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(a)

the carry forward; and

(b)

the set off,

by the transferee financial institution of such of the losses of the transferor financial institution as may be specified in the Banking Business Vesting Order as if the undertaking of the transferor financial institution had not been permanently discontinued on the date specified in the Banking Business Vesting Order and a new banking business had been then set up and commenced by the transferee financial institution.

Supplementary provision as to transfers 176. (1)

Without prejudice to the generality of section 175, the effect of a Banking Business Vesting Order as regards the banking business transferred is that on and from the date of transfer: (a) every existing contract to which the transferor financial institution was a party, whether in writing or not, has effect as if (i) the transferee licensed financial institution had been a party thereto instead of the transferor financial institution; (ii) for any reference (however worded and whether expressed or implied) to the transferor financial institution there were substituted as respects anything falling to be done on or after the date of the transfer, a reference to the transferee financial institution; and (iii) any reference (however worded and whether express or implied) to the directors or to any director, officer, clerk or servant of the transferor financial institution were, as respect anything falling to be done on or after the date of transfer, a reference (as the case may require) to the directors of the transferee financial institution may appoint, or in default of appointment, to the director, officer, clerk or servant of the transferee financial institution who corresponds as ready as may be to the first mentioned director, officer, clerk or servant; (b) any account between the transferor financial institution and a customer shall

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