HBOS Group Reorganisation Act 2006
| Jurisdiction | UK Non-devolved |
HBOS Group Reorganisation Act 2006
CHAPTER i
CONTENTS
Part 1
Introductory
1 Citation
2 Interpretation
Part 2
Regulation and Management of the Bank
3 Commencement on registration of the Bank under the Companies Act 1985
4 Name of the Bank
5 Effect of registration and change of name
6 Powers and objects of the Bank
7 Management and administration of the Bank
8 Repeals
Part 3
Transfer of Undertakings
9 Appointed day
10 Vesting of undertakings in the Bank
11 Provision as to trust property and wills
12 Supplementary provisions as to transfer
13 Office-holders
14 Accounting provisions
15 Distributable profits or reserves of the Bank
16 Pension scheme
17 Evidence of transfer
18 Dissolution of transferor companies
19 Evidence: documents
HBOS Group Reorganisation Act 2006 (c. i)
2
20 Application of Bankers’Books Evidence Act 1879
21 Savings in respect of transfers of property
22 Right to issue bank notes
23 Transfer of the Society
Part 4
Miscellaneous
24 Application
25 Costs of Act
Schedule 1 — Business and objects of the Bank
Schedule 2 — Repeals
Part 1 — Bank of Scotland
Part 2 — Clerical, Medical and General Life Assurance Society
ELIZABETH II c. i
HBOS Group Reorganisation Act 2006
CHAPTER i
An Act to make new provision for the regulation and management of the
Governor and Company of the Bank of Scotland upon its registration as a public
company under the Companies Act 1985; to provide for the transfer of the
undertakings of Capital Bank plc, Halifax plc and HBOS Treasury Services plc
to the Governor and Company of the Bank of Scotland; to provide for the
transfer of the assets of the Clerical, Medical and General Life Assurance Society
to Clerical Medical Investment Group Limited; and for connected purposes.
[21st June 2006]
W
HEREAS—
(1) By an Act of the Parliament of Scotland passed in the fifth year of the reign of
His Majesty King William the Third dated 17 July 1695 entitled “An Act of
Parliament for Erecting a Bank in Scotland”the Governor and Company of the
Bank of Scotland (“the Bank”) was incorporated “for the carrying on and
managing of a publick bank”:
(2) Powers of increasing its capital stock were conferred on the Bank and further
provisions for the management and administration of its affairs were made by
the following Acts of Parliament: 14 George III chapter 32, 24 George III session
2 chapter viii, 32 George III chapter 25, 34 George III chapter 19, 44 George III
chapter xxiii, the Bank of Scotland Act 1873 (c. xcix), the Bank of Scotland Act
1920 (c. xxxi), the Bank of Scotland Order Confirmation Act 1954 (c. lvi), and the
Bank of Scotland Order Confirmation Act 1970 (c. xxxiv); and the business and
affairs of the Bank are regulated, managed, administered and carried on under
and by virtue of those Acts (“the Bank of Scotland Acts 1695 to 1970”):
(3) The Bank is now a wholly owned subsidiary of HBOS plc (“HBOS”), a public
limited company incorporated in Scotland under the Companies Act 1985 (c. 6):
(4) Capital Bank plc (“Capital Bank”) is a public limited company incorporated in
England under the Companies Act 1929 (c. 23) that is a wholly owned
subsidiary of the Bank which carries on and whose subsidiary companies carry
on in the United Kingdom and elsewhere the businesses of banking and
financial services and other related activities:
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