Section 16 Dissolution of subsidiaries

A subsidiary shall by virtue of this Act be dissolved on the day on which, in pursuance of a request made by or on behalf of Citibank International at any time after the appointed day, the registrar of companies strikes that subsidiary off the register.

Notwithstanding section 654 of the 1985 c. 6.Companies Act 1985 (property of a dissolved company), on the day on which a subsidiary is struck off the register under subsection (1) above all seals, books and documents not included in the undertaking of that subsidiary transferred to, and vested in, Citibank International on the appointed day shall, by virtue of this Act, be transferred to, and vest in, Citibank International and, where so required to be kept at a place in England, shall be kept by Citibank International at such a place.