Section 5 Vesting of personal bank in Alliance & Leicester

Subject as provided in subsection (2) below and in section 11 (Saving for contracts of employment) and section 12 (Saving for agreement with Post Office Counters Limited) of this Act, on the appointed day the personal bank shall, by virtue of this Act and without further assurance, vest in Alliance & Leicester as if, as respects the personal bank, Alliance & Leicester were the same person in law as Girobank.

Where the vesting of any part of the personal bank is governed wholly or partly by the law of any country or territory outside the United Kingdom, Girobank shall, if Alliance & Leicester so requires, take all necessary steps for the purpose of securing the vesting thereof in Alliance & Leicester.