S.I. No. 98/1986 - Central Bank Act (Approval of Scheme of Forward Trust (Ireland) Limited and Northern Bank Finance Corporation Limited) Order, 1986.

S.I. No. 98 of 1986.

CENTRAL BANK ACT (APPROVAL OF SCHEME OF FORWARD TRUST (IRELAND) LIMITED AND NORTHERN BANK FINANCE CORPORATION LIMITED) ORDER, 1986.

WHEREAS Forward Trust (Ireland) Limited (in this order referred to as the Transferor), having its registered office at Griffin House, 7/8 Wilton Terrace in the city of Dublin, and being the holder of a licence, has agreed with Northern Bank Finance Corporation Limited (in this Order referred to as the Transferee), having its registered office at Griffin House, 7/8 Wilton Terrace in the city of Dublin, and being the holder of a licence, to transfer to the Transferee the business to which the licence of the Transferor relates;

AND WHEREAS on the 21st day of January, 1986, 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 20th day of January, 1986;

NOW I, John Bruton, Minister for Finance, after consultation with the Central Bank of Ireland, and, in respect of paragraphs 4, 5 and 6 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 follows:

1. This Order may be cited as the Central Bank Act (Approval of Scheme of Forward Trust (Ireland) Limited and Northern Bank Finance Corporation Limited) Order, 1986.

2. In this Order—

"the Minister" means the Minister for Finance;

"the transfer date" means the 1st day of July, 1986, or such other day or days, not being earlier than the 1st day of July, 1986, as may be fixed by the Transferor and the Transferee by agreement in writing executed under their respective seals.

3. The Scheme is hereby approved of.

4. In the following statutory provision, namely, the Trustee (Authorised Investments) (No. 2) Order, 1977 ( S.I. No. 344 of 1977 ), reference to Forward Trust (Ireland) Limited shall be read as reference to Northern Bank Finance Corporation Limited.

5. All books and other documents which would 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 Acts, 1879 and 1959, 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 purposes 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.

( c ) in this paragraph "books" has the same meaning as "bankers' books" in the Bankers' Books Evidence Act, 1879.

7. Paragraphs 4, 5 and 6 of this Order shall come into operation on the transfer date.

GIVEN under my Official Seal, this 29th day of April 1986.

JOHN BRUTON,

Minister for Finance.

EXPLANATORY NOTE.

This Order approves the transfer to Northern Bank Finance Corporation Limited of the business of Forward Trust (Ireland) Limited in accordance with a transfer scheme submitted by both banks. The effect of the order is that sections 34 to 38 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.