National Westminster Bank Act 1969

Cited as:1969 c. xxii
Jurisdiction:UK Non-devolved


National Westminster Bank Act 1969

1969 c. xxii

An Act to provide for the transfer to National Westminster Bank Limited of the undertakings of District Bank Limited, National Provincial Bank Limited and Westminster Bank Limited; and for other purposes incidental thereto and consequential thereon.

[25th June 1969]

National Westminster Bank Act 1969 Ch. xxii 1 ELIZABETH H 1969 CHAPTER xxii An Act to provide for the transfer to National Westminster Bank Limited of the undertakings of District Bank Limited, National Provincial Bank Limited and Westminster Bank Limited; and for other purposes incidental thereto and consequential thereon. [25th June 1969] V7HEREAS- District Bank Limited (hereafter referred to as " District Bank "), National Provincial Bank Limited (hereafter referred to as " National Provincial"), National Westminster Bank Limited (hereafter referred to as "National Westminster") and Westminster Bank Limited (hereafter referred to as "Westminster") are companies within the meaning of the Companies Act 1948 and are companies limited by shares: 1948 c. 33. District Bank, National Provincial and Westminster each carry on the business of banking: District Bank is a wholly-owned subsidiary of National Provincial: 2 Ch. xxfi National Westminster Bank Act 1969 (4) By a scheme of arrangement sanctioned under section 206 1948 c. 38. of the Companies Act 1948 and which took effect on 8th July, 1968, National Provincial and Westminster became wholly-owned subsidiaries of National Westminster: The said scheme of arrangement was proposed with a view to the merger of the undertakings of District Bank, National Provincial and Westminster: It is expedient in the interests of efficient and effective banking that the said merger should occur and that it should occur by means of a transfer of the said undertakings to National Westminster: It is further expedient that the said transfer should be effected economically and without interference with the conduct and continuity of the business of banking: It is further expedient that the said undertakings should be transferred as provided in this Act and that the other provisions contained in this Act relative thereto and consequential thereon should be enacted: 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 National Westminster Bank Act 1969. Interpretation. 2.(1) In this Act, unless the subject or context otherwise requires " the appointed day " means such day as may be appointed under section 3 (Appointed day) of this Act; " the Bank " means National Westminster Bank Limited; " enactment" means an enactment in this Act or in any general or local Act or in any order, rule or regulation made under any Act; "the existing banks" means District Bank Limited, National Provincial Bank Limited and Westminster Bank Limited, and " existing bank " shall be construed accordingly; "liabilities" includes duties and obligations of every description; National Westminster Bank Act 1969 Ch. xxii 3 " property " means property of every description wheresoever situate and includes property held on trust and securities, rights and powers of every description but does not include any document required to be kept by an existing bank pursuant to the provisions of the Companies Acts 1948 to 1967; " security " means a mortgage (whether legal or equitable), charge, debenture, bill of exchange, promissory note, guarantee, lien, pledge or other means of securing the payment of a debt, whether present or future, or the discharge of an obligation or liability, whether actual or contingent; " the undertaking of an existing bank " means the business and all of the property vested in or belonging to or held by that existing bank immediately before the appointed day and all of the liabilities to which that existing bank was subject immediately before that day. (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 enactment in this Act. 3.(1) The Board of Trade may by order appoint a day for Appointed the purposes of this Act. day- (2) The power conferred by the last subsection shall be exercisable by statutory instrument. 4.(1) On the appointed day the undertakings of the existing Transfer of banks shall by virtue of this Act be transferred to and vest in undertakings. the Bank. The production of 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 undertakings of the existing banks to the Bank and of their vesting in the Bank. If any portion of the undertaking of an existing bank cannot be vested in the Bank by virtue of this Act because transfers of that portion are governed otherwise than by the law of a part of the United Kingdom then that existing bank shall so soon as 4 Ch. xidi National Westminster Bank Act 1969 is practicable after the appointed day take all necessary steps for the purpose of securing that the portion is effectively transferred to the Bank. (4) For the avoidance of doubt it is hereby declared that the transfer of an interest in land under and by virtue of this Act shall not constitute either (a) a purchase or creation of that interest for the purposes of 1954 c. 56 section 30 (2) of the Landlord and Tenant Act 1954 (which restricts a landlord's right to oppose an application for a new tenancy of business premises in certain cases); or (b) an assignment, transfer, devolution, parting with possession or other disposition of that interest for the purposes of any provision relating to assignment, transfer, devolution, parting with possession or other disposition contained in any instrument concerning that interest. Saving of contracts, etc. 1965 c. 62. 5.(1) Subject to the provisions of this section, all contracts. agreements, conveyances, deeds, leases, licences and other instruments or undertakings entered into by or made with or addressed to an existing bank (whether alone or with any other person) before and in force on the appointed day shall as...

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