Vesting in Transferee of Undertaking of Barclays Bank PLC

(1) Subject to the Agreement, at the close of business on the Appointed Day, the Undertaking of the Transferor shall by virtue of this Act vest absolutely in the Transferee without any further assurance, and upon such vesting all existing assets, liabilities, rights, obligations and other property which by the Agreement have been agreed to be transferred shall vest in the Transferee, and where any real property and any security has, by virtue of this Act, vested in the Transferee, the Registrar General, the Registrar of Lands and the Registrar of Companies shall take due notice thereof and shall, on the issue of a certificate under the hand of the Financial Secretary, certifying that all taxes, stamp duties, registration fees and other duties and charges payable to the Government of Belize Bank Undertaking (Barclays 6 in respect of the transfer of the Undertaking, have been duly paid, make such annotations on the records as may be necessary and issue all such certificates as may be required to perfect the title of the Transferee to such real property or security. (2) The transfer or vesting of any part of the Undertaking of the Transferor effected by this Act shall not, (a) operate as a breach of covenant or condition against alienation; (b) give rise to forfeiture; or (c) invalidate or discharge any contractor security.