 BARCLAYS BANK (TRANSFER OF BUSINESS) ġ CAP. 257.              1
CHAPTER 257 
BARCLAYS BANK (TRANSFER OF BUSINESS) 
ACT
To provide for matters relating, consequential or incidental to the
transfer by public deed of the business in Malta of Barclays Bank
International Limited, including all assets and liabilities pertaining
thereto, and to provide for other matters connected with or incidental to,
any of the matters aforesaid.
(12th August, 1975) *
Enacted by ACT XXXIX of 1975.
Short title.
Business) Act.
Interpretation. 
Cap. 215.
2. (1) In this Act, unless the context otherwise requires -
"Barclays Bank" means the company known as Barclays Bank
International Limited and operating in Malta under a licence issued
under the Banking Act † , on the 15th day of February, 1971;
"Minister" means the Minister responsible for finance;
"operative date" means the date on which the transfer of the
relevant business is to take effect;
"relevant business" means the business of Barclays Bank in
Malta as on the operative date;
"security" includes any privilege, hypothec, mortgage, pledge,
debenture, guarantee, indemnity, undertaking and any other means
of securing payment or the discharge of a debt, liability or
obligation;
"transferee company" means the company designated by the
Minister as the transferee company for the purposes of this Act. 
(2) Notwithstanding anything contained in any other law, or in
any deed, contract, instrument or other document whatsoever, the
provisions of this Act shall have effect, and in the event of any
conflict between a provision of this Act and the provision of any
other law or anything contained in any deed, contract, instrument or
document whatsoever, the provisions of this Act shall prevail.
Effect of deed 
transferring the 
relevant business.
3. (1) Where a public deed entered into between Barclays
Bank and the transferee company and having annexed thereto the
designation by the Minister of that company as the transferee
company transfers or purports to transfer the relevant business,
such deed shall with effect from the operative date, effect the
transfer of the whole of that business and - 
( a ) the inclusion in such transfer of the assets and
* See  Government Notice No. 521 of 12th August 1975.
†Repealed by section 37 of Act XV of 1994.  See  the Banking Act (Cap. 371) .
  2      CAP. 257. ħ         BARCLAYS BANK (TRANSFER OF BUSINESS)
liabilities pertaining to the business of Barclays Bank
in Malta shall comprise in such transfer all property of
any description, movable and immovable belonging to
the said bank and existing in Malta or relating to its
business in Malta on the operative date, and all rights,
real and personal, and all liabilities and obligations of
that bank relating to its business in Malta as on the
operative date, as well as any accessory or ancillary
right, including hypothecs, privileges, pledges,
suretyship and other rights securing any other right or
obligation;
( b ) in respect of any immovable property or other immo-
vable thing and of any rights in or over such property,
including any privilege or hypothec, comprised in any
such transfer as aforesaid, such transfer shall have
effect in regard to third parties upon the registration in
the Public Registry of the public deed effecting such
transfer by means of a note containing the designation
of the parties to the deed and the date and nature of
such deed, without any further compliance with any
requirement of the law as to the particulars and other
indication of the thing, property or right comprised in
such transfer or with any other requirement or
formality; and 
( c ) the transfer of any right, liability or other obligation or
of any property or other thing, as aforesaid - 
(i) shall not operate as a novation in any such right,
liability or obligation, and any such right,
liability or obligation shall continue to have
effect as if there were no change in the holder,
creditor or debtor thereof and as if they had
always been rights, liabilities or obligations of
the transferee company;
(ii) shall not operate as a breach of covenant or
condition, whether statutory or contractual or
give rise to any forfeiture;
(iii) shall not invalidate, release from or discharge
any contract or security;
(iv) shall not give rise to the payment of any
laudemium, premium, penalty or other payment
whatsoever.
(2) Nothing in subsection (1) of this section shall preclude the
notary receiving the deed whereby the transfer of the relevant
business is effected from entering in any appropriate register at the
Public Registry or in any note registered or enrolled in that registry
such reference or other annotation as may be appropriate in the
circumstances.
Additional effects 
of transfer of 
relevant business.
4. (1) Without prejudice to the generality of the provisions of
section 3 of this Act, where the relevant business is transferred as
provided in that section - 
 BARCLAYS BANK (TRANSFER OF BUSINESS) ġ CAP. 257.              3
( a ) every contract relating to the relevant business in force
on the operative date and to which Barclays Bank is a
party shall, on and after that date, continue to have
effect and be construed as if -
(i) the transferee company had been a party thereto
instead of Barclays Bank;
(ii) for any reference (however worded and whether
express or implied) to Barclays Bank there were
substituted, as respects anything falling to be
done on or after the operative date, a reference
to the transferee company; and
(iii) for any reference (however worded and whether
express or implied) to the directors or to a
director, officer or servant of Barclays Bank
there were substituted, as respects anything to be
done on or after the operative date, a reference
to the directors or to a director, officer or servant
(as the case may require) of the transferee
company;
and the provisions of sub-paragraphs (ii) and (iii) of
this paragraph shall apply to any other contract or
document relating to the relevant business and in force
on the operative date as they apply in relation to a
contract to which Barclays Bank is a party;
( b ) every account relating to the relevant business
between Barclays Bank and any other person shall on
and after the operative date become an account
between the transferee company and that other person
subject to the same terms, conditions and incidental
matters as applied before that date, and any such
account shall be deemed for all purposes to be a single
continuing account;
( c ) any instruction, direction, mandate, power of attorney,
authority or consent given to Barclays Bank in relation
to the relevant business and in force on the operative
date shall continue to have effect, on and after that
date, as if given to the transferee company;
( d ) any negotiable instrument or order for payment of
money, whether drawn, given, accepted or endorsed
before, on or after the operative date, which relates to
the relevant business and is expressed to be drawn on,
or given to, or accepted or endorsed by, Barclays
Bank, or payable at any place of business of Barclays
Bank, shall have effect, on and after the operative date,
as if it had been drawn on, or given to, or accepted or
endorsed by, the transferee company, or payable at the
same place of business of the transferee company, as
the case may require;
( e ) any security transferred to the transferee company
which immediately before the operative date was held
by Barclays Bank as security for the payment or
  4      CAP. 257. ħ         BARCLAYS BANK (TRANSFER OF BUSINESS)
discharge of any debt, liability or obligation shall, on
and after the operative date, be held by and be
available to the transferee company as security for the
payment or discharge of such debt, liability or
obligation; and any such security which extends to
future advances or liabilities shall, on and after the
operative date, be held by and be available to the
transferee company as security for future advances by
and future liabilities to the transferee company in the
same manner in all respects as future advances by or
liabilities to Barclays Bank were secured thereby
before that date;
( f ) any judgment or award obtained by or against Barclays
Bank in relation to the relevant business before the
operative date and not fully satisfied on that date shall,
on and after that date, be enforceable by or against the
transferee company.
(2) Where by the operation of any of the provisions of this Act
any right, liability or obligation becomes a right, liability or
obligation of the transferee company, that company and any other
person shall, on and after the operative date, have the same rights,
powers and remedies for ascertaining or enforcing that right,
liability or obligation as if it had at all times been a right, liability
or obligation of the transferee company, and any legal proceedings,
or any arbitration proceedings, or applications to any authority,
pending immediately before the operative date by or against
Barclays Bank, shall, on and after that date, be continued by or
against the transferee company.
(3) Where on or after the operative date any person dies leaving
property in Malta and by a will executed before that date appoints
or purports to appoint Barclays Bank to be executor thereof, such
will shall be construed to have effect as if for any reference therein
to Barclays Bank there were substituted a reference to the
transferee company.
Powers of the 
Minister and 
exemption from 
duty on 
documents.
5. (1) Where the relevant business is transferred as provided
in section 3 of this Act the Minister may, by order in the Gazette,
extend to the transferee company any provision of law which prior
to such transfer applied to Barclays Bank subject to such conditions
and with such modifications and reservations and in such manner
and for such time as he may deem appropriate; and the Minister
may also by a subsequent order in the Gazette add to, alter, vary or
revoke any previous order, without prejudice to the making of a
new order under this subsection.
(2) The transfer of the relevant business to the transferee
company shall be exempt from the payment of duty on documents.
