1964_ROYAL_BANK_OF_SCOTLAND_ORDINANCE — Page 10

1985 Ed.]

(c)

Royal Bank of Scotland

[CAP. 1138

9

or not in relation to an account) given to Royal Bank of Scotland, either alone or jointly with another person, shall apply and have effect, on and from the appointed day, as if given to the Bank or, as the case may be, to the Bank jointly with such other person;

(ii) any instruction, order, direction, mandate, notice, representation, power of attorney, authority, consent or undertaking (whether in writing or not) which is given to Royal Bank of Scotland, either alone or jointly with another person, on or after the appointed day and which, if given as aforesaid prior to the appointed day would have related to an existing account between Royal Bank of Scotland and a customer shall apply and have effect as if given to the Bank or, as the case may be, to the Bank jointly with such other person;

(i) any security which is, immediately before the appointed day, held by or in favour of Royal Bank of Scotland as security for the payment or discharge of any liability shall, on and from the appointed day, be held by or in favour of the Bank and be available to the Bank as security for the payment or discharge of such liability;

(ii) where any security such as is mentioned in sub-paragraph (i) of this paragraph extends to future advances or future liabilities, the said security shall, on and from the appointed day, be held by or in favour of the Bank, and be available to the Bank, as security for future advances by, or future liabilities to, the Bank to the same extent and in the same manner in all respects as if it had been originally granted in favour of, and had originally extended to future advances by or future liabilities to, the Bank;

(iii) where any security such as is mentioned in sub-paragraph (1) of this paragraph was granted for a stated maximum amount, the said security shall, on and from the appointed day, have the same effect in favour of the Bank up to such maximum amount in all respects as if it had been originally granted in favour of the Bank for such maximum amount;

(iv) the Bank shall, in relation to any security such as is mentioned in sub-paragraph (i) of this paragraph and to the liabilities thereby secured, be entitled to the same rights and priorities and subject to the same obligations and incidents on and from the appointed day as Royal Bank of Scotland would have been entitled and subject to if the said security had continued to be held by it or in its favour;

(d) the custody or possession of any document, goods or other property held by Royal Bank of Scotland, or by an agent for or nominee of Royal Bank of Scotland, as a bailee, depositary or custodian shall on and from the appointed day and by virtue of this Ordinance be transferred to the

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