(1) Where, for the purposes of exercising functions arising under the Bank Recovery and Resolution Directive -
(a) a Union resolution authority directs a transfer of shares, other instruments of ownership, assets, rights or liabilities, and
(b) the transfer includes either -
(i) assets that are located in the State, or
(ii) rights or liabilities which are governed by the law of the State,
that transfer shall have effect in the State.
(2) In cases to which paragraph (1) applies, the resolution authority shall provide all reasonable assistance to that other resolution authority in order to ensure that the shares or other instruments of ownership or assets, rights or liabilities are transferred to the recipient, in accordance with applicable legal requirements.
(3) Where paragraph (1) applies, shareholders, creditors and third parties that are affected by the transfer shall not be entitled to prevent, challenge, or set aside the transfer under any provision of the law of the State.
(4) Wh
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