The Royal Bank of Scotland International Limited Act 2001

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AT 30 of 2001

THE ROYAL BANK OF SCOTLAND

INTERNATIONAL LIMITED ACT 2001

The Royal Bank of Scotland International Limited Act 2001 Index


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THE ROYAL BANK OF SCOTLAND INTERNATIONAL

LIMITED ACT 2001

Index Section Page

1 Short title and commencement ..................................................................................... 6
2 Interpretation ................................................................................................................... 6
Acquisition of businesses 8

3 Acquisition of businesses .............................................................................................. 8
Provisions relating to the acquisition of the business of NatWest

Offshore and the banking business of Coutts IOM 8

4 Supplementary provisions as to transfer..................................................................... 8
Saving of contracts, etc. 9

5 Saving of contracts, etc ................................................................................................... 9
Actions, etc. not to abate 12

6 Actions, etc not to abate ............................................................................................... 12
Documents, etc. to remain evidence 13

7 Admissibility of evidence ............................................................................................ 13
Application of the Bankers’ Books Evidence Act 1935 13

8 Application of the Bankers’ Books Evidence Act 1935 ................................................. 13
Provisions as to trust property transferred and as to trusteeships etc. 13

9 Trust property and trusteeships ................................................................................. 13
Supplementary provisions as to transfer 15

10 Supplementary provisions as to transfer................................................................... 15
Savings 17

11 Savings ........................................................................................................................... 17
Costs of the Act 18

12 Costs of the Act ............................................................................................................. 18
ENDNOTES 19

TABLE OF LEGISLATION HISTORY 19
Index The Royal Bank of Scotland International Limited Act 2001


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TABLE OF RENUMBERED PROVISIONS 19
TABLE OF ENDNOTE REFERENCES 19

The Royal Bank of Scotland International Limited Act 2001 Section 1


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THE ROYAL BANK OF SCOTLAND INTERNATIONAL

LIMITED ACT 2001

Received Royal Assent: 15 October 2001
Passed: 15 October 2001
Commenced: 1 January 2002
AN ACT
to carry into effect the acquisition of certain of the businesses of
NatWest Offshore Limited and the banking business of Coutts (Isle of Man)
Limited by The Royal Bank of Scotland International Limited and to provide for
other purposes incidental thereto and consequential thereon.
WHEREAS:

(1) The Royal Bank of Scotland International Limited (hereinafter referred to
as ‘RBSI’) is a company incorporated in the Island of Jersey under the Loi
(1861) sur les Sociétés Responsabilitée Limitée;
(2) RBSI carries on banking business in the Island of Jersey where it is
registered under the Banking Business (Jersey) Law 1991 and as such is
able to carry on deposit-taking business as defined in the aforesaid Law,
and carries on banking business in the Isle of Man where it is licensed
under section 6 of the Banking Act 1998 and in the Island of Guernsey
where it is licensed under the Banking Supervision (Bailiwick of
Guernsey) Law 1994;
(3) NatWest Offshore Limited (hereinafter referred to as ‘NatWest Offshore’)
is a limited company incorporated in the Isle of Man under the Companies
Act 1865 of the Isle of Man as a company limited by shares;
(4) NatWest Offshore carries on banking business in the Isle of Man where it
is licensed under section 6 of the Banking Act 1998, in the Island of Jersey
where it is registered under the Banking Business (Jersey) Law 1991, the
Island of Guernsey where it is licensed under the Banking Supervision
(Bailiwick of Guernsey) Law 1994 and Gibraltar where it is licensed
under the Gibraltar Financial Services Banking Ordinance 1992 and is
authorised under the Gibraltar Financial Services Ordinance 1989;
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(5) Coutts (Isle of Man) Limited (hereinafter referred to as ‘Coutts IOM’) is a
company incorporated in the Isle of Man under the Companies Acts
1931-1993;
(6) Coutts IOM carries on inter alia:
(a) banking business in the Isle of Man where it is licensed under
section 6 of the Banking Act 1998;
(b) investment business in the Isle of Man;
(c) trust business and corporate services business in the Isle of Man;
(7) NatWest Offshore, Coutts IOM and RBSI are each ultimately wholly
owned subsidiaries of The Royal Bank of Scotland Group plc, a public
limited company incorporated under the Companies Acts 1948-1980 of
the United Kingdom;
(8) It is expedient for the efficient and effective conduct of the businesses of
RBSI, NatWest Offshore and Coutts IOM that certain of their respective
businesses should be combined and the most effective way of achieving
this is for RBSI to acquire part of the business of NatWest Offshore and
the banking business of Coutts IOM and that the said acquisitions should
be effected economically and without interference with the conduct and
continuity of the said respective businesses;
(9) These objectives cannot be attained without the authority of an Act of
Tynwald.
We, therefore, your Majesty’s most dutiful and loyal subjects, the Council and
Keys of the said Isle, do humbly beseech Your Majesty that it may be enacted,
and be it enacted, by the Queen’s Most Excellent Majesty, by and with the
advice and consent of the Council and Keys in Tynwald assembled, and by the
authority of the same, as follows (that is to say): —
1 Short title and commencement

(1) This Act may be cited as The Royal Bank of Scotland International
Limited Act 2001.
(2) This Act shall come into operation on such day as may be appointed by
Order made by the Council of Ministers on the application of RBSI.1

2 Interpretation

(1) In this Act, unless the context otherwise requires —
“the appointed day
” means the day appointed under section 1(2);
“banking business of Coutts IOM
” means that part of the business of Coutts
IOM carried on in any part of the world which constitutes the receipt of
deposits, the payment and collection of cheques and that part of its
lending business which has been entered into by Coutts IOM as a bank
including all rights and liabilities and all of the property vested in or
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belonging to or held by Coutts IOM in its capacity as a bank and for the
avoidance of doubt the expression “banking business of Coutts IOM
”
shall exclude the trust business, the investment business and the
corporate services business of Coutts IOM and any property vested in or
belonging to or held by Coutts IOM in respect of its trust business, its
investment business or its corporate services business;
“business of NatWest Offshore
” means all the business carried on by NatWest
Offshore in any part of the world including, unless otherwise stated, all
rights, and liabilities of and securities and all of the property vested in,
belonging to or held by it, whether beneficially or in a fiduciary capacity
except —
(a) any business carried on in any part of the world under the trading
name ‘Isle of Man Bank’,
(b) all rights, and liabilities of and securities and all property vested
in, belonging to or held by it, whether beneficially or in a
fiduciary capacity, where such rights, liabilities and securities
vested in it and property have been acquired or incurred by it or
were immediately prior to the appointed day held by or vested in
it under the trading name ‘Isle of Man Bank’ or were acquired by
it under its former names Isle of Man Bank Limited or The Isle of
Man Banking Company Limited, and
(c) the Excluded Shares;
“corporate services business
” means such activities as are described in
Schedule 1 Part 1 of the Corporate Service Providers Act 2000;
“customer
” includes any person having a bank account or other dealing,
transaction or arrangement with RBSI, NatWest Offshore or Coutts IOM
in respect of their respective businesses;
“Excluded Shares
” means the following shares in Isle of Man incorporated
companies in the name of NatWest Offshore: —
(a) 100 ordinary shares of £1.00 each in Isle of Man (Nominees)
Limited;
(b) 2 ordinary shares of £1.00 each in Lombard Manx Limited;
(c) 99 ordinary shares of £1.00 each in Isle of Man Bank (Leasing)
Limited;
“investment business
” shall include the activities of dealing in investments,
arranging deals in investments, managing investments and the provision
of investment advice;
“liabilities
” includes debts, duties and obligations of every description
wherever arising (whether actual or contingent, present or future);
“property
” means property and assets of every description, whether moveable
or immoveable and wherever situate, and includes property held on
trust and securities, rights, benefits and powers of every description;
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“securities
” includes mortgages, security interests, charges, debentures, fixed
securities, floating charges, personal bonds, bills of exchange, promissory
notes, trust receipts, warehouse warrants, guarantees, indemnities, liens,
rights of retention, pledges or other means of securing payment of a debt,
whether present or future, or the discharge of an obligation or liability;
“subsidiary
” has the same meaning as in section 1(1) of the Companies Act 1974;
“trust business
” means any business carried out 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 appointed under hand
or seal or by order of any court;
(b) as executor of the will of a deceased person;
(c) in administration of the estate of a deceased person; or
(d) as trustee appointed by order of any court.
(2) Unless the context requires otherwise, any reference in this Act to an
enactment, including an enactment of the United Kingdom, the Island of
Guernsey, the Island of Jersey, the Isle of Man or Gibraltar, is a reference
to that enactment as amended from time to time, and includes a
reference to that enactment as extended or applied by or under any other
enactment including any other provision of that enactment.
Acquisition of businesses
3 Acquisition of businesses

On the appointed day the business of NatWest Offshore and the banking
business of Coutts IOM shall, by virtue of this Act, be acquired by RBSI to the
intent that RBSI shall succeed to and acquire such businesses of NatWest
Offshore and Coutts IOM respectively as if in all respects RBSI were the same
person in law as NatWest Offshore in respect of the business of NatWest
Offshore and as Coutts IOM in respect of the banking business of Coutts IOM.
Provisions relating to the acquisition of the business of NatWest Offshore and the
banking business of Coutts IOM
4 Supplementary provisions as to transfer

(1) A copy of this Act purporting to be printed by authority shall for all
purposes be conclusive evidence in all courts and proceedings of the
acquisition of the business of NatWest Offshore and the banking
business of Coutts IOM by RBSI and the vesting thereof in RBSI in
accordance with the provisions of this Act, and, without prejudice to the
generality of the foregoing, any such copy of the Act shall in relation to
any registered securities (within the meaning of the Stock Transfer Act
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1965) transferred to and vested in RBSI by virtue of this Act, operate for
all purposes of the Act of 1965 as a duly executed transfer of such
securities from NatWest Offshore and Coutts IOM to RBSI.
(2) The transfer of an interest in land under and by virtue of this Act shall
not constitute an agreement, transfer, devolution, parting with
possession or other disposition of that interest for the purpose of any
provision relating to assignment, transfer, devolution, parting with
possession or other disposition contained in any instrument concerning
the interest.
Saving of contracts, etc.
5 Saving of contracts, etc

(1) Without prejudice to the generality of any other provision of this Act but
subject to any provision in this Act to the contrary effect, all contracts,
agreements, securities, certificates, rewards, conveyances, deeds, leases,
licences, notices, permits, guarantees, bonds, indemnities, mandates,
instructions and other instruments and undertakings entered into by,
made with, given to or by or addressed to NatWest Offshore in respect of
the business of NatWest Offshore or to Coutts IOM in respect of the
banking business of Coutts IOM (whether alone or with any other person
and whether as principal or agent and whether in writing or not) shall be
construed and have effect on and from the appointed day in relation to
NatWest Offshore in respect of the business of NatWest Offshore or
Coutts IOM in respect of the banking business of Coutts IOM as if —
(a) instead of NatWest Offshore or Coutts IOM, RBSI had been the
person by whom they were entered into, with whom they were
made, to or by whom they were given or to whom they were
addressed (as the case may be);
(b) for any reference (however worded and whether express or
implied) to NatWest Offshore or Coutts IOM there were
substituted, as regards anything falling to be done or capable of
being done on or after such appointed day, a reference to RBSI;
and
(c) any reference (however worded and whether express or implied)
to the directors or to any director, officer or employee of NatWest
Offshore or Coutts IOM were, as regards anything falling to be
done or capable of being done on or after such appointed day, a
reference to the directors of RBSI or, as the case may require, to
such director, officer or employee of RBSI as RBSI may appoint for
that purpose or, in default of appointment, to the director, officer
or employee of RBSI who corresponds as nearly as may be to the
first mentioned director, officer or employee.
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(2) Without prejudice to the generality of any other provision of this Act but
subject to any provision in this Act to the contrary effect, any deed or
other instrument or document and any contract, agreement or
undertaking not in writing (other than one to which paragraph (1) above
applies or a will) in existence immediately before the appointed day and
in which there is a reference (however worded and whether express or
implied) to NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business of Coutts IOM
or to the directors or to any director, officer or employee of NatWest
Offshore in respect of the business of NatWest Offshore or Coutts IOM in
respect of the banking business of Coutts IOM shall be construed and
have effect on and from such appointed day in relation to NatWest
Offshore in respect of the business of NatWest Offshore or Coutts IOM in
respect of the banking business of Coutts IOM as if —
(a) for any such reference to NatWest Offshore or Coutts IOM there
were substituted, as regards anything falling to be done or
capable of being done on or after such appointed day, a reference
to RBSI; and
(b) any reference (however worded and whether express or implied)
to the directors or to any director, officer or employee of NatWest
Offshore or Coutts IOM were, as regards anything falling to be
done or capable of being done on or after such appointed day, a
reference to the directors of RBSI or, as the case may require, to
such director, officer or employee of RBSI as RBSI may appoint for
that purpose or, in default of appointment, to the director, officer
or employee of RBSI who corresponds as nearly as may be to the
first mentioned director, officer or employee.
(3) Without prejudice to the generality of any other provision of this Act, but
subject to any provision in this Act to the contrary effect, any deed or
other instrument or document (other than a will), and any contract,
agreement or undertaking not in writing, which is made, executed or
given on or after the appointed day in relation to NatWest Offshore in
respect of the business of NatWest Offshore or Coutts IOM in respect of
the banking business of Coutts IOM and in which there is a reference
(however worded and whether express or implied) to NatWest Offshore
in respect of the business of NatWest Offshore or Coutts IOM in respect
of the banking business of Coutts IOM or to the directors or to any
director, officer or employee of NatWest Offshore in respect of the
business of NatWest Offshore or Coutts IOM in respect of the banking
business of Coutts IOM shall be construed and have effect as if —
(a) for any such reference to NatWest Offshore or Coutts IOM there
were substituted, as regards anything falling to be done or
capable of being done on or after such appointed day, a reference
to RBSI; and
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(b) any reference (however worded and whether express or implied)
to the directors or to any director, officer or employee of NatWest
Offshore or Coutts IOM were, as regards anything falling to be
done or capable of being done on or after such appointed day, a
reference to the directors of RBSI or, as the case may require, to
such director, officer or employee of RBSI as RBSI may appoint for
that purpose or, in default of appointment, to the director, officer
or employee of RBSI who corresponds as nearly as may be to the
first mentioned director, officer or employee.
(4) Without prejudice to the generality of any other provision of this Act but
subject to any provision in this Act to the contrary effect, any enactment
(other than an enactment in this Act) containing a reference (however
worded and whether express or implied) to NatWest Offshore in respect
of the business of NatWest Offshore or Coutts IOM in respect of the
banking business of Coutts IOM or to the directors or to any director,
officer or employee of NatWest Offshore in respect of the business of
NatWest Offshore or Coutts IOM in respect of the banking business of
Coutts IOM shall be construed and have effect on and from the
appointed day in relation to NatWest Offshore in respect of the business
of NatWest Offshore or Coutts IOM in respect of the banking business of
Coutts IOM as if —
(a) for any such reference to NatWest Offshore in respect of the
business of NatWest Offshore or Coutts IOM in respect of the
banking business of Coutts IOM there were substituted, as
regards anything falling to be done or capable of being done on or
after such appointed day, a reference to RBSI; and
(b) any reference (however worded and whether express or implied)
to the directors or to any director, officer or employee of NatWest
Offshore or Coutts IOM were, as regards anything falling to be
done or capable of being done on or after such appointed day, a
reference to the directors of RBSI or, as the case may require, to
such director, officer or employee of RBSI as RBSI may appoint for
that purpose or, in default of appointment, to the director, officer
or employee of RBSI who corresponds as nearly as may be to the
first mentioned director, officer or employee.
(5) (a) Notwithstanding anything contained in this Act, any trust deed,
declaration of trust, agreement, rule, instrument or other document
constituting or relating to a scheme shall remain in full force and shall
not be affected by this Act;
(b) in clause (a) above, ‘scheme’ means any pension or
superannuation fund or scheme or any group assurance or
insurance scheme established by NatWest Offshore or Coutts IOM
for their respective employees.
Section 6 The Royal Bank of Scotland International Limited Act 2001


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Actions, etc. not to abate
6 Actions, etc not to abate

(1) Where by virtue of this Act any right or liability of NatWest Offshore in
respect of the business of NatWest Offshore or Coutts IOM in respect of
the banking business of Coutts IOM becomes a right or liability of RBSI,
RBSI 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, claiming, perfecting or
enforcing that right or liability as if it had at all times been a right or
liability of RBSI;
(2) Any action, arbitration or proceeding before any court in the Isle of Man
and any cause of action, arbitration or proceeding in the Isle of Man
which shall on the appointed day be pending or existing by, against or in
favour of NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business of Coutts IOM
shall not abate or be discontinued or be in any way prejudicially affected
by the provisions of this Act, but the same may be prosecuted, continued
and enforced by, against or in favour of RBSI as and when it might have
been prosecuted, continued and enforced by, against or in favour of
NatWest Offshore in respect of the business of NatWest Offshore or
Coutts IOM in respect of the banking business of Coutts IOM as if this
Act had not been passed.
(3) Any judgement, decree, order or award obtained by or against NatWest
Offshore in respect of the business of NatWest Offshore or Coutts IOM in
respect of the banking business of Coutts IOM and not fully satisfied
before the appointed day shall, to the extent to which it is enforceable by
or against NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business of Coutts
IOM, only be enforceable, on and from such appointed day, by or against
RBSI.
(4) Nothing in this Act shall terminate or prejudicially affect the
appointment, authority, rights or powers of any receiver or of any
receiver and manager appointed by NatWest Offshore in respect of the
business of NatWest Offshore or Coutts IOM in respect of the banking
business of Coutts IOM whether alone or with others, before the
appointed day in relation to NatWest Offshore in respect of the business
of NatWest Offshore or Coutts IOM in respect of the banking business of
Coutts IOM.
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Documents, etc. to remain evidence
7 Admissibility of evidence

All documents, records and admissions which, if this Act had not been passed,
would have been evidence in respect of any matter for or against NatWest
Offshore in respect of the business of NatWest Offshore or Coutts IOM in
respect of the banking business of Coutts IOM shall, on and after the appointed
day, be admissible in evidence before any court in the Isle of Man in respect of
the same in the like manner for or against RBSI.
Application of the Bankers’ Books Evidence Act 1935
8 Application of the Bankers’ Books Evidence Act 1935

(1) The Bankers’ Books Evidence Act 1935 shall apply to the books of NatWest
Offshore and Coutts IOM transferred to RBSI by this Act and to entries
made therein before the appointed day as if such books were the books
of RBSI.
(2) For the purposes of Section 4 of the Act of 1935 books so transferred to
RBSI shall be deemed to have been the ordinary books of RBSI at the
time of the making of any entry therein which purports to have been
made before the appointed day, and any such entry shall be deemed to
have been made in the usual and ordinary course of business.
(3) In this Section ‘books’ has the same meaning as the words ‘Bankers’
Books’ in the Act of 1935.
Provisions as to trust property transferred and as to trusteeships etc.
9 Trust property and trusteeships

(1) Any property transferred to and vested in RBSI by virtue of this Act
which, immediately before the appointed day, was held by NatWest
Offshore in respect of the business of NatWest Offshore whether alone or
jointly with any other person —
(a) as trustee of any trust deed, settlement, covenant, agreement or
will, and whether generally so appointed or not, and whether
appointed under hand or seal, or by order of any court or
otherwise;
(b) as executor of the will of a deceased person;
(c) as administrator of the estate of a deceased person;
(d) as trustee or appointed by order of any court; or
(e) in any other fiduciary capacity whatsoever
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shall, on and from the appointed day, be held by RBSI alone or jointly
with such other person (as the case may be), in the same capacity, upon
the trusts, and with and subject to the rights, powers, provisions,
liabilities and obligations applicable thereto respectively.
(a) Any order of any court or any trust deed, settlement, covenant,
agreement, will or appointment, whether made or executed
before, on or after the appointed day in relation to NatWest
Offshore in respect of the business of NatWest Offshore under or
by virtue of which NatWest Offshore in respect of the business of
NatWest Offshore was or is or, but for the provisions of this
Section, would have been (whether alone or with any other
person) granted letters of administration or appointed trustee,
executor, guardian, or custodian or appointed or confirmed in any
other fiduciary capacity shall not fail by reason of anything in this
Act but shall, on and from the appointed day (or, if it be later, the
date upon which the order, trust deed, settlement, covenant,
agreement, will or appointment is made or executed), be read,
construed and have effect as if for any reference therein to
NatWest Offshore in respect of the business of NatWest Offshore
there were substituted a reference to RBSI;
(b) where any order, trust deed, settlement, covenant, agreement, will
or appointment such as is mentioned in the preceding paragraph
authorised or authorises NatWest Offshore in respect of the
business of NatWest Offshore or (in the case of any such order or
other deed or instrument taking effect after the appointed day in
relation to NatWest Offshore in respect of the business of NatWest
Offshore) would have authorised NatWest Offshore in respect of
the business of NatWest Offshore (if NatWest Offshore in respect
of the business of NatWest Offshore had accepted such
appointment) to charge remuneration or otherwise to act in
accordance with a scale or terms or conditions applicable to
NatWest Offshore in respect of the business of NatWest Offshore
at any particular date before, on or after the appointed day in
relation to NatWest Offshore in respect of the business of NatWest
Offshore or for the time being, then on and from such appointed
day (or, if it be later, the date upon which such order, trust deed,
settlement, covenant, agreement, will or appointment is made or
executed) every reference in such order, trust deed, settlement,
covenant, agreement, will or appointment to such scale or terms
or conditions shall be construed and have effect as if the same
were a reference to the corresponding scale or terms or conditions
applicable to RBSI at such particular date or for the time being (as
the case may be);
Provided that where any such reference is to a scale or terms or
conditions applicable to NatWest Offshore in respect of the business of
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NatWest Offshore at some date before the appointed day then the
foregoing provisions of this paragraph shall be construed and have effect
as if such scale or terms or conditions had been applicable to RBSI at
such prior date (notwithstanding that RBSI may not have been in
existence at that date or may not have been carrying on the business of
acting in the fiduciary capacity to which such scale or terms or conditions
relate) and as if every reference in such scale or terms or conditions to
NatWest Offshore had been a reference to RBSI.
Supplementary provisions as to transfer
10 Supplementary provisions as to transfer

(1) Without prejudice to the generality of any other provision of this Act the
following provisions shall have effect in relation to the NatWest Offshore
in respect of the business of NatWest Offshore and to Coutts IOM in
respect of the banking business of Coutts IOM:
(a) any account in existence immediately before the appointed day
between NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business of
Coutts IOM and a customer shall be transferred to RBSI on the
appointed day and shall become, on and from the appointed day,
an account between RBSI and such customer with the same rights
and subject to the same rights and obligations (including rights of
compensation and set-off) as would have been applicable thereto
if such account between NatWest Offshore or Coutts IOM and the
customer had continued and such account shall be deemed for all
purposes to be a single continuing account;
Provided that nothing herein shall affect any right of RBSI or of
the customer on or after the appointed day to vary the rights and
conditions subject to which any account is kept;
(b)
(i) any instruction, order, direction, mandate, notice,
representation, power of attorney, authority, consent or
undertaking (whether in writing or not and whether or not
in relation to any account) given before the appointed day
to NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business
of Coutts IOM, either alone or jointly with another person,
shall apply and have effect, on and from the appointed day
as if given to RBSI or, as the case may be, to RBSI jointly
with such other person;
(ii) any instruction, order, direction, mandate, notice,
representation, power of attorney, authority, consent or
undertaking (whether in writing or not) which is given to
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NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business
of Coutts IOM, either alone or jointly with another person,
on or after the appointed day and which, if given as
aforesaid prior to the appointed day, would have related to
an existing account between NatWest Offshore in respect
of the business of NatWest Offshore or Coutts IOM in
respect of the banking business of Coutts IOM and a
customer shall apply and have effect as if given to RBSI or,
as the case may be, to RBSI jointly with such other person;
(c)
(i) any security which, immediately before the appointed day,
is held by or in favour of NatWest Offshore in respect of
the business of NatWest Offshore or Coutts IOM in respect
of the banking business of Coutts IOM as security for the
payment or discharge of any liability shall, on and from the
appointed day, be held by or in favour of RBSI and be
available to RBSI as security for the payment or discharge
of such liability (and, in the case of a security granted for a
stated maximum amount, shall have full effect in favour of
RBSI up to such maximum amount); and in relation to such
security and such liability, RBSI shall, on and from the
appointed day, be entitled to the same rights and priorities
and subject to the same rights and obligations as NatWest
Offshore in respect of the business of NatWest Offshore or
Coutts IOM in respect of the banking business of Coutts
IOM would have been entitled and subject to if such
security had continued to be held by or in its favour;
(ii) where any security such as is mentioned in clause (i) of this
paragraph extends to future advances or future liabilities,
the said security shall, on and from the appointed day, be
held by or in favour of RBSI and be available to RBSI as
security for future advances by or future liabilities to, RBSI
to the same extent and in the same manner in all respects
as if it had been originally granted in favour of, and had
originally extended to future advances by or future
liabilities to RBSI;
(d) the custody or possession of any document, goods or other
property held by NatWest Offshore in respect of the business of
NatWest Offshore or Coutts IOM in respect of the banking
business of Coutts IOM, or by an agent for or nominee of NatWest
Offshore in respect of the business of NatWest Offshore or Coutts
IOM in respect of the banking business of Coutts IOM, as a bailee,
depositary or custodian shall, on and from the appointed day and
by virtue of this Act, be transferred to RBSI and the rights and
The Royal Bank of Scotland International Limited Act 2001 Section 11


c AT 30 of 2001 Page 17

obligations of NatWest Offshore in respect of the business of
NatWest Offshore or Coutts IOM in respect of the banking
business of Coutts IOM under any contract of bailment, deposit or
custodianship relating to such document, goods or property, or
under any other contract or arrangement (whether in writing or
not) or deed or other instrument or document regulating custody
or possession of the same, shall by virtue of this Act be transferred
on the appointed day to RBSI;
(e) any negotiable instrument or order for payment of money,
whether drawn, given, accepted or endorsed before, on or after
the appointed day in relation to NatWest Offshore in respect of
the business of NatWest Offshore or Coutts IOM in respect of the
banking business of Coutts IOM, which is expressed to be drawn
on, or given to, or accepted or endorsed by, NatWest Offshore in
respect of the business of NatWest Offshore or Coutts IOM in
respect of the banking business of Coutts IOM, or payable at any
place of business of NatWest Offshore in respect of the business of
NatWest Offshore or Coutts IOM in respect of the banking
business of Coutts IOM, shall have the same effect on and from
the appointed day (or, if it be later, the date upon which it is
drawn, given, accepted or endorsed) as if it had been drawn on, or
given to, or accepted or endorsed by RBSI or payable at the same
place of business of RBSI.
(2) Any reference in paragraph (c) of sub-section (1) above to securities held
by or in favour of NatWest Offshore in respect of the business of
NatWest Offshore or Coutts IOM in respect of the banking business of
Coutts IOM shall be construed as including a reference to securities held
by an agent or trustee for, or a nominee of NatWest Offshore in respect of
the business of NatWest Offshore or Coutts IOM in respect of the
banking business of Coutts IOM and any reference in the said
paragraph (c) to securities held by or in favour of NatWest Offshore in
respect of the business of NatWest Offshore or Coutts IOM in respect of
the banking business of Coutts IOM being, on and from the appointed
day, held by or in favour of RBSI shall be construed as including a
reference to securities which are held by an agent or trustee for, or a
nominee of NatWest Offshore in respect of the business of NatWest
Offshore or Coutts IOM in respect of the banking business of Coutts IOM
being, on and from such appointed day, held by such agent, trustee or
nominee as agent or trustee for, or nominee of, RBSI.
Savings
11 Savings

No provision of this Act shall operate as to prejudice or to have any effect upon
such rights and liabilities of NatWest Offshore as are held or owed otherwise
Section 12 The Royal Bank of Scotland International Limited Act 2001


Page 18 AT 30 of 2001 c

than in connection with the business of NatWest Offshore as defined herein or
upon such rights and liabilities of Coutts IOM as are held or owed otherwise
than in connection with the banking business of Coutts IOM as defined herein.
Costs of the Act
12 Costs 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 RBSI.
The Royal Bank of Scotland International Limited Act 2001 Endnotes


c AT 30 of 2001 Page 19

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
ADO (whole Act) 1/1/2002 (SD800/01).