National Westminster Bank (North Central Finance & Lombard Banking) Act 1971

Citation1971 c. xxiii
JurisdictionUK Non-devolved


National Westminster Bank (North Central Finance Lombard Banking) Act 1971

1971 c. xxiii

An Act to provide for the transfer to Lombard Banking Limited of the undertakings of Consumer Credit Corporation, Limited, Lombank Limited, Lombank Leasing Limited, North Central Finance Limited, North Central Finance (London) Limited, North Central Finance (Southern Counties) Limited, North Central Finance (Stanton) Limited, North Central Acceptances Limited, North Central Acceptances (London) Limited, North Central Acceptances (Southern Counties) Limited and North Central Acceptances (Stanton) Limited; and for other purposes incidental thereto and consequential thereon.

[12th May 1971]

National Westminster Bank c. xxiii 1 (North Central Finance & Lombard Banking) Act 1971 ELIZABETH II 1971 CHAPTER xxiii An Act to provide for the transfer to Lombard Banking Limited of the undertakings of Consumer Credit Corporation, Limited, Lombank Limited, Lombank Leasing Limited, North Central Finance Limited, North Central Finance (London) Limited, North Central Finance (Southern Counties) Limited, North Central Finance (Stanton) Limited, North Central Acceptances Limited, North Central Acceptances London) Limited, North Central Acceptances Southern Counties) Limited and North Central Acceptances (Stanton) Limited; and for other purposes incidental thereto and consequential thereon. [12th May 1971] V7HEREAS Lombard Banking Limited (hereinafter called " Lombard ") and Consumer Credit Corporation, Limited (hereinafter called " Consumer Credit") each carry on in the United Kingdom and elsewhere the business of banking: Lombank Limited (hereinafter called " Lombank "), North Central Finance Limited (hereinafter called " North Central"), North Central Finance (London) Limited (hereinafter called 2 c. xxiii National Westminster Bank {North Central Finance & Lombard Banking) Act. 1971 " North Central London "), North Central Finance (Southern Counties) Limited (hereinafter called " North Central Southern Counties") and North Central Finance (Stanton) Limited (hereinafter called " North Central Stanton ") carry on in the United Kingdom and elsewhere the businesses of letting goods under hire-purchase agreements and contracts of simple hire, of selling goods under credit sale and conditional sale agreements and of providing instalment credit: North Central Acceptances Limited (hereinafter called " North Central Acceptances"), North Central Acceptances (London) Limited (hereinafter called " North Central Acceptances London"), North Central Acceptances (Southern Counties) Limited (hereinafter called " North Central Acceptances Southern Counties ") and North Central Acceptances (Stanton) Limited (hereinafter called " North Central Acceptances Stanton "), carry on in the United Kingdom and elsewhere the businesses of providing acceptance credits, stocking loans and other facilities: Lombank Leasing Limited (hereinafter called "Lombank Leasing ") carries on in the United Kingdom and elsewhere the business of letting goods under contracts of simple hire: Each of the said companies is a company within the meaning of the Companies Acts 1948 to 1967 and is a company limited by shares: Lombank and Lombank Leasing are each a wholly-owned subsidiary of Lombard: Consumer Credit, North Central London, North Central Southern Counties, North Central Stanton, North Central Acceptances, North Central Acceptances London, North Central Acceptances Southern Counties and North Central Acceptances Stanton, are each a wholly-owned subsidiary of North Central: Lombard and North Central are each a wholly-owned subsidiary of National Westminster Bank Limited which is a company within the meaning of the Companies Acts 1948 to 1967 and is a company limited by shares: For the better conduct of the businesses of Lombard, Consumer Credit, Lombank, North Central, North Central London, North Central Southern Counties, North Central Stanton, North Central Acceptances, North Central Acceptances London, North Central Acceptances Southern Counties, North Central Acceptances Stanton and Lombank Leasing it is expedient that their respective undertakings should be merged and that the merger should occur by means of transfers of the undertakings of the last eleven mentioned companies to Lombard: National Westminster Bank c. xxiii {North Central Finance & Lombard Banking) Act 1971 It is expedient that the aforesaid transfers should be effected economically and without interference with the conduct and continuity of the various businesses referred to herein: It is further expedient that the said transfers should be effected 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: 1.(1) This Act may be cited as the National Westminster Bank Short and (North Central Finance & Lombard Banking) Act 1971 collective collecJ' " titles. (2) The National Westminster Bank Act 1969 and this Act 1969 c. xxii. may be cited together as the National Westminster Bank Acts 1969 and 1971. 2.(1) In this...

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