Hambros Bank Act 1970

Cited as:1970 c. xxvi
Jurisdiction:UK Non-devolved


Hambros Bank Act 1970

1970 c. xxvi

An Act to provide for the transfer to Hambros Limited of the banking business of Hambros Bank, Limited; and for other purposes.

[29th May 1970]

Hambros Bank Act 1970 c. xxvi 1 ELIZABETH H 1970 CHAPTER xxvi An Act to provide for the transfer to Hambros Limited of the banking business of Hambros Bank, Limited; and for other purposes. [29th May 1970] W HEREAS Hambros Bank, Limited (hereafter referred to as " the Existing Bank ") is a company limited by shares within the meaning of the Companies Act 1948 1948 c 38. and has an authorised capital of £9,500,000: And whereas part of the business of the Existing Bank is the business of banking: And whereas Hambros Limited (hereafter called " the New Bank ") is also a company limited by shares within the meaning of the said Act of 1948 having been incorporated with an authorised capital of £100 as a wholly-owned subsidiary of the Existing Bank and with a view to the acquisition of its banking business: And whereas it is expedient that the said business should be transferred as provided in this Act and that the other provisions contained in this Act should be enacted: c. xxvi Hambros Bank Act 1970 And whereas the purposes of this Act cannot be effected without the authority of Parliament: May it therefore please Your Majesty that it may be enacted, and 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: Short title. 1. This Act may be cited as the Hambros Bank Act 1970. Interpretation. 2.(1) In this Act, unless the subject or context othenvise requires " the appointed day " means such day as may be appointed under section 3 (Appointed day) of this Act; " the banking business " means the assets, rights, liabilities, obligations and duties of the Existing Bank specified in the Schedule to this Act as existing immediately before the appointed day; " customer " means any person who has a banking account or other dealing, transaction or arrangement with the Existing Bank or the New Bank (as the case may be); " enactment" includes an enactment in this Act or in any general or local Act and any order, byelaw, rule or regulation made under any Act; " existing " means existing or (as the case may be) in force immediately before the appointed day; " the Existing Bank" means Hambros Bank, Limited as existing; " the New Bank " means the company incorporated with the name of Hambros Limited and with a view to the acquisition of the banking business; " security " means any property or instrument for securing the payment or satisfaction of a debt (whether present or future) or the discharge of an obligation or liability (whether actual or contingent) and (without prejudice to the generality of the foregoing words) includes a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, trust receipt, warehouse warrant, guarantee, hypothecation, lien or pledge; " the subordinated stock " means the £4,200,000 7 per cent. Subordinated Unsecured Loan Stock 1986/91 of the Existing Bank; " the subscription rights " means the rights of the holders of the subordinated stock to subscribe for shares of the Existing Bank; Hambros Bank Act 1970 c. xxvi " the trust deed " means the trust deed dated the 18th July, 1966, and made between the Existing Bank and Phoenix Assurance Company, Limited for the purpose of constituting the subordinated stock. (2) Any reference in this Act to any enactment shall be construed as a reference to that enactment as applied, extended or amended by or by virtue of any subsequent enactment including any provisions of this Act. 3.(1) The directors of the Existing Bank may appoint a day Appointed for the purposes of this Act but such a day shall not be so appointed day. unless and until the following conditions have been fulfilled, that is to say: (a) the Existing Bank has resolved to change its name to Hambros Limited; (b) with a view to the acquisition of the banking business the New Bank has increased its share capital to £10,000,000 divided into 10,000,000 ordinary shares of £1 each; and (c) the New Bank has resolved to change its name to Hambros Bank Limited. (2) The Existing Bank shall publish in the London Gazette a notice stating the day appointed for the purposes of this Act. 4.(1) On the appointed day the banking business shall by Transfer of virtue of this Act be transferred to and vest in the New Bank. banking business. (2) As consideration for the said transfer the New Bank shall (a) forthwith after the appointed day allot to the Existing Bank or its nominees 10,000,000 ordinary shares of £1 each in the capital of the New Bank credited as fully paid; and (b) pay, satisfy and discharge the existing obligations and liabilities of the Existing Bank in so far as they relate to the banking business. (3) A copy of this Act printed by the Queen's Printer shall on and after the appointed day be conclusive evidence in all courts and proceedings of the transfer of the banking business to and of its vesting in the New Bank; and any such copy of this Act shall, m relation to any registered securities (within the meaning of the Stock Transfer Act 1963) which on the appointed day are fully 1963 c. 18. paid up and comprised in the banking business and transferred to or vested in the New Bank by virtue of this Act, have effect for the purposes of the said Act of 1963 as if it were a duly executed stock transfer in respect of the transfer of such securities from the Existing Bank to the New Bank. 4 c. xxvi Hambros Bank Act 1970 Subject to the provisions of section 8 (Rights under foreign securities) of this Act if any part of the banking business cannot be vested in the New Bank by virtue of this Act because transfers of that part are not governed by the law of a part of the United Kingdom the Existing Bank shall so soon as is practicable after the appointed day take all steps requisite for the effectual transfer thereof to the New Bank and pending such transfer shall hold the same in trust for the New Bank. For the avoidance of doubt it is hereby declared that the transfer of an interest in land by virtue of this Act shall not constitute an assignment, transfer, devolution, parting with possession or other disposition contained in any instrument concerning that interest....

To continue reading

Request your trial