NatWest International Trust Corporation (Isle of Man) Act 1990

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1990/1990-0012/NatWestInternationalTrustCorporationIsleofManAct1990_1.pdf
Published: 2012-09-01

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NatWest International Trust Corporation (Isle of Man) Act 1990

c i e
AT 12 of 1990

NATWEST INTERNATIONAL TRUST

CORPORATION (ISLE OF MAN) ACT 1990

NatWest International Trust Corporation (Isle of Man) Act 1990 Index


c AT 12 of 1990 Page 3

c i e
NATWEST INTERNATIONAL TRUST CORPORATION

(ISLE OF MAN) ACT 1990

Index Section Page

1 Transfer of undertakings ............................................................................................... 5
2 Provisions as to trust property transferred ................................................................. 6
3 Supplementary provisions ............................................................................................ 6
4 Reference in wills ............................................................................................................ 8
5 Admissibility of evidence .............................................................................................. 8
6 Evidence of transfer ........................................................................................................ 8
7 Cancellation of registration in Companies Registry .................................................. 9
8 Cost of the Act ................................................................................................................. 9
9 Interpretation ................................................................................................................... 9
10 Short title and commencement ..................................................................................... 9
ENDNOTES 11

TABLE OF LEGISLATION HISTORY 11
TABLE OF RENUMBERED PROVISIONS 11
TABLE OF ENDNOTE REFERENCES 11

NatWest International Trust Corporation (Isle of Man) Act 1990 Section 1


c AT 12 of 1990 Page 5

c i e
NATWEST INTERNATIONAL TRUST CORPORATION

(ISLE OF MAN) ACT 1990

Received Royal Assent: 10 July 1990
Passed: 10 July 1990
Commenced: 3 September 1990
AN ACT
to carry into effect the transfer to NatWest International Trust
Corporation (Isle of Man) Limited of the undertakings of Westminster Bank
Executor and Trustee Company (Isle of Man) Limited and NatWest
International Trust Corporation (Man) Limited; and for other purposes.
WHEREAS:

(1) For the better conduct of the businesses of NatWest International Trust
Corporation (Isle of Man) Limited (hereinafter referred to as ‘the
Company’), NatWest International Trust Corporation (Man) Limited and
Westminster Bank Executor and Trustee Company (Isle of Man) Limited
(hereinafter referred to as ‘the existing companies’) it is expedient to
make provision for the fusion of their undertakings by the transfer to the
Company of the undertakings of the existing companies as provided in
this Act.
(2) It is expedient that the other provisions contained in this Act should be
enacted.
(3) The object of this Act cannot be attained without the authority of an Act
of Tynwald.
1 Transfer of undertakings

(1) On the appointed day all existing property, rights, liberties and
obligations of the existing companies or either of them of whatsoever
nature and whether or not assignable at law or in equity, and whether
the existing companies or either of them holds or is subject to the same
beneficially or in any fiduciary capacity, shall by virtue of this Act and
without further assurance be transferred to and vest in the Company to
the intent that the Company shall succeed to the whole undertaking of
the existing companies.
Section 2 NatWest International Trust Corporation (Isle of Man) Act 1990


Page 6 AT 12 of 1990 c

(2) No transfer or vesting effected by virtue of this Act shall —
(a) operate as a breach of covenant or condition against alienation;
(b) give rise to any forfeiture;
(c) invalidate or discharge any contract or security; or
(d) operate so as to merge any leasehold interest so transferred to, or
vested in the Company in the reversion expectant thereon held by
the Company immediately before the appointed day, or to merge
any leasehold interest held by the Company immediately before
the appointed day in the reversion expectant thereon transferred
to, or vested in the Company by virtue of this Act.
2 Provisions as to trust property transferred

(1) Any property or rights transferred to, and vested in the Company by
virtue of this Act which immediately before the appointed day were held
by the existing companies or either of them, whether alone 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;
(c) as administrator of the estate of a deceased person;
(d) as trustee appointed by order of any court; or
(e) in any other fiduciary capacity whatsoever;
shall, on and from the appointed day, be held by the Company, 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.
(2) Any existing instrument or order of any court under or by virtue of
which any property or rights became vested in the existing companies or
either of them in any fiduciary capacity (including in the case of a will
any grant of probate thereof), and any provision therein or any existing
contract or arrangement for payment to, or retention by, the existing
companies or either of them of remuneration for its services in any such
fiduciary capacity, shall on and from the appointed day be construed
and have effect so far as the context permits, as if for any reference
therein to the existing companies or either of them there were substituted
a reference to the Company.
3 Supplementary provisions

(1) The following provisions of this section are without prejudice to sections
1 and 2.
NatWest International Trust Corporation (Isle of Man) Act 1990 Section 3


c AT 12 of 1990 Page 7

(2) Every existing contract to which the existing companies or either of them
was a party (whether in writing or not) shall on and from the appointed
day be construed and have effect as if —
(a) the Company had been party thereto instead of the existing
companies or either of them;
(b) for any reference (however worded and whether express or
implied) to the existing companies there were substituted, as
respects anything falling to be done on or after the appointed day,
a reference to the Company; and
(c) any reference (however worded and whether express or implied)
to the directors or to any director, officer, clerk or servant of the
existing companies or either of them were, as respects anything
falling to be done on or after the appointed day, a reference (as the
case may require) to the directors of the Company or to such
director, officer, clerk or servant of the Company as the Company
may appoint or, in default of appointment, to the director, officer,
clerk or servant of the Company who corresponds as nearly as
may be to the first-mentioned director, officer, clerk or servant.
(3) Subsection (2)(b) and (c) applies to any statutory provision, to any
provision of any existing contract to which the existing companies or
either of them was not a party and to any provision of any other existing
document (not being a contract or a will) as it applies in relation to a
contract to which subsection (2) applies.
(4) Any existing instruction, direction, mandate, power of attorney,
authority or consent given to the existing companies or either of them
(whether in writing or not and whether or not in relation to an account)
shall have effect, on and from the appointed day, as if given to the
Company.
(5) Where by the operation of any of the provisions of this Act any right,
liability or obligation becomes a right, liability or obligation of the
Company, the Company and all other persons shall, on and from the
appointed day, have the same rights, powers and remedies (and in
particular the same rights and powers as to taking or resisting legal
proceedings or making or resisting applications to any authority) for
ascertaining perfecting or enforcing that right, liability or obligation as if
it had at all times been a right, liability or obligation of the Company;
and any legal proceedings or applications to any authority pending
immediately before the appointed day by or against the existing
companies or either of them may be continued by or against the
Company.
(6) Any judgement or award obtained by or against the existing companies
or either of them and not fully satisfied before the appointed day shall be
enforceable by or against the Company.
Section 4 NatWest International Trust Corporation (Isle of Man) Act 1990


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4 Reference in wills

(1) No testamentary gift shall be adeemed by means only of the operation of
any of the provisions of this Act.
(2) Any will, whether made before, on or after the appointed day by a
person dying on or after the appointed day, which appoints or purports
to appoint the existing companies or either of them to be executor or
trustee thereof shall be construed and have effect as if for any reference
therein to the existing companies or either of them as such executor or
trustee or otherwise in connection with such appointment, except that for
reference (however worded and whether expressed or implied) to terms
and conditions of the existing companies or either of them published
before the date of the will or to a scale of fees of the existing companies
or either of them published before the date of the will, there were
substituted a reference to the Company, and, in a case where the
Company did not exist at the date of the will, as if it had then existed.
5 Admissibility of evidence

(1) All books and other documents which would before the appointed day
have been evidence in respect of any matter for or against the existing
companies or either of them shall be admissible in evidence in respect of
the same matter for or against the Company.
(2) In this section “documents” includes, in addition to documents in
writing —
(a) any map, plan, graph or drawing;
(b) any photograph;
(c) any disc, tape, sound track or other device in which sounds or
other data (not being visual images) are embodied so as to be
capable (with or without the aid of some other equipment) of
being reproduced therefrom; and
(d) any film, microfilm, negative, tape or other device in which one or
more visual images are embodied so as to be capable (as
aforesaid) of being reproduced therefrom.
6 Evidence of transfer

A copy of this Act purporting to be printed by Authority shall for all purposes,
be conclusive evidence of the transfer of the property, rights, liabilities and
obligations of the existing companies or either of them to the Company and of
the vesting thereof in the Company in accordance with the provisions of this
Act; and, without prejudice to the generality of the foregoing, any such copy of
this Act shall, in relation to any registered securities (within the meaning of the
Stock Transfer Act 1965) transferred to and vested in the Company by virtue of
this Act, operate for all the purposes of the said Act of 1965 as a duly executed
NatWest International Trust Corporation (Isle of Man) Act 1990 Section 7


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stock transfer in respect of the transfer of such securities from the existing
companies or either of them to the Company.
7 Cancellation of registration in Companies Registry

On the appointed day the Chief Registrar shall forthwith cancel the registration
of the existing companies.
8 Cost of the Act

The costs, charges and expenses, preliminary to, and of and incidental to, the
preparing for, obtaining and passing of this Act, or otherwise, in relation
thereto, shall be paid by the Company.
9 Interpretation

In this Act —
“the appointed day
” means the day appointed under section 10(2);
“the Company
” means NatWest International Trust Corporation (Isle of Man)
Limited;
“existing
” (except in the expression “the existing companies
”) means existing
or in force (as the case may require) immediately before the appointed
day;
“the existing companies
” means NatWest International Trust Corporation
(Man) Limited and Westminster Bank Executor and Trustee Company
(Isle of Man) Limited;
“will
” includes a codicil and any other testamentary writing.
10 Short title and commencement

(1) This Act may be cited as the NatWest International Trust Corporation
(Isle of Man) Act 1990.
(2) This Act shall come into operation on such date as the Governor, at the
request of the Company, may by order appoint.1

NatWest International Trust Corporation (Isle of Man) Act 1990 Endnotes


c AT 12 of 1990 Page 11

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
ADO (whole Act) 3/9/1990 (GC365/90).