Section 10 Contracts of employment

Paragraph (1) of section 6 (Supplementary provisions as to transfer and vesting) of this Act applies to a contract for the employment of any person by a subsidiary; and employment with the subsidiary and Citibank International under any such contract shall be deemed for all purposes to be a single continuing employment.

No director, secretary, compliance officer or auditor of a subsidiary shall by virtue only of this Act become a director, secretary, compliance officer or, as the case may be, auditor of Citibank International or become entitled to hold an equivalent position in relation to a company incorporated outside the United Kingdom.