# The Iraq (United Nations) (Sequestration of Assets) 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 Bank” means the Bank of England;
“the Banking Act” means the Banking Act 1987;
“body corporate” includes a Scottish partnership and, in relation to such a partnership, any reference to a director or other officer of a body corporate is a reference to a partner;
“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 on15th 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;
“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;
“the Insolvency Act” means the Insolvency Act 1986;
“the Insolvency Order” means the Insolvency (Northern Ireland) Order 1989;
“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) the Bank;
(b) any institution authorised by the Bank under the Banking Act;
(c) any person specified in Schedule 2 to the Banking Act; and
(d) any other person not authorised by the Bank under the Banking Act who may lawfully accept deposits in the United Kingdom in the course of carrying on a deposit-taking business for the purposes of the Banking 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;
“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 any part of the United Kingdom and any reference to funds to which an Iraqi person is entitled extends to funds to which such person is entitled under the law of any part of the United Kingdom but shall not extend to funds in relation to which the entitlement of such person is in issue in legal proceedings in any jurisdiction in the United Kingdom or in any other jurisdiction.

---
Source: https://www.legislation.gov.uk/uksi/1993/1244/article/2 (the official version)
Page: https://openlegislation.uk/iraq-united-nations-sequestration-of-assets-order-1993/article-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.