Banking Act 1987

The Companies Act 1985

18 (1) In section 209(5)(a)(i) of the [1985 c. 6.] Companies Act 1985 for the words "a recognised bank or licensed institution within the meaning of the Banking Act 1979" there shall be substituted the words "an authorised institution".

(2) In section 232(5) of that Act for the words "recognised banks" there shall be substituted the words "authorised institutions".

(3) In section 234(1) of that Act for the words "a recognised bank", wherever they occur, there shall be substituted the words "an authorised institution".

(4) In section 247(3)(c) of that Act for the words "a recognised bank or licensed institution within the meaning of the Banking Act 1979" there shall be substituted the words "an authorised institution".

(5) In section 257(1) of that Act for paragraph (a) there shall be substituted—

“(a) "banking company" means a company which is an authorised institution;”.

(6) In sections 338(4), 339(4), 343(1 )(a) and 344(2) of that Act for the words "a recognised bank", wherever they occur, there shall be substituted the words "an authorised institution".

(7) In section 449(1)(f) and (1 A) of that Act for the words "the Banking Act 1979" there shall be substituted the words "the Banking Act 1987".

(8) In section 744 of that Act the definition of "recognised bank" shall be omitted and after the definition of "articles" there shall be inserted—

• “"authorised institution" means a company which is an institution authorised under the Banking Act 1987;”.

(9) In Schedule 6 to that Act, in paragraph 4 for the words "a recognised bank" and "that recognised bank" there shall be substituted respectively the words "an authorised institution" and "that authorised institution" and in the heading to Part III for the words "RECOGNISED BANKS" there shall be substituted the words "AUTHORISED INSTITUTIONS".