# The Iraq (United Nations) (Sequestration of Assets) (Isle of Man) Order 1993, Article 2: Interpretation


(1) In this Order the following expressions have, except where otherwise expressly provided, the meanings respectively assigned to them, that is to say—
“the Banking Act” means the Banking Act 1975 (an Act of Tynwald);
“the Commission” means the Financial Supervision Commission of the Isle of Man;
“the Companies Act” means the Companies Act 1931 (an Act of Tynwald);
“competent authority” means any authority responsible for securing compliance with or detecting evasion of the resolution in any country;
“ECUs” means European Currency Units being units of account defined in Council Regulation (EEC) No.3180/78, as amended;
“the escrow account” means the account provided for in the resolutions of the Security Council of the United Nations numbered 706 and 712 and adopted on 15th August 1991 and on 19th September 1991 respectively;
“funds” means any currency and any amount denominated in ECUs and includes any right to receive currency in respect of any credit or balance at a bank;
“H.M. Treasury” means the Commissioners of Her Majesty’s Treasury;
“Iraqi person” means
(a) the Government of Iraq;
(b) any body which is capable of suing and being sued and the functions of which are carried on for the purposes of the Government of Iraq or subject to its direction or approval, but which is distinct from the executive organs of the Government of Iraq;
(c) any body wherever incorporated or constituted, which is controlled by the Government of Iraq; and
(d) any person or body who is acting on behalf of any of the above-mentioned persons;
“petroleum” means a naturally occurring mixture including hydrocarbons;
“petroleum products” means any products, other than chemicals, which may be obtained by primary distillation or secondary refining from petroleum and includes natural gas, petroleum ether, solvents, benzene, naphtha, motor spirits (including aviation spirit), kerosenes (including jet fuel), heavy oils, fuel oils, lubricating oils, greases, petroleum jelly, paraffin wax and asphaltic bitumen;
“relevant institution” means
(a) any banking institution licensed by the Commission under the Banking Act; and
(b) any person exempted from any provision of the Banking Act by virtue of regulations under section 1(4) of that Act;
“relevant transaction” means the sale of Iraqi petroleum or petroleum products, paid for by or on behalf of the purchaser on or after 6th August 1990;
“the resolution” means the resolution of the Security Council of the United Nations numbered 778 and adopted on 2nd October 1992;
“the Secretary General” means the Secretary General of the United Nations;
“the Treasury” means the Isle of Man Treasury, a department of the Government of the Isle of Man;
“vehicle” means a land transport vehicle and includes a barge engaged in inland navigation;
“vessel” has the meaning it bears in the Export of Goods (Control) Order 1992.
(2) Any reference in this Order to funds being held by any person extends to funds held in any capacity recognised by the law of the Isle of Man and any reference to funds to which an Iraqi person is entitled extends to funds to which such a person is entitled under the law of the Isle of Man but shall not extend to funds in relation to which the entitlement of such a person is in issue in legal proceedings in the Isle of Man or in any other jurisdiction.

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Source: https://www.legislation.gov.uk/uksi/1993/1575/article/2 (the official version)
Page: https://openlegislation.uk/iraq-united-nations-sequestration-of-assets-isle-of-man-order-1993/article-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.