The Iraq (United Nations) (Sequestration of Assets) Order 1993

Maintenance of Accounts and Preservation of Existing Rights

19.—(1) A person who holds an account at a relevant institution, and a relevant institution with which an account is held from which a transfer of an amount has been made pursuant to a direction of the Treasury under article 15, shall not close the account pending any retransfer of the amount transferred or any part of it under article 20.

(2) Any costs or expenses which may be incurred consequent on the continuing operation of the account pursuant to paragraph (1) shall be the liability of the person by whom the account is held unless the relevant institution agrees otherwise with such person.

(3) Notwithstanding the foregoing, a relevant institution may restrict access to an account described in paragraph (1) to any lawful extent.

(4) Nothing in this Order shall affect any rights, liabilities or claims existing with respect to amounts transferred to the escrow account under article 15 or 16 prior to the date of their transfer.