Trustee Savings Banks Act 1985 (Channel Islands) Order 1985
Jersey Order in Council 17/1985
THE TRUSTEE SAVINGS BANKS ACT 1985 (CHANNEL ISLANDS)
ORDER, 1985
____________
(Registered on the 4th day of October, 1985).
____________
At the Court at Buckingham Palace
____________
31st July, 1985
____________
PRESENT
The Queen’s Most Excellent Majesty in Council
____________
HER MAJESTY, in pursuance of section 7(4)
of the Trustee
Savings Banks Act 1985, is pleased, by and with the advice of Her
Privy Council, to order, and it is hereby ordered, as follows: -
1. This
Order may be cited as the Trustee Savings Banks Act 1985 (Channel
Islands) Order 1985 and shall come into operation on the day on
which the Trustee
Savings Banks Act 1985 comes into force.
2. The
Trustee Savings
Banks Act 1985 in its extension to the Bailiwick of Jersey shall
have effect subject to the adaptations and modifications specified in Schedule 1
to this Order and in its extension to the Bailiwick of Guernsey shall have
effect subject to the adaptations and modifications specified in Schedule 2
to this Order.
G.I. DE DENEY
Clerk of the Privy Council.
SCHEDULE 1
(Article 2)
ADAPTATIONS AND
MODIFICATIONS TO THE TRUSTEE SAVINGS BANKS ACT 1985 AS EXTENDING TO THE
BAILIWICK OF JERSEY
1. In
this Schedule “the Bailiwick” means the Bailiwick of Jersey and the
territorial waters adjacent thereto.
2. Any
reference to an Act of Parliament (including the Trustee Savings Banks Act
1985) or to a provision of such an Act shall be construed, unless
the contrary intention appears, as a reference to that Act or provision as it
has effect in the Bailiwick.
3. Any
reference to an enactment of the States of Jersey shall be construed, unless
the contrary intention appears, as including a reference thereto as amended or
replaced by or under any other such enactment.
4. In
section 1(5), the words “except section 6,” shall be omitted.
5. In
section 3 –
(a) for subsection
(7) there shall be substituted the following subsection –
“(7) The
substitution effected by the foregoing provisions of this section of a body
comprised in the new TSB group for a body comprised in the existing TSB group
as employer under contracts of employment subsisting immediately before the
vesting day shall have effect so that a period of employment immediately before
the vesting day with a body comprised in the existing TSB group shall count for
all purposes as a period of employment with the successor to such body, and the
change of employer shall not break the continuity of the period of
employment.”; and
(b) subsection
(10) shall be omitted.
6. Section
6 shall be omitted.
7.-(1) Where a transfer
in relation to which Schedule 1 has effect is a transfer from an existing
bank to a successor incorporated or to be incorporated in the Bailiwick, that
Schedule shall have effect subject to the following provisions of this paragraph.
(2) For paragraph
6(3) there shall be substituted the following sub-paragraph –
“(3) If,
in a case where sub-paragraph (1) above applies, the day with which the
transitional period begins falls before the date of incorporation of the
transferee, the transferee shall be deemed, for the purposes of its first
accounts, to have been incorporated on the day on which the transitional period
begins.”.
(3) In paragraph
6(6) –
(a) the definition
of “corresponding Northern Ireland legislation” shall be
omitted; and
(b) in the
definition of “statutory accounts”, for paragraph (a) there
shall be substituted the following paragraph –
“(a) in
relation to a transferee, any accounts or statement of accounts required to be
prepared by any provision of the Companies (Jersey) Laws 1861 to 1968 ; and”.
(4) In paragraph
7(1), for the words from “Companies Act 1985” to the end there
shall be substituted the words “Companies (Jersey) Laws 1861 to 1968 as profits or gains resulting from the
transferee’s business and available to be used for the payment of
dividends.”.
(5) In paragraph
7(2) for the words from “then, for the purposes” to the end there
shall be substituted the words –
“then –
(a) so much of
that increase or decrease in value as is realised on
or after the vesting day shall be treated as realised
profits or, as the case may be, realised losses of
the transferee resulting from the transferee’s business and, if a realised profit, available to be used for the payment of
dividends; and
(b) so much as
remains unrealised at any time after the vesting day
shall be treated as unrealised profits or, as the
case may be, unrealised losses of the transferee at
that time.”.
(6) Paragraphs (b)
and (c) of paragraph 7(4) shall be omitted.
(7) Paragraphs 8
and 9 shall be omitted.
8. For
Schedule 2 there shall be substituted the following Schedule –
“SCHEDULE 2
TAXATION
1. In
computing profits or losses for the purposes of the Income Tax (Jersey) Law
1961 an existing bank and its
successor shall be deemed to be a continuing concern and tax shall be computed,
charged, collected and paid accordingly.
2. No
transfer effected by section 3 above shall give rise to any liability to stamp
duty.”.
9. Schedule 3
shall be omitted.
SCHEDULE 2
(Article 2)
Adaptations and Modifications to the Trustee Savings Banks Act
1985 as extending to the Bailiwick of Guernsey
* * * * * * * * * *
TRUSTEE SAVINGS BANKS ACT 1985
CHAPTER 58
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ARRANGEMENT
OF SECTIONS
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Preliminary
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Section
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1.
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Preliminary
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The
reorganisation
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2.
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The Central Board and the reorganisation
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3.
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Transfer of assets, liabilities, etc.
from existing to new institutions
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4.
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Dissolution of existing banks and repeal
of 1981 Act etc
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Taxation
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5.
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Taxation
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Miscellaneous
and general
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6.
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Treatment of Scottish 1819 savings banks
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7.
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Short title, commencement, repeals and
extent
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SCHEDULES
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Schedule 1 – Transfer provisions:
supplementary
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Schedule 2 – Taxation
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Schedule 3 – Adaptations of Banking
Act 1979 for 1819 savings banks
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Schedule 4 – Repeals
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ELIZABETH II
1985 CHAPTER 58
AN ACT to make provision for the purposes
of or in connexion with the reorganisation
into companies incorporated under the Companies Acts
of the institutions regulated by or existing under the Trustee Savings Banks Act
1981 and for the treatment for
the purposes of the Banking Act 1979 of any Scottish savings bank
established before 28th July, 1863 which has not since become a trustee savings
bank.
(25th
July, 1985)
Be it enacted by the Queen’s
most Excellent Majesty, by and with the advice and consent of the Lords
Spiritual and Temporal, and Commons, in this present Parliament assembled, and
by the authority of the same, as follows: -
Preliminary
1.-(1) In this Act –
(a) “the
existing TSB group” means the following, taken as a whole –
(i) the
existing trustee savings banks certified under the Trustee Savings Banks Act
1969 or 1981
(“the existing banks”);
(ii) the Trustee
Savings Banks Central Board (“the Central Board”);
(iii) Trustee
Savings Banks (Holdings) Limited (“the existing holding company”);
and
(iv) the existing
subsidiaries of any of the existing banks, the Central Board or the existing
holding company;
and “existing” with reference to any of those banks or
companies means existing immediately before the vesting day and, in the case of
a bank, with a certification under the Trustee Savings Banks Act
19696
or 19817
effective on 17th December,
1984;
(b) “the new
TSB group” means the following, taken as a whole –
(i) the
companies formed or to be formed with objects including that of assuming and
conducting, after the vesting day, the respective businesses of the existing
banks and eligible to succeed them;
(ii) the companies
which, immediately before the vesting day, are subsidiaries of the existing
banks, the Central Board or the existing holding company;
(iii) the company
formed or to be formed with objects including that of acting as the holding
company for the companies falling within (i) and (ii)
above and which, immediately before the vesting day, is a subsidiary of the
Central Board (“the new holding company”);
and for the purposes of this section “formed”, with
reference to the objects of a company, includes the alteration of its objects
(with or without an alteration of its name);
(c) “successor”,
with reference to an existing bank, means the company formed or to be formed
with objects including that of assuming and conducting its business and
eligible to succeed it; and
(d) “the
vesting day” means the day appointed for the transfer by virtue of
section 3 below of the assets and liabilities of any of the bodies comprising
the existing TSB group to any of the bodies comprising the new TSB group.
(2) For a company
to be “eligible to succeed” an existing bank it must have been,
immediately before the vesting day, a subsidiary of the Central Board or the
existing holding company and it must –
(a) in the case of
the company which is to succeed the existing bank for England and Wales, be registered (and
accordingly have its registered office) in England and Wales;
(b) in the case of
the company which is to succeed the existing bank for Scotland, be registered (and
accordingly have its registered office) in Scotland;
(c) in the case of
the company which is to succeed the existing bank for Northern Ireland, be registered
(and accordingly have its registered office) in Northern Ireland; and
(d) in the case of
the company which is to succeed the existing bank for the Channel
Islands, be incorporated (and accordingly have its registered
office) in any of the Channel Islands.
(3) References in
this Act to a company being a subsidiary of another or being a holding company
as regards another company are to be construed in accordance with the Companies Act 1985.
(4) The vesting
day shall be appointed by the Treasury by order made by statutory instrument
after consulting the Central Board.
(5) This Act * * *
has effect for the purpose of enabling the existing TSB group to be reorganised into the new TSB group and any reference in it
to “the reorganisation” shall be
construed accordingly.
The reorganisation
2.-(1) The
Central Board shall have power to do anything (whether or not involving the
expenditure or investment or borrowing of money or the acquisition or disposal
of any property or rights) which in their opinion is calculated to facilitate
the reorganisation or is incidental or conducive to
it.
(2) Without
prejudice to the generality of subsection (1) above, the Central Board shall
have power to determine the consideration due for the transfer of any assets by
virtue of section 3(1)(b) or (c) below and whether or not the consideration due
for the transfer or the consideration due (where any is to be due) for shares
or rights to shares disposed of under subsection (1) above in connexion with the reorganisation
is (whether on the part of all or any description of acquirer) to be paid or
left unpaid for any period or, in the case of shares or rights to shares, to be
full consideration or discounted.
(3) Any
determination of the Central Board under subsection (2) above relating to the
transfer of assets by virtue of section 3(1)(b) or (c) below shall be binding
on the trustees (including the custodian trustees) and officers of the existing
banks and their depositors.
(4) The Central
Board shall –
(a) after the
vesting day, cease to exercise their functions except for the purposes of or in
connexion with the reorganisation
or winding up their affairs;
(b) when directed
to do so by the Treasury (if they have not already done so under subsection (1)
above), make arrangements for securing the formation of bodies corporate with
such charitable objects as the Board in each case determine and the vesting in
those bodies, whether or not for any consideration, of such shares or rights to
shares in the new holding company as the Board in each case determine;
(c) when directed
to do so by the Treasury (if they have not already done so under subsection (1)
above), dispose of any shares or rights to shares in the new holding company
which are held by or, as the case may be, vested in the Board in connexion with the reorganisation
and pay the proceeds to that company;
and on such day as the Treasury appoints by order made by statutory
instrument the Board shall cease to exist.
3.-(1) Subject to subsection (8) below, on the
vesting day there shall, by virtue of this subsection, be transferred to and
vested in the new holding company –
(a) all the
property, rights, liabilities and obligations of the Central Board except any
shares in the new holding company;
(b) all the shares
of the existing banks in the existing holding company; and
(c) all the
property, rights, liabilities and obligations of the existing holding company.
(2) Subject to
paragraph 2 of Schedule 2 to this Act, the transfer of the assets
specified in paragraphs (b) and (c) of subsection (1) above shall be for
the consideration determined by the Central Board under section 2 above and the
consideration for the transfer of the shares specified in paragraph (b)
shall be treated for the purposes of this section as having accrued to the bank
immediately before the transfer of the bank’s assets effected by
subsection (3) below.
(3) Subject to
subsections (4), (5) and (8) below, on the vesting day, there shall, by virtue
of this subsection, be transferred from each of the existing banks to and
vested in its successor all the property, rights, liabilities and obligations
of the bank.
(4) The
liabilities referable to a depositor’s deposit with a bank which are
transferred by subsection (3) above to the bank’s successor are
liabilities to return his deposit and to pay interest on it (if it was payable)
at the rate prevailing immediately before the vesting day, but, as from that
day, the rights, liabilities and obligations referable to the deposit shall
become instead rights, liabilities and obligations incident to the relationship
of customer and banker (and variable accordingly).
(5) The rules of
each of the existing banks shall not, by virtue of subsection (3) above, bind
its successor, but nothing in subsection (3) or (4) above or the foregoing
provision of this subsection shall affect the continuance in force of any
direction, authority or power subsisting with reference to a customer’s
account with a bank immediately before the transfer of the account to its
successor.
(6) References in
this Act to property, rights, liabilities and obligations of any body comprised in the existing TSB group are, subject
to subsection (8) below, references to property, rights, liabilities and
obligations of theirs whether or not capable of being transferred or assigned
and, in its application to an existing bank, property, rights, liabilities and
obligations are property, rights, liabilities or obligations “of”
the bank whether they are vested in or incumbent on the custodian trustees of
the bank, the general trustees of the bank or the bank as an institution.
[(7) The substitution effected by the
foregoing provisions of this section of a body comprised in the new TSB group
for a body comprised in the existing TSB group as employer under contracts of
employment subsisting immediately before the vesting day shall have effect so
that a period of employment immediately before the vesting day with a body
comprised in the existing TSB group shall count for all purposes as a period of
employment with the successor to such body, and the change of employer shall
not break the continuity of the period of employment.]
(8) No person
holding office as a member of the Central Board, as an officer of the existing
holding company, as a trustee of an existing bank or as an auditor shall be
entitled, by virtue of the foregoing provisions of this section, to hold any
corresponding office in any body comprised in the new TSB group.
(9) Schedule 1
to this Act has effect for supplementing this section.
(10) * * * * * * * *
4.-(1) As from the vesting day the trustees of
each of the existing banks –
(a) shall cease to
act further as trustees in the business of the bank except for the purpose of
preparing the accounts for the final financial year of the bank as an
institution to which the Trustee Savings Banks Act 1981
applies; and
(b) with that
exception, shall be discharged from their statutory or other obligations and
liabilities as trustees of the bank except as regards anything done or omitted
before the day for which, in accordance with section 42 of that Act, they are personally liable;
and when the preparation of those accounts has been completed the
trustees shall vacate office.
(2) On such day as
the Treasury, by order made by statutory instrument, appoints the existing
banks shall be dissolved by virtue of this subsection and the dissolution
extends to any trustee savings bank to which (without its dissolution), by an
amalgamation or succession of amalgamations, an existing bank has succeeded.
(3) On such day as
the Treasury, by order made by statutory instrument, appoints –
(a) the Trustee Savings Banks Act
1981,8
and
(b) the other
enactments relating to such banks,
shall, subject to any provision made under subsection (5) below,
cease to have effect.
(4) Different days
may be appointed under subsection (3) above for the repeal of different
provisions.
(5) Any order
under subsection (3) above may contain such transitional and saving provisions
as appear to the Treasury to be appropriate in connexion
with the reorganisation.
(6) In subsection
(2) above “trustee savings bank” means a bank certified under the Trustee Savings Banks
Act, 1981, the
Trustee savings Banks Act 1969, the Trustee Savings Banks Act
1954 or the Trustee Savings Banks Act 1863 and, in subsection
(3)(b) above, “the other enactments relating to such banks” has the
meaning given by section 7(3) below.
Taxation
5. Schedule 2
to this Act shall have effect for the purpose of making provision about
taxation in relation to the reorganisation.
Miscellaneous and general
6. *
* * * * * *
7.-(1) This Act
may be cited as the Trustee Savings Banks Act 1985.
(2) This Act shall
come into force at the end of the period of two months beginning with the day
on which it is passed.
(3) The enactments
to be repealed or revoked under section 4(3) above are those specified in
Schedule 4 to this Act and, for the purposes of that subsection,
“the other enactments relating to such banks” means the enactments
so specified other than the Trustee Savings Banks Act 198110.
(4) Subject to
subsection (5) below, this Act extends to Northern Ireland, the Isle of Man and
the Channel Islands and shall have effect in that island or those islands
subject to such adaptations and modifications as Her Majesty may by Order in
Council specify.
(5) Where any
enactment repealed or instrument revoked under section 4(3) above extends to
any part of the United Kingdom or to the Isle of Man or the Channel Islands,
the repeal or revocation extends to that part, that island or those islands.
SCHEDULES
SCHEDULE 1
(Section 3)
TRANSFER PROVISIONS: SUPPLEMENTARY
PART 1
PRELIMINARY
1.-(1) This Schedule
has effect in relation to the transfer by section 3 above of any property,
rights, liabilities or obligations of a body comprised in the existing TSB
group to a body comprised in the new TSB group and, subject to sub-paragraph (2)
below, “transferor” and “transferee” shall be construed
accordingly.
(2) In the
application of this Schedule to a transfer of any property, rights, liabilities
or obligations of an existing bank, “transferor” means the
custodian trustees of the bank, the general trustees of the bank or the bank as
an institution, as the case requires and, as regards property, rights,
liabilities and obligations derived from an amalgamation or succession of
amalgamations of trustee savings banks, includes (as the case requires) the
custodian trustees of any bank, the general trustees of any bank or any bank
(as an institution), to which the existing bank has succeeded.
(3) In
sub-paragraph (2) above, “trustee savings bank” means a bank
certified under the Trustee Savings Banks Act 1981, the Trustee Savings Banks Act 1969, the Trustee Savings Banks Act 1954 or the Trustee Savings Banks Act
1863.
PART II
GENERAL
PROVISIONS
Construction of agreements and documents
2.-(1) Where there
subsists immediately before the vesting day an agreement to which the
transferor is a party, the agreement shall have effect on and after the vesting
day –
(a) as if the
transferee had been the party to the agreement; and
(b) as respects
anything falling to be done on or after the vesting day, with the modifications
set out in sub-paragraph (2) below.
(2) Those
modifications are the substitution –
(a) for any
reference (whether express or implied and, if express, however worded) to the
transferor, of a reference to the transferee; and
(b) for any
reference in general terms (however worded) to persons employed by or agents of
the transferor, of a reference to persons employed by or agents of the
transferee.
3.-(1) Any instrument
or other document (not being an agreement to which paragraph 2 above applies or
an enactment) in being immediately before the vesting day which refers, whether
specifically or generally, to the transferor shall have effect on and after the
vesting day, as respects anything falling to be done on or after that day, with
the modifications prescribed by paragraph 2(2) above.
(2) Sub-paragraph (1)
above applies to testamentary instruments made before the vesting day whether
the testator dies before or after that day.
(3) As regards
negotiable instruments and orders for payment of money, sub-paragraph (1)
above applies to an instrument or order drawn, given, accepted, or endorsed on
or after the vesting day as it applies to one drawn, given, accepted or
endorsed before that day.
Remedies
4. Without
prejudice to the generality of the provisions of paragraphs 2 and 3 above, the
transferee and any other person shall, as from the vesting day, have the same
rights, powers and remedies (and in particular the same rights and powers as to
the taking or resisting of legal proceedings or the making or resisting of
applications to any authority) for ascertaining, perfecting or enforcing any
right, liability or obligation transferred to the transferee by section 3 above
as he would have had if that right, liability or obligation had at all times
been a right, liability or obligation of the transferee.
5. Without
prejudice to the generality of the provisions of paragraphs 2 and 3 above, any
legal proceedings or applications to any authority pending immediately before
the vesting day by or against the transferor in so far as they relate to any
property, right, liability or obligation transferred to the transferee by
section 3 above or to any agreement relating to any such property, right,
liability or obligation shall be continued by or against the transferee to the
exclusion of the transferor.
PART III
SPECIFIC
ASPECTS OF THE REORGANISATION
Accounting provisions
6.-(1) In any case
where –
(a) a transfer is
effected by section 3(1)(a) or (3) above, and
(b) the vesting
day falls less than twelve months after the end of a financial year of the
transferor,
each of the statutory accounts prepared by the directors of the
transferee in respect of a period which includes or consists of the whole or
any part of the transitional period shall deal with the affairs of the
transferor during so much of the transitional period as falls within that
period as well as, and as one with, the affairs of the transferee.
(2) Any statutory
accounts (including, in particular, group accounts) falling to be prepared by
the directors of the new holding company by reference to accounts (or matters
reflected in accounts) prepared in respect of a period which includes or
consists of the whole or any part of the transitional period by the directors
of a successor to an existing bank shall be prepared by reference to the
accounts (or the matters reflected in the accounts) as prepared in accordance
with sub-paragraph (1) above for that period.
[(3) If, in a case where sub-paragraph (1)
above applies, the day with which the transitional period begins falls before
the date of incorporation of the transferee, the transferee shall be deemed,
for the purposes of its first accounts, to have been incorporated on the day on
which the transitional period begins.]
(4) In any case
where sub-paragraph (1) above applies, the transferor shall be under no
obligation, with respect to the transitional period, to prepare or submit its
statutory accounts.
(5) In any case
where a transfer is effected by section 3(1)(a) or (3) above –
(a) the transferor
shall furnish the transferee with all such information, and afford all such
other assistance, as the transferee may reasonably require to enable its
directors to discharge their duties in relation to the statutory accounts; and
(b) the transferee
shall furnish the transferor with all such information, and afford all such
other assistance, as the transferor may reasonably require to enable the
transferor to discharge its duties in relation to its statutory accounts for
its final financial year.
(6) In this
paragraph –
* * * * * * *
“final financial year”, in relation to a transferor,
means the financial year referred to in sub-paragraph (1)(b) above;
“financial year”, in relation to a transferor –
(a) except in a
case falling within paragraph (b) below, has the meaning given by section
54(1) of the Trustee
Savings Banks Act 1981,
and
(b) where the
transferor is the Central Board, has the meaning given by paragraph 15(5) of
Schedule 2 to that Act;
“statutory accounts” means –
[(a) in relation to a transferee, any accounts
or statement of accounts required to be prepared by any provision of the Companies (Jersey) Laws
1861 to 1968; and]
(b) in relation to a transferor, any accounts or
statements of account required to be prepared by section 23 of or paragraph 15
of Schedule 2 to the Trustee Savings Banks Act 1981;
“transitional period” means the period beginning
immediately after the end of the transferor’s final financial year and
ending with the dissolution of the transferor.
Profits available for distribution
7.-(1) Where, in the
case of a transfer effected by section 3(1)(a) or (3) above, immediately before
the vesting day the transferor had any qualifying reserves, the corresponding
reserves of the transferee immediately after the transfer shall be treated for
the purposes of the [Companies
(Jersey) Laws 1861 to 1968 as
profits or gains resulting from the transferee’s business and available
to be used for the payment of dividends.]
(2) Where, in the
case of a transfer effected by section 3(1)(a) or (3) above, immediately before
the vesting day some part of the transferor’s reserves represents the
amount by which unrealised surpluses attributable to
an increase in the value of land exceed unrealised
deficits attributable to a decrease in the value of land, [then –
(a) so much of
that increase or decrease in value is realised on or
after the vesting day shall be treated as realised
profits or, as the case may be, realised losses of
the transferee resulting from the transferee’s business and, if a realised profit, available to be used for the payment of
dividends; and
(b) so much as
remains unrealised at any time after the vesting day
shall be treated as unrealised profits or, as the
case may be, unrealised losses of the transferee at
that time.]
(3) So much of a
transferee’s profits available for distribution by virtue of
sub-paragraph (1) or (2) above as is distributed to the new holding
company shall be treated, for the purposes of the Companies Act 1985
and the corresponding Northern
Ireland legislation, as realised
profits of that company.
(4) For the
purposes of this paragraph all the reserves of a transferor are
“qualifying” reserves except –
(a) so much of
those reserves as represents the amount by which unrealised
surpluses attributable to an increase in the value of land exceed unrealised deficits attributable to a decrease in the value
of the land;
(b) * * * * * * *
(c) * * * * * * *
(5) In this
paragraph –
(a) any expression
used in the Companies
Act 1985 or the corresponding Northern Ireland legislation has
the same meaning as in that Act or that legislation; and
(b) “corresponding
Northern Ireland
legislation” means the Companies Acts (Northern Ireland) 1960 to 1982.
Reputation and standing
8. *
* * * * * *
Contributions to the Deposit Protection Fund
9. *
* * * * * *
Trustee investment in new holding company
10. For
the purposes of paragraph 3 of Part IV of Schedule 1 to the Trustee Investments Act
1961 (securities not wider-range investments, and debentures not
narrower-range investments, unless the company has paid dividends in each of
the five calendar years preceding the year in which the investment is made),
the new holding company shall be taken to have paid a dividend as mentioned in
paragraph (b) of that paragraph –
(a) in each of the
five years immediately preceding the year in which the vesting day falls; and
(b) in that year,
if the company does not in fact pay such a dividend.
Status as authorised institutions for
certain purposes, etc
11.-(1) This paragraph
applies where the transferee is the successor to an existing bank.
(2) Subject to
sub-paragraph (4) below, the transferee shall be included among the
institutions which –
(a) are “banks”
for the purposes of section 59 of the Building Societies Act
1962 or section 59 of the Building Societies Act (Northern
Ireland) 1967 (authorised banks for investment of
surplus funds);
(b) are
“banks” for the purposes of the Solicitors Act 1974
or section 35 of the Solicitors (Scotland) Act 1980 (accounts at banks);
(c) are “authorised banks” for the purposes of the Credit Unions Act 1979
or section 87 of the Industrial and Provident Societies Act (Northern
Ireland) 1969 (borrowing and investment);
(d) are recognised lending institutions or recognised
savings institutions for the purposes of the Home Purchase Assistance
and Housing Corporation Guarantee Act 1978 or Part IX of the Housing (Northern
Ireland) Order, 1981 (advances by Secretary of State and the
Department of the Environment respectively);
and, for the purposes of the said sections 59, shall be treated as
having been designated as an authorised bank by order
under each of those sections (without prejudice, however, to the power of
variation conferred thereby) and similarly for the purposes of the said section
87.
(3) Sub-paragraph (2)
above applies whether or not the transferee qualifies for inclusion among any
of those bodies as a recognised bank for the purposes
of the Banking Act
1979.
(4) The transferee
shall not be included, or included at any time, among the institutions
specified in sub-paragraph (2) above unless the following conditions are
satisfied or satisfied at that time, that is to say –
(a) the existing
bank must have been so included immediately before the vesting day; and
(b) in the case of
the institutions specified in heads (b), (c) and (d) of that
sub-paragraph, the transferee must be a licensed institution for the purposes
of the Banking Act
1979.
(5) Any authority
of an existing bank subsisting under section 51(2) of the Government Annuities Act
1929 with regard to contracts under Part II of that Act (trustee
savings banks as agents as respects Government annuities) immediately before
the vesting day shall become, as from that day, an authority of the same scope
(and on the same terms as to allowances) to the bank’s successor as
regards any money becoming payable upon or due under such contracts on or after
that day.
The Fund for the Banks for Savings
12. Until
the day appointed for the closure of the Fund for the Banks for Savings any
provision of Schedule 5 to the Trustee Savings Banks Act 1981 shall, as from the vesting day so long as it
remains in force, apply as if any reference to a trustee savings bank (within
the meaning of that Act) were or included (as the case requires) a reference to
any successor of a trustee savings bank with sums standing to its credit by
virtue of section 3(3) above on that day; and any function conferred or imposed
on any person by any provision of that Schedule may be exercised or shall be
performed by or in relation to the bank’s successor and the sums standing
to its credit on and after that day.
The National Savings Stock Register
13. On
such day as the Treasury
by statutory instrument appoints the parts of the National Savings Stock
Register kept by trustees of the existing banks shall be closed and all the
stock registered in those parts shall be transferred to that part of the
Register kept by the Director of Savings.
[SCHEDULE 2
(Section 5)
TAXATION
1. In
computing profits or losses for the purposes of the Income Tax (Jersey) Law,
1961, an
existing bank and its successor shall be deemed to be a continuing concern and
tax shall be computed, charged, collected and paid accordingly.
2. No
transfer effected by section 3 above shall give rise to any liability to stamp
duty.]
SCHEDULE 3
(Section 6)
ADAPTATIONS OF BANKING ACT 1979 FOR 1819 SAVINGS BANKS
* * * * * * * * * *
SCHEDULE 4
(Sections 4(3) and 7(3))
REPEALS
|
Chapter
|
Short
title
|
Extent
of repeal
|
|
42 & 43 Vict. c. 11.
|
Bankers’ Books
Evidence Act 1879.
|
In section 9(1), paragraph
(b).
|
|
46 & 47 Vict. c. 1.
|
Consolidated Fund
(Permanent Charges Redemption) Act 1883.
|
In section 2(1), the words
“trustee savings banks and”.
|
|
50 & 51 Vict. c. 40.
|
Savings Banks Act 1887.
|
In section 10, the words
“or to trustee savings banks”.
|
|
4 & 5 Geo. 5. c. 59.
|
Bankruptcy Act 1914.
|
In section 33(9) the words
“or of section 45 of the Trustee Savings Banks Act 1981”.
|
|
11 & 12 Geo. 5. c. 32.
|
Finance Act 1921.
|
In Schedule 3, in paragraph
1, the words from “registered”, where first occurring, to
“otherwise” and, in the proviso, the words “to the trustees
of the savings bank”, “cheque or”, in each place where
occurring, “a cheque signed by the trustees of the savings bank
or” and “the trustees”, where last occurring and, in the
paragraph following the proviso, the words “a trustee savings
bank” and, in paragraph 8, the words from “and the
trustees” to “bank”.
|
|
18 & 19 Geo. 5. c. 43.
|
Agricultural Credits Act 1928.
|
In section 5(7), in the
definition of “Bank”, the words from “a trustee
savings” to “1981”.
|
|
19 & 20 Geo. 5. c. 15.
|
Agricultural Credits (Scotland)
Act 1929.
|
In section 9(2), in the
definition of “Bank”, the words from “a trustee
savings” to “1981”.
|
|
19 & 20 Geo.
5. c. 29.
|
Government
Annuities Act 1929.
|
Section 51(2).
|
|
9 & 10 Geo. 6. c. 64.
|
Finance Act 1946.
|
In section 66 the words from the beginning to
“accordingly”.
|
|
8 & 9 Eliz. 2. c. 37.
|
Payment of Wages Act 1960.
|
In section 7(6), paragraph
(a).
|
|
1960 c. 22 (N.I.).
|
Companies Act (Northern Ireland)
1960.
|
In section 348, the words
from “any trustee” to “1981, and”. Section 349(8).
|
|
9 & 10 Eliz. 2. c. 62.
|
Trustee Investments Act
1961.
|
In section 17(3), the words
“ and to trustee savings banks”.
|
|
9 & 10 Eliz. 2. C.A.M. No. 3.
|
Clergy Pensions Measure
1961.
|
In section 32, in
subsection (1), in paragraph (b) the words “ordinary deposits in a trustee savings
bank” and in paragraph (m) the words from “by way of special investment” to
“savings bank or” and in subsection (8) the definitions of
“ ordinary deposits” and “ special investment”.
|
|
10 & 11 Eliz. 2. c. 37.
|
Building Societies Act
1962.
|
In section 59(5), the words
“ trustee savings bank or other”.
|
|
1965 c. 32.
|
Administration of Estates
(Small Payments) Act 1965.
|
In section 5(1) the words
“ or to section 27(4) of the Trustee Savings Banks Act 1981”. In
section 6(3), the words “ or section 28 of the Trustee Savings Banks
Act 1981”.
|
|
1967
c. 31 (N.I.).
|
Building
Societies Act (Northern
Ireland) 1967.
|
In section
59(5), the words “ trustee savings bank or other”.
|
|
1969 c. 32.
|
Finance Act 1969.
|
In section 52(1) the words from “
through”, where first occurring, to “ or”, where first
occurring.
|
|
1969 c. 24 (N.I.).
|
Industrial and Provident
Societies Act (Northern
Ireland) 1969.
|
In section 87(7), as added
by Schedule 6 to the Banking Act 1979, paragraph (b).
|
|
1970 c. 12 (N.I.).
|
Payment of Wages Act (Northern Ireland)
1970.
|
In section 7(5), paragraph (a).
|
|
1970 c. 31 (N.I.).
|
Friendly Societies Act (Northern Ireland)
1970.
|
In section 39(1)(b), the words from “ or in” to “ 1981”.
In section 39(5) the words from “ or on” to “ bank”
and “ or them”.
|
|
1971 c. 29.
|
National Savings Bank Act
1971.
|
Section 2(2). Sections 13
and 14. In section 27, the definition of “ trustee savings bank”.
|
|
1973 c. 36.
|
Northern
Ireland Constitution Act 1973.
|
In Schedule 3, paragraph
20.
|
|
1974 c. 9.
|
Pensions (Increase) Act
1974.
|
In section 6(2), paragraph (b) and the word
“ and” immediately preceding it.
|
|
1974 c. 46.
|
Friendly Societies Act
1974.
|
In section 46(1)(a), the words from “ or
in” to “ 1981”. In section 46(3) the words from “ or
on” to “ bank” and “ or them”.
|
|
1974 c. 47.
|
Solicitors Act 1974.
|
In section 87(1), in the
definition of “ bank”, paragraph (c) and the word “ and”
immediately preceding it.
|
|
S.I. 1976/1212 (N.I.
21).
|
Financial Provisions (Northern Ireland)
Order 1976.
|
In Article 15, the words
“ Trustee Savings Banks”.
|
|
1978 c. 27.
|
Home Purchase Assistance
and Housing Corporation Guarantee Act 1978.
|
In the Schedule, paragraph
6.
|
|
1979 c. 34.
|
Credit Unions Act 1979.
|
Section 31(1)(b).
|
|
1979 c. 37.
|
Banking Act 1979.
|
In section 36, in
subsection (1) paragraphs (d) and (e) and in subsection (5)(c) the words “ either a trustee savings bank or”.
|
|
|
|
In section 50(1), the
definition of “ trustee savings bank”. In Schedule 1, in
paragraph 4, the words “A trustee savings bank or” and, in
paragraph 12, the words “ a trustee savings bank”.
|
|
1980 c. 46.
|
Solicitors (Scotland)
Act 1980.
|
Section 35(2)(b).
|
|
1981 c. 38.
|
British Telecommunica-tions
Act 1981.
|
In section 67(4)(c) the words
“ or a trustee savings bank”.
|
|
1981 c. 65.
|
Trustee Savings Banks Act
1981.
|
The whole Act.
|
|
S.I. 1981/156 (N.I. 3).
|
Housing (Northern Ireland) Order 1981.
|
In Schedule 10, paragraph
3.
|
|
S.I. 1982/1534 (N.I.
17).
|
Companies (Northern Ireland)
Order 1982.
|
Article 72(5)(a)(ii).
|
|
1985 c. 6.
|
Companies Act
1985.
|
In section 665,
the words from “ any trustee” to “ banks and”.
|
|
|
|
Section 666(6).
|