2 Interpretation

(1) In this Act, unless the subject or context otherwise requires—

• “Alliance & Leicester” means the Alliance & Leicester Building Society;

• “the appointed day” means such day as may be appointed under section 3 (1) of this Act, and for any part of the personal bank means the day so appointed for that part;

• “customer” means any person having a banking account or, as part of the services provided by Girobank to members of the public, some other dealing, transaction or arrangement with Girobank or, as the case may be, Alliance & Leicester;

• “existing” means existing, outstanding or in force immediately before the appointed day, and in relation to any part of the personal bank means existing immediately before the day appointed for that part;

• “Girobank” means Girobank plc;

• “the Girobank personal bank tariff” means the tariff of charges made by Girobank in respect of current accounts with customers of Girobank who are individuals other than any such account—

  (a)

  provided by Girobank in order to facilitate the operation of any trade or business; or

  (b)

  in respect of which Girobank is on notice that the account is operated by or by any customer on behalf of an unincorporated association;

• “the Keyway account tariff” means the tariff of charges made by Girobank in respect of Keyway accounts;

• “liabilities” includes duties and obligations of every description (whether present or future, actual or contingent);

• “loan account” means any account in respect of which there is a credit balance in favour of Girobank or any account which is established or maintained for the purpose of providing such a balance;

• “the personal accounts” means—

  (a)

  all current accounts in respect of which the charges made by Girobank are based on the Girobank personal bank tariff from time to time in force;

  (b)

  all Keyway accounts in respect of which the charges made by Girobank are based on the Girobank Keyway account tariff from time to time in force;

  (c)

  all loan accounts other than any such account—

  (i)

  in respect of which Girobank is on notice that the account is provided by Girobank (whether wholly or in part and whether secured or unsecured) in order to facilitate the operation of any trade or business; or

  (ii)

  which is secured on the same security as an account referred to in sub-paragraph (i) above; or

  (iii)

  in respect of which Girobank is on notice that the account is operated by or by any customer on behalf of an unincorporated association; and

  (d)

  all savings and investment accounts other than any such account in respect of which Girobank is on notice that the account is operated—

  (i)

  for the purpose of carrying on any trade or business; or

  (ii)

  by or by any customer on behalf of an unincorporated association;

  being accounts with customers of Girobank who are individuals;

• “the personal bank” means that part of the business of Girobank represented by or consisting of—

  (a)

  the existing personal accounts including—

  (i)

  all rights and liabilities of Girobank in respect of those accounts;

  (ii)

  all such assets and liabilities of Girobank as the directors of Girobank shall on or before the appointed day calculate, in accordance with the scheme established under section 4 (Scheme for apportionment of certain assets and liabilities) of this Act, and declare to represent the existing value of the cleared balances in the personal accounts;

  (iii)

  all such assets and liabilities of Girobank as the directors of Girobank shall on or before the appointed day calculate, in accordance with the scheme established under the said section 4, and declare to support the existing value of the cleared balances in the personal accounts; and

  (iv)

  all property and liabilities of Girobank in respect of uncleared sums attributable to the personal accounts;

  (b)

  such other property and liabilities of Girobank (being property and liabilities which support the existing personal accounts) as the directors of Alliance & Leicester may determine before the appointed day;

  and where a day is appointed for any part of the personal bank “the personal bank” means that part of the personal bank for which the day has been appointed;

• “property” means property and assets of every description and rights of every description (whether present or future, actual or contingent), and includes property held on trust and securities, benefits and powers of every description;

• “security” includes a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, lien, pledge (whether actual or constructive), hypothecation, assignment by way of security, indemnity, right of set-off, undertaking or other means of securing payment or discharge of a liability (whether present or future, actual or contingent).

(2) For the purposes of this Act Girobank shall be deemed not to be on notice of any fact or thing unless, as regards that fact or thing, notice has been—

(a) given to Girobank by a customer; and

(b) acknowledged by Girobank;

in either case whether or not in writing.

(3) Any reference in this Act to property or liabilities of Girobank is a reference to property or liabilities to which Girobank is for the time being entitled or subject (whether beneficially or in any fiduciary capacity), wherever such property or liabilities are situated or arise and whether or not capable of being transferred or assigned by Girobank, and whether Girobank is entitled or subject to the property or liabilities under the law of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.