Insurance Act, 1990

Transfer of property.

5.—(1) Any transfer order requiring or approving the transfer of property whether real or personal (including choses-in-action) by the Original Company to the New Company or any agreement or deed made under such order shall not require registration under or in pursuance of the Registration of Deeds Act, 1707, the Registration of Title Act, 1964 , section 99 of the Companies Act, 1963 , or any other Act, but shall operate for the purposes of those Acts as if the transfer were made by deed duly registered on the transfer date under or in pursuance of whichever of those Acts may be applicable thereto, and subject where necessary to a transfer in the books of any bank, corporation or company, the property so transferred shall become the property of or be held in trust for and be vested in the New Company for all the estate, term or interest for which the same immediately before such transfer was vested in or belonged to or was held in trust for the Original Company but subject to all trusts and equities affecting the same and then subsisting and capable of being performed.

(2) A transfer order referred to in subsection (1) of this section shall within fourteen days after the date thereof, or within such extended time as may be allowed by the Court, be advertised by the petitioner in the Iris Oifigiúil, and once in two daily newspapers circulating throughout the State or in such other newspapers as the Court may direct.

(3) Notwithstanding the provisions of subsection (1) of this section, any transfer order or any agreement or deed made under such order may, at the option of the New Company, be registered pursuant to the provisions of the Registration of Deeds Act, 1707, the Registration of Title Act, 1964 , section 99 of the Companies Act, 1963 , or any other Act.