1964_ROYAL_BANK_OF_SCOTLAND_ORDINANCE — Page 14

1985 Ed.]

Royal Bank of Scotland

[CAP. 1138

15. (1) For the purposes of section 4, on and from the appointed day, and by virtue of this Ordinance-

(a) every existing reserve of Royal Bank of Scotland shall be transferred to and for all purposes be and become a reserve of the Bank; and

(b) the amount, description and character of every reserve of the Bank which shall come into being pursuant to para- graph (a) shall be the same in all respects as those of the corresponding existing reserve immediately before the ap- pointed day, and all enactments and rules of law shall apply to or in respect of every such reserve of the Bank in the same manner in all respects as they applied to or in respect of the corresponding existing reserve immediately before the appointed day.

(2) Every reference in subsection (1) to an existing reserve shall include a reference to any reserve or similar provision, irrespective of its name or designation (and whether the amount thereof be positive or negative in nature).

(3) Without prejudice to the generality of subsection (1), any profits or losses of Royal Bank of Scotland earned or incurred after the beginning of the financial year in which the appointed day shall occur, shall, on and from the appointed day, and by virtue of this Ordinance, be treated for all purposes as profits or, as the case may be, losses, of the Bank.

(4) In subsection (3), "financial year" has the meaning as- signed to it by section 2(1) of the Companies Ordinance.

16. It is hereby declared that the transfer and vesting of any property to and in the Bank by virtue of this Ordinance shall not-

(a) constitute an acquisition of a right to occupy premises for the purposes of section 53(4) of the Landlord and Tenant (Consolidation) Ordinance or a purchase or creation of an interest in land for the purposes of section 119E(2) of that Ordinance; or

(b) constitute an assignation, assignment, transfer, devolution, parting with possession or other disposition of property or of an interest in property for the purposes of any provision relating to assignation, assignment, transfer, devolution, parting with possession or other disposition contained in any deed or other instrument or document concerning that property or that interest; or

(c) operate as a breach of covenant or condition against

alienation; or

(d) give rise to any forfeiture; or

(e) invalidate or discharge any contract or security; or

Reserves and

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profits and losses transferred.

(Cap. 32.)

Transfer of interests in land and other property.

(Cap. 7.)