- Latest available (Revised)
- Point in Time (01/04/2013)
- Original (As enacted)
Point in time view as at 01/04/2013.
There are currently no known outstanding effects for the Trustee Savings Banks Act 1985, Paragraph 11.
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.
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 M1 Building Societies Act 1962 or section 59 of the M2Building Societies Act (Northern Ireland) 1967 (authorised banks for investment of surplus funds);
(b)are “banks” for the purposes of the M3Solicitors Act 1974 or section 35 of the M4Solicitors (Scotland) Act 1980 (accounts at banks);
(c)are “authorised banks” for the purposes of F1. . . section 87 of the M5Industrial and Provident Societies Act (Northern Ireland) 1969 (borrowing and investment);
(d)are recognised lending institutions or recognised savings institutions for the purposes of the M6 Home Purchase Assistance and Housing Corporation Guarantee Act 1978 or Part IX of the M7Housing (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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(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 [F3a deposit-taker].
[F4(4A)“Deposit taker” means—
(a)a person who has permission under [F5Part 4A] 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 M8Government 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
F1Words in Sch. 1 para.11(2)(c) omitted (2.7.2002) by S.I. 2002/1501, art. 18
F2Sch. 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
F3Words in Sch. 1 para. 11(4)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 297(2)
F4Sch. 1 para. 11(4A)-(4C) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 297(3)
F5Words in Sch. 1 para. 11(4A)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 48 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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
M21967 c. 31. (N.I.).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: 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.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: 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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: