Effect of the Act on the rights

(1) The effect of this Act as regards the under hereby transferred shall be that as and from the close of business on the Appointed Day, (a) every existing contract and security comprised in the undertaking to which the Transferor is a party, whether in writing or not, shall be construed and have effect as if, (i) the Transferee had been a party thereto instead of the Transferor; (ii) for any reference (however worded and whether expressed or implied) to the Transferor there had been substituted, as respects anything failing to be done after the close of business on the Appointed Day, a reference to the Transferee; (iii) for any reference (however worded and whether expressed or implied) to The Bank Undertaking (The Bank of Nova Scotia Belize Operations) [CAP. 263:03 7 the directors or to any director, officer, clerk or servant of the Transferor there had been substituted, in respect of anything failing to be done after the close of business on the Appointed Day, a reference (as the case may require) to the directors of the Transferee or to such director, officer, clerk or servant of the Transferee as the Transferee may appoint or, in default of appointment, to the director, officer, clerk or servant of the Transferee corresponding as nearly as may be to the above mentioned director, officer, clerk or servant; and (iv) for any reference (however worded and whether expressed or implied) to the Transferor there had been substituted, as respects any benefit or benefits to accrue after the close of business on the Appointed Day a reference to the Transferee; (b) any account between the Transferor and a customer shall be construed as and deemed to be an account between the Transferee and that customer; (c) any instruction, direction, mandate, power of attorney, guarantee, pledge, assignment, debenture, mortgage, bill of sale, charge, chose in action, insurance policy, security or consent given to the Transferor shall have effect as if given to the Transferee without notification to the maker thereof; The Bank Undertaking (The Bank 8 (d) any negotiable or non-negotiable instrument or order for payment of money which is expressed to be drawn on, given to, accepted or endorsed by the Transferor, or payable at any of its places of business shall have effect as if it had been drawn on, given to, accepted or endorsed by the Transferee or payable at the place of business of the Transferee; (e) any security transferred to the Transferee by virtue of this Act that immediately before the close of business on the Appointed Day was held by the Transferor as security for the payment or discharge of any debt, liability or obligation, whether present or future, actual or contingent, shall be held by and shall be available to, the Transferee as security for the payment or discharge of such debt, liability or obligation, and any such security which extends to future advances or liabilities shall, from the close of business on the Appointed Day, be held by and shall be available to, the Transferee as security for future advances by, and future liabilities to, Transferee in the same manner and in all respects as future advances by, or liabilities to, the Transferor were secured thereby immediately before the close of business on the Appointed Day; (f) any judgment or award obtained by or against the Transferor and not fully satisfied before the close of business on the Appointed Day shall be enforceable by or against the Transferee; (g) subject to the Agreement, any past, current or pending contracts, orders, engagements, The Bank Undertaking (The Bank of Nova Scotia Belize Operations) [CAP. 263:03 9 obligations, duties, rights or agreements by or with the Transferor shall be enforceable by or against the Transferee only; (h) a reference to the Transferor in the register required by section 95 of the Companies Act, Cap. 250, to be kept by the Registrar of Companies, and in the registers required to be kept by the Registrar General and the Registrar of Lands, shall be deemed to be a reference to the Transferee. (2) Subsection (1) (a)(ii) and (iii) of this section apply to, (a) any statutory provision; (b) any provision of any contract or security to which the Transferor was not a party; and (c) any provision of any other document (including a will), as they apply in relation to a contract to which paragraph (a) of subsection (1) of this section applies. (3) Any property or rights transferred to and vested in the Transferee which immediately before the close of business on the Appointed Day were held by the Transferor, whether severally or jointly with any other person, (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; (b) as executor of the will of a deceased person; The Bank Undertaking (The Bank 10 (c) as administrator of the estate of a deceased person; (d) as judicial trustee appointed by order of any court; or (e) in any other fiduciary capacity whatsoever, shall, on and from the close of business on the Appointed Day, be held by the Transferee, whether severally or jointly with any other person, in the same capacity upon the trusts, and with and subject to the powers, provisions, liabilities and obligations applicable thereto respectively.