Cap. 257 Art. 3Effect of deed transferring the relevant business.

(1) Where a public deed entered into between Barclays Bank and the transferee company and having annexed thereto the designation by the Minister of that company as the transferee company transfers or purports to transfer the relevant business, such deed shall with effect from the operative date, effect the transfer of the whole of that business and -

(a) the inclusion in such transfer of the assets and

*See Government Notice No. 521 of 12th August 1975. †Repealed by article 37 of Act XV of 1994. See the Banking Act (Cap. 371). business in Malta on the operative date, and all rights, real and personal, and all liabilities and obligations of that bank relating to its business in Malta as on the operative date, as well as any accessory or ancillary right, including hypothecs, privileges, pledges, suretyship and other rights securing any other right or obligation;

(b) in respect of any immovable property or other immovable thing and of any rights in or over such property, including any privilege or hypothec, comprised in any such transfer as aforesaid, such transfer shall have effect in regard to third parties upon the registration in the Public Registry of the public deed effecting such transfer by means of a note containing the designation of the parties to the deed and the date and nature of such deed, without any further compliance with any requirement of the law as to the particulars and other indication of the thing, property or right comprised in such transfer or with any other requirement or formality; and

(c) the transfer of any right, liability or other obligation or of any property or other thing, as aforesaid -

(i) shall not operate as a novation in any such right, liability or obligation, and any such right, liability or obligation shall continue to have effect as if there were no change in the holder, creditor or debtor thereof and as if they had always been rights, liabilities or obligations of the transferee company;

(ii) shall not operate as a breach of covenant or condition, whether statutory or contractual or give rise to any forfeiture;

(iii) shall not invalidate, release from or discharge any contract or security;

(iv) shall not give rise to the payment of any laudemium, premium, penalty or other payment whatsoever.

(2) Nothing in subarticle (1) shall preclude the notary receiving the deed whereby the transfer of the relevant business is effected from entering in any appropriate register at the Public Registry or in any note registered or enrolled in that registry such reference or other annotation as may be appropriate in the circumstances.