOIRSE Ó COLLA, Minister for Finance, after consultation with the Central Bank of Ireland, and, in respect of paragraphs 4 to 8 of this Order, at the request of the Transferor and the Transferee, hereby, in exercise of the powers conferred on me by section 33 of the Central Bank Act, 1971 (No. 24 of 1971), order as follows:

1.

This Order may be cited as the Central Bank Act (Approval of Scheme of The Royal Bank of Ireland Limited and Allied Irish Banks Limited) Order, 1972.

2.

In this Order—

"the Minister" means the Minister for Finance;

"the transfer date" means the 1st day of April, 1972, or such other day or days, not being earlier than the 1st day of April, 1972, as may be fixed by the Transferor and Transferee by agreement in writing executed under their respective seals.

3.

The Scheme is hereby approved of.

4.

In the following statutory provisions, namely—

(a) section 9 (1) (a) of the Bankers' Books Evidence Act, 1879, as amended by section 2 of the Bankers' Books Evidence (Amendment) Act, 1959 (No. 21 of 1959);

(b) section 1 (j) (v) of the Trustee Act, 1893, as amended by section 1 of the Trustee (Authorised Investments) Act, 1958 (No. 8 of 1958);

(d) the First and Second Schedules to the Exchange Control Act, 1954 (No. 30 of 1954);

(e) section 5 (2) of the Trustee Savings Banks Act, 1965 (No. 11 of 1965); and

(f) section 344 of the Income Tax Act, 1967 (No. 6 of 1967);

references to The Royal Bank of Ireland Limited shall be construed as references to Allied Irish Banks Limited.

5.

All books and other documents which would be before the transfer date have been evidence in respect of any matter for or against the Transferor shall be admitted in evidence in respect of the same matter for or against the Transferee.

6.

(a) The Bankers' Books Evidence Act, 1879, shall continue to apply with respect to any books of the Transferor transferred to the Transferee in connection with the business agreed to be transferred and to entries made in those books before the transfer date as if such books were the books of the Transferee.

(b) For the purpose of section 4 of the Bankers' Books Evidence Act, 1879, any book to which that Act applies by virtue of subparagraph (a) of this paragraph shall, on being proved to be in the custody of the Transferee, be deemed to be one of the ordinary books of the Transferee and any entry therein purporting to have been made before the transfer date shall be deemed to have been made in the ordinary course of business.

7.

(a) The Tranferor shall, at the request of the Transferee, execute all instruments and do all such acts as may be necessary to transfer the property vested immediately before the transfer date in the Transferor as trustee, executor, guardian or in any other fiduciary capacity (as the case may be) to and vest the same in the Transferee in the same capacity upon the trusts and with and subject to the powers, provisions, liabilities and obligations applicable thereto respectively.

(b) The Transferee shall be entitled to remuneration and to act as trustee, executor, guardian or in any other fiduciary capacity (as the case may be) at the same scale of fees and upon and subject to the same terms and conditions as were applicable to the Transferor immediately before the transfer date.

8.

(a) The trustees of the pension scheme of the Transferor called "The Royal Bank of Ireland Pension Fund" shall tranfer the whole of the property and assets of the said scheme to the corresponding pension or superannuation scheme of the Transferee called "The Allied Irish Banks Pension Fund" and sign, seal, execute, perform and do all such documents, acts and things as may be necessary or desirable to implement such transfer; and upon the completion of such transfer the pension scheme of the Transferor called "The Royal Bank of Ireland Pension Fund" shall be terminated and dissolved.

(b) Pending the establishment by the Transferee of a Scheme which will provide benfits not less favourable than those arising under the existing Widows' and Orphans' Scheme of the Transferor the rights of all persons entitled to benefit under the said Widows' and Orphans' Scheme of the Transferor shall continue and be preserved under such scheme notwithstanding the transfer from the service or employment of the Transferor effected or deemed to be effected under the foregoing scheme of transfer by virtue of section 38 of the Central Bank Act, 1971 .

9.

Paragraphs 4 to 8 of this Order shall come into operation on the transfer date.

GIVEN under my Official Seal, this 28th day of January, 1972.

SEOIRSE Ó COLLA,

Minister for Finance.

EXPLANATORY NOTE.

The order approves the transfer to Allied Irish Banks Limited of the business of the Royal Bank of Ireland Limited in accordance with a transfer scheme submitted by both banks. The effect of the order is that Sections 34 to 39 and 42 of the Central Bank Act, 1971 , will apply to the transfer. The order also makes provision for matters arising from and incidental to the transfer.

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