Section 4 Vesting of Northern Ireland banking business in AIB NI

Subject as provided in subsection (2) below, on the appointed day the Northern Ireland banking business shall, by virtue of this Act and without further assurance, vest in AIB NI as if, as respects the Northern Ireland banking business, AIB NI were the same person in law as AIB and to the intent that AIB NI shall succeed to the whole of the Northern Ireland banking business.

Where the vesting of any part of the Northern Ireland banking business is governed wholly or partly by the law of any territory outside the United Kingdom, AIB shall, if AIB NI so requires, take all necessary steps for the purpose of securing the vesting thereof in AIB NI and, pending such vesting, AIB shall hold any such property in trust for AIB NI.