Insurance (Amendment) Act, 1938

Transfer of assets of Participating Companies to the Terminating Company.

8.—(1) For the purpose of transferring to the Terminating Company so much of the assets of a Participating Company as are required by the Scheduled Agreement to be so transferred, the following provisions shall have effect, that is to say:—

(a) the Terminating Company shall, so soon as conveniently may be, furnish to the Minister for Industry and Commerce a schedule containing a list (as complete as reasonably may be) of the assets of the said Participating Company to be so transferred;

(b) whenever and so often as it is found, after such schedule has been so furnished, that any assets to be so transferred have been omitted (whether intentionally or unintentionally) from such schedule, it shall be lawful for the Terminating Company to furnish to the said Minister a schedule containing a list of the assets so found to have been omitted;

(c) every schedule furnished to the said Minister under either of the foregoing paragraphs of this sub-section shall be accompanied by a certificate by or on behalf of the Terminating Company and the said Participating Company certifying that the assets stated in such schedule are assets of the said Participating Company which are required by the Scheduled Agreement to be transferred to the Terminating Company;

(d) whenever the said Minister receives from the Terminating Company any such schedule as aforesaid duly accompanied by such certificate as aforesaid, the said Minister shall forthwith make an order (in this section referred to as a vesting order) transferring the assets mentioned in such schedule from the said Participating Company to the Terminating Company and vesting them in the Terminating Company in such manner and for such estate and interest as shall be appropriate to the nature of the assets;

(e) every vesting order which is made before the transfer date shall be expressed to have, and shall have, effect as on the transfer date, and every vesting order which is made on or after the transfer date shall be expressed to have, and shall have, effect as on the date on which such order is made;

(f) every vesting order shall operate to transfer to and vest in the Terminating Company, on the date as on which such order has effect and without any other conveyance, deed or transfer, or other assurance (save transfer, where appropriate, in the books of a bank, company, corporation, or authority), all the assets purported to be so transferred by such order;

(g) (i) no stamp duty shall be payable on a vesting order;

(ii) the amount of all stamp duties paid by the Terminating Company on or in respect of any transfer or conveyance which is executed in order to supplement a vesting order shall be refunded to the said Company out of moneys provided by the Oireachtas;

(h) whenever the said Minister is satisfied that a vesting order previously made by him contains any error or mistake, the said Minister may by order amend such vesting order in such manner and as from such date as is, in his opinion, necessary or expedient for the correction of such error or mistake;

(i) in addition and without prejudice to the obligation imposed on the said Participating Company by Article 13 (a) of the Scheduled Agreement to execute and complete deeds, acts, and things, it shall be the duty of the said Participating Company to execute such documents and do such things as the said Minister shall direct for the purpose of effectuating the transfer to the Terminating Company of assets which, owing to their nature or to their being situate outside the jurisdiction of the Government or to any other cause, cannot be effectively transferred by a vesting order.

(2) Every chose-in-action (including claims to unliquidated damages arising out of torts) transferred under this section to the Terminating Company may be sued upon, recovered, or enforced by that Company in its own name, and it shall not be necessary for the Terminating Company to give notice of such transfer to the person bound by such chose-in-action.