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176.   Supplementary provision as to transfers

Revised Laws of Saint Lucia (2021)

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176.   Supplementary provision as to transfers

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    (1)   Without prejudice to the generality of section 175, the effect of a Banking Business Vesting Order as regards the banking business transferred is that on and from the date of transfer —

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      (a)     every existing contract to which the transferor financial institution was a party, whether in writing or not, has effect as if —

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        (i)     the transferee licensed financial institution had been a party thereto instead of the transferor financial institution,

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        (ii)     for any reference (however worded and whether expressed or implied) to the transferor financial institution there were substituted as respects anything falling to be done on or after the date of the transfer, a reference to the transferee financial institution, and

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        (iii)     any reference (however worded and whether express or implied)     to the directors or to any director, officer, clerk or servant of the transferor financial institution were, as respect anything falling to be done on or after the date of transfer, a reference (as the case may require) to the directors of the transferee financial institution may appoint, or in default of appointment, to the director, officer, clerk or servant of the transferee financial institution who corresponds as ready as may be to the first mentioned director, officer, clerk or servant;

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      (b)     any account between the transferor financial institution and a customer shall become an account between the transferee financial institution and that customer;

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      ©     any existing instruction, direction, mandate, power of attorney or consent given to the transferor financial institution shall have effect as if given to the transferee financial institution;

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      (d)     any negotiable instrument or order for payment of money which is expressed to be drawn on, or given to, or accepted or endorsed by the transferor financial institution, or payable at any of its places of business, shall have effect as if it had been drawn on, or given to or accepted or endorsed by the transferee financial institution, or payable at the same place of business of the transferee financial institution;

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      €     any security transferred to the transferee financial institution by a Banking Business Vesting Order that immediately before the date of the transfer was held by the transferor financial institution as security for the payment or discharge of any debt or liability or obligation (whether present or future, actual or contingent) shall be held by, and be available to, the transferee financial institution as security for the payment or discharge of such debt or liability or obligation; and any such security which extends to future advances or liabilities shall, from the date of the transfer, be held by, and be available to, the transferee financial institution as security for future advances by, and future liabilities to, the transferee financial institution, in the same manner and in all respects as future advances by, or liabilities to, the transferor financial institution were secured immediately before the date of the transfer;

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      (f)     any judgment or award obtained by or against the transferor financial institution and not fully satisfied before the date of the transfer shall be enforceable by or against the transferee financial institution;

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      (g)     unless the agreement by the parties to the transfer provides to the contrary, any officer, clerk, or servant employed by the transferor financial institution immediately before the date of the transfer shall become an officer, clerk or servant, as the case may be, of the transferee financial institution on terms and conditions no less favourable than those on which he was so employed immediately before the date of the transfer, and such employment with the transferor, and transferee financial institution respectively shall be deemed, for all purposes, to be a single continuing employment, save that no director, secretary or auditor of the transferor financial institution shall by virtue only of a Banking Business Vesting Order become a director, secretary or auditor, as the case may be, of the transferee financial institution.

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    (2)   The provisions of subsections (1)(a)(ii) and (1)(a)(iii) shall apply to —

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      (a)     any statutory provision;

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      (b)     any provision of any existing contract to which the transfer or financial institution was not a party; and

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      ©     any provision of any other existing document (not being a contract but including in particular a will),

as they apply in relation to a contract to which paragraph (1)(a) applies.

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    (3)   Any property or rights transferred to, and vested in, the transferee financial institution which immediately before the date of the transfer were held by the transferor financial institution, whether alone or jointly with any other person —

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      (a)     as trustee or custodian trustee of any trust, deed, settlement, covenant, agreement or will, and whether originally so appointed or not, and whether appointed under hand or seal or by order of any court;

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      (b)     as executor of the will of a deceased person;

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      ©     as administrator of the estate of a deceased person;

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      (d)     as judicial trustee appointed by order of any Court; or

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      ©     in any other fiduciary capacity whatsoever;

shall, from the date of the transfer, be held by the transferee financial institution whether alone or jointly with such other person, in the same capacity upon the trusts, and with, and subject to, the powers, provisions, liabilities and obligations, applicable thereto respectively.

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