The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Supreme Court Act 1981 (c. 54)

Attachment of debts

290.—(1) Section 40 of the Supreme Court Act 1981 (attachment of debts) is amended as follows.

(2) In subsection (1), for the words from “the following” to the end substitute “any deposit account, and any withdrawable share account, with a deposit-taker”.

(3) In subsection (4)(b) for “deposit-taking institution”, in both places, substitute “deposit-taker”.

(4) For subsection (6)(1) substitute—

“(6) “Deposit-taker” means a person who may, in the course of his business, lawfully accept deposits in the United Kingdom.”.

(5) After subsection (6) insert—

“(7) Subsection (6) 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.”.

Administrative expenses of garnishees and others

291.—(1) Section 40A(2) of the Supreme Court Act 1981 (administrative expenses of garnishees and others) is amended as follows.

(2) In subsection (1)—

(a) for “any deposit-taking institution, the institution” substitute “a deposit-taker, it”;

(b) for “the administrative and clerical expenses of the institution” substitute “its administrative and clerical expenses”; and

(c) the words “of an institution” are repealed.

(3) In subsection (1A)—

(a) for “any such institution as is mentioned in that subsection” substitute “a deposit-taker”; and

(b) for “the institution” substitute “it”.

(4) In subsection (3), for the definition of “deposit-taking institution” substitute—

““deposit-taker” has the meaning given by section 40(6);”.

(5) In subsection (4)(c)(3), for “deposit-taking institutions” substitute “deposit-takers”.

(1)

Section 40(6) was amended by the Banking Act 1987 (c. 22) Schedule 6, paragraph 11.

(2)

Section 40A was inserted by the Administration of Justice Act 1982 (c. 53), Schedule 4, Pt I. Subsections (1) and (1A) were substituted for the original subsection (1) by the Administration of Justice Act 1985 (c. 61), s. 52.

(3)

Section 40A(4)(c) was substituted by the Administration of Justice Act 1985 (c. 61), s. 52(4).