- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/07/2004)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2013
Point in time view as at 22/07/2004.
There are currently no known outstanding effects for the Trustee Savings Banks Act 1985, Part III.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
6(1)In any case where—U.K.
(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, section 224(4) of the M1Companies Act 1985 (which defines a company’s first accounting reference period) or, in Northern Ireland, [F1Article 232(4) of the Companies (Northern Ireland) Order 1986] (which makes similar provision) shall have effect in relation to the transferee as if for the reference to the date of incorporation of the company there were substituted a reference to the day with which the transitional period begins; and references in the Companies Act 1985 and the corresponding Northern Ireland legislation to the first accounting reference period shall be construed accordingly.
(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—
“corresponding Northern Ireland legislation” means the [F2Companies (Northern Ireland) Order 1986];
“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 M2Trustee 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 M3Companies Act 1985 or the corresponding Northern Ireland legislation; 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 M4Trustee 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.
Textual Amendments
F1Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II
F2Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II
Marginal Citations
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 Act 1985 and the corresponding Northern Ireland legislation as accumulated, realised profits of the transferee.U.K.
(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, for the purposes of the Companies Act 1985 and the corresponding Northern Ireland legislation—
(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; 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 land;
(b)those reserves of the Central Board known as the Mutual Assistance Fund and the Closed Banks Fund; and
(c)those reserves of the Central Board derived from the transfer to the Board of the assets and liabilities of the Trustee Savings Banks Association and the Trustee Savings Banks Employers’ Council.
(5)In this paragraph—
(a)any expression used in the M5Companies 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 [F3Companies (Northern Ireland) Order 1986].
Textual Amendments
F3Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II
Marginal Citations
8, 9.U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
Textual Amendments
F4Sch. 1 paras. 8, 9 repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I
10U.K.For the purposes of paragraph 3 of Part IV of Schedule 1 to the M6Trustee 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.
Marginal Citations
11(1)This paragraph applies where the transferee is the successor to an existing bank.U.K.
(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 M7 Building Societies Act 1962 or section 59 of the M8Building Societies Act (Northern Ireland) 1967 (authorised banks for investment of surplus funds);
(b)are “banks” for the purposes of the M9Solicitors Act 1974 or section 35 of the M10Solicitors (Scotland) Act 1980 (accounts at banks);
(c)are “authorised banks” for the purposes of F5. . . section 87 of the M11Industrial and Provident Societies Act (Northern Ireland) 1969 (borrowing and investment);
(d)are recognised lending institutions or recognised savings institutions for the purposes of the M12 Home Purchase Assistance and Housing Corporation Guarantee Act 1978 or Part IX of the M13Housing (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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6
(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 [F7a deposit-taker].
[F8(4A)“Deposit taker” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds from the public.
(4B)But a person is not a deposit-taker if he has permission to accept deposits only for purpose of carrying on another regulated activity in accordance with that permission.
(4C)Sub-paragraphs (4A) and (4B) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
(5)Any authority of an existing bank subsisting under section 51(2) of the M14Government 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.
Textual Amendments
F5Words in Sch. 1 para.11(2)(c) omitted (2.7.2002) by S.I. 2002/1501, art. 18
F6Sch. 1 para. 11(3) repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(1)(2), Sch. 6 para. 19(a), Sch. 7 Pt. I
F7Words in Sch. 1 para. 11(4)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 297(2)
F8Sch. 1 para. 11(4A)-(4C) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 297(3)
Modifications etc. (not altering text)
C1In Schedule 1, paragraph 11(2)(a) and so much of that subparagraph as relates to the section 59 specified therein repealed by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 19 Pt. I
Marginal Citations
M81967 c. 31. (N.I.).
12U.K.Until the day appointed for the closure of the Fund for the Banks for Savings any provision of Schedule 5 to the M15Trustee 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.
Marginal Citations
13U.K.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.
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys