Barclays Bank (Isle of Man) Act 1969

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1969/1969-0002/BarclaysBankIsleofManAct1969_1.pdf
Published: 2012-09-01

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Barclays Bank (Isle of Man) Act 1969

c i e
AT 2 of 1969

BARCLAYS BANK (ISLE OF MAN) ACT 1969

Barclays Bank (Isle of Man) Act 1969 Index


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c i e
BARCLAYS BANK (ISLE OF MAN) ACT 1969

Index Section Page

1 Transfer of Martins’ undertaking to Barclays ............................................................. 6
2 Provisions as to trust property transferred ................................................................. 6
3 Employment of officers, clerks and servants .............................................................. 7
4 Pensions ........................................................................................................................... 7
5 Supplementary provisions as to transfer..................................................................... 7
6 References to Martins in wills ....................................................................................... 9
7 Evidence and books and documents ........................................................................... 9
8 Application of Bankers’ Books Evidence Act, 1935 ................................................. 10
9 Evidence of transfer ...................................................................................................... 10
10 Cancellation of registration of Martins ...................................................................... 10
11 Costs of Act .................................................................................................................... 11
12 Interpretation ................................................................................................................. 11
13 Short title and commencement ................................................................................... 11
ENDNOTES 13

TABLE OF LEGISLATION HISTORY 13
TABLE OF RENUMBERED PROVISIONS 13
TABLE OF ENDNOTE REFERENCES 13

Barclays Bank (Isle of Man) Act 1969 Section 1


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c i e
BARCLAYS BANK (ISLE OF MAN) ACT 1969

Received Royal Assent: 28 August 1969
Passed: 21 October 1969
Commenced: 15 December 1969
AN ACT
to carry into effect the transfer to Barclays Bank Limited of the
undertaking of Martins Bank Limited; and for other purposes.
WHEREAS —

(1) Barclays Bank Limited (hereinafter called “Barclays”) is a company
incorporated under the Companies Acts, 1862 to 1890, of the Imperial
Parliament as a company limited by shares and carries on in the Isle of
Man pursuant to section 313 of the Companies Act, 1931, the business of
banking, including the business of acting as executor and trustee:
(2) Martins Bank Limited (hereinafter called “Martins”) is a company
incorporated under the Companies Acts, 1862 to 1880, of the Imperial
Parliament as a company limited by shares and also carries on in the Isle
of Man pursuant to section 313 of the Companies Act, 1931, the business
of banking, including the business of acting as executor and trustee:
(3) In pursuance of a scheme of arrangement under section 206 of the
Companies Act, 1948, of the Imperial Parliament between Martins and its
members, which became effective on the 1st November, 1968, Martins has
become and now is a wholly-owned subsidiary of Barclays:
(4) Martins Bank Trust Company Limited is a company incorporated under
the Companies Acts, 1948 to 1967, of the Imperial Parliament as a
company limited by shares and carries on in the United Kingdom the
business of acting as executor and trustee and is a wholly-owned
subsidiary of Martins:
(5) The said Trust Company has established a place of business in the Isle of
Man and is registered pursuant to section 313 of the Companies Act,
1931:
(6) For the better conduct of the businesses of Barclays and Martins in the
Isle of Man it is expedient to make provision for the fusion of their
undertakings by the transfer to Barclays of the undertaking of Martins as
Section 1 Barclays Bank (Isle of Man) Act 1969


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provided in this Act, and to make such provision as is herein enacted in
relation to the said Trust Company:
(7) It is expedient that the other provisions contained in this Act should be
enacted:
(8) The objects of this Act cannot be attained without the authority of an Act
of Tynwald:
1 Transfer of Martins’ undertaking to Barclays

(1) On the appointed day all existing property, rights, liabilities and
obligations of Martins of whatsoever nature, and whether or not
assignable at law or in equity, and whether Martins holds or is subject to
the same beneficially or in any fiduciary capacity, shall, by virtue of this
Act and without further assurance, be transferred to, and vest in,
Barclays to the intent that Barclays shall succeed to the whole
undertaking of Martins and to the right to use the name “Martins Bank”.
(2) No transfer or vesting effected by virtue of this Act shall —
(a) operate as a breach of covenant or condition against alienation;
(b) give rise to any forfeiture;
(c) invalidate or discharge any contract or security; or
(d) operate so as to merge any leasehold interest so transferred to, or
vested in, Barclays in the reversion expectant thereon held by
Barclays immediately before the appointed day, or to merge any
leasehold interest held by Barclays immediately before the
appointed day in the reversion expectant thereon transferred to,
or vested in, Barclays by virtue of this Act.
2 Provisions as to trust property transferred

(1) Any property or rights transferred to, and vested in, Barclays by virtue of
this Act which immediately before the appointed day were held by
Martins, whether alone or jointly with any other person —
(a) as trustee or custodian trustee of any trust deed, settlement,
covenant, agreement or will, and whether originally so appointed
or not, and whether appointed under hand or seal or by order of
any court;
(b) as executor of the will of a deceased person;
(c) as administrator of the estate of a deceased person;
(d) as judicial trustee appointed by order of any court; or
(e) in any other fiduciary capacity whatsoever;
shall, on and from the appointed day, be held by Barclays, whether alone
or jointly with such other person, in the same capacity upon the trusts,
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and with and subject to the powers, provisions, liabilities and
obligations, applicable thereto respectively.
(2) Any existing instrument or order of any court under or by virtue of
which any property or rights became vested in Martins in any such
fiduciary capacity (including in the case of a will any grant of probate
thereof), and any provision therein or any existing contract or
arrangement for the payment to, or retention by, Martins of
remuneration for its services in any such fiduciary capacity, shall on and
from the appointed day be construed and have effect so far as the context
permits, as if for any reference therein to Martins, other than a reference
(however worded and whether express or implied) to terms and
conditions of Martins or to a scale of fees of Martins, there were
substituted a reference to Barclays.
3 Employment of officers, clerks and servants

Any officer, clerk or servant employed by Martins immediately before the
appointed day shall, in pursuance of this Act, on that day become an officer,
clerk or servant (as the case may be) of Barclays on terms and conditions of
employment not less favourable than those on which he was so employed
immediately before the appointed day; and such employment with Martins and
Barclays respectively shall be deemed for all purposes to be a single continuing
employment.
4 Pensions

(1) The trust deeds and rules constituting or relating to the Martins Bank
Non-Contributory Pension Scheme, the Martins Bank Superannuation
Fund, the Martins Bank Limited Non-Contributory Pensions Scheme for
Messenger Staff, the Martins Bank Death Benefit Fund and the Martins
Bank Limited Widows and Orphans Fund shall, so far as the context
permits, on and from the appointed day, be construed and have effect as
if for any reference therein to Martins there were substituted a reference
to Barclays.
(2) No officer, clerk or servant of Martins who, by virtue of this Act,
becomes an officer, clerk or servant of Barclays shall be entitled as of
right to participate in the Barclays Bank Pension Fund or to become a
member of the Barclays Bank Widows Fund.
5 Supplementary provisions as to transfer

Without prejudice to the generality of the foregoing provisions of this Act but
subject to any provision therein to the contrary effect —
(1) Every existing contract to which Martins was a party (whether in writing
or not) shall on and from the appointed day be construed and have effect
as if —
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(a) Barclays had been a party thereto instead of Martins;
(b) for any reference (however worded and whether express or
implied) to Martins there were substituted, as respects anything
falling to be done on or after the appointed day, a reference to
Barclays; and
(c) any reference (however worded and whether express or implied)
to the directors or to any director, officer, clerk or servant of
Martins were, as respects anything falling to be done on or after
the appointed day, a reference (as the case may require) to the
directors of Barclays or to such director, officer, clerk or servant of
Barclays as Barclays may appoint or, in default of appointment, to
the director, officer, clerk or servant of Barclays who corresponds
as nearly as may be to the first-mentioned director, officer, clerk
or servant.
(2) The provisions of sub-paragraphs (b) and (c) of paragraph (1) of this
section shall apply to any statutory provision, to any provision of any
existing contract to which Martins was not a party and to any provision
of any other existing document (not being a contract or a will) as they
apply in relation to a contract to which paragraph (1) of this section
applies.
(3) Any account between Martins and a customer shall, on and from the
appointed day, become an account between Barclays and the customer
subject to the same conditions and incidents as theretofore; and such
account shall be deemed for all purposes to be a single continuing
account:
Provided that nothing herein shall affect any right of Barclays or of the
customer to vary the conditions or incidents subject to which any
account is kept.
(4) Any existing instruction, direction, mandate, power of attorney,
authority or consent given to Martins (whether in writing or not and
whether or not in relation to an account) shall have effect, on and from
the appointed day, as if given to Barclays.
(5) Any negotiable instrument or order for payment of money, whether
drawn, given, accepted or endorsed before, on or after the appointed
day, which is expressed to be drawn on, or given to, or accepted or
endorsed by, Martins, or payable at any place of business of Martins,
shall have the same effect on and from the appointed day as if it had
been drawn on, or given to, or accepted or endorsed by, Barclays, or
payable at the same place of business of Barclays.
(6) Any security transferred to Barclays by virtue of this Act which
immediately before the appointed day was held by Martins as security
for the payment or discharge of any debt or liability or obligation
(whether present or future, actual or contingent) shall, as and from the
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appointed day, be held by, and be available to, Barclays as security for
the payment or discharge of such debt or liability or obligation; and any
such security which extends to future advances or liabilities shall on and
from the appointed day be held by, and be available to, Barclays as
security for future advances by, and future liabilities to, Barclays in the
same manner in all respects as future advances by, or liabilities to,
Martins were secured thereby immediately before that day.
(7) Where by the operation of any of the provisions of this Act any right,
liability or obligation becomes a right, liability or obligation of Barclays,
Barclays and all other persons shall, on and from the appointed day,
have the same rights, powers and remedies (and in particular the same
rights and powers as to taking or resisting legal proceedings or making
or resisting applications to any authority) for ascertaining, perfecting or
enforcing that right, liability or obligation as if it had at all times been a
right, liability or obligation of Barclays; and any legal proceedings or
applications to any authority pending immediately before the appointed
day by or against Martins may be continued by or against Barclays.
(8) Any judgment or award obtained by or against Martins and not fully
satisfied before the appointed day shall be enforceable by or against
Barclays.
6 References to Martins in wills

(1) No testamentary gift shall be adeemed by means only of the operation of
any of the provisions of this Act.
(2) Any will, whether made before, on or after the appointed day by a
person dying on or after the appointed day which appoints or purports
to appoint Martins to be executor or trustee thereof shall be construed
and have effect as if for any reference therein to Martins as such executor
or trustee or otherwise in connection with such appointment, other than
a reference (however worded and whether express or implied) to terms
and conditions of Martins published before the date of the will or to a
scale of fees of Martins published before the date of the will, there were
substituted a reference to the Trust Company, and, in a case where the
Trust Company did not exist at the date of the will, as if it had then
existed.
7 Evidence and books and documents

(1) All books and other documents which would before the appointed day
have been evidence in respect of any matter for or against Martins shall
be admissible in evidence in respect of the same matter for or against
Barclays.
(2) In this section “documents” includes, in addition to documents in
writing —
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(a) any map, plan, graph or drawing;
(b) any photograph;
(c) any disc, tape, sound track or other device in which sounds or
other data (not being visual images) are embodied so as to be
capable (with or without the aid of some other equipment) of
being reproduced therefrom; and
(d) any film, microfilm, negative, tape or other device in which one or
more visual images are embodied so as to be capable (as
aforesaid) of being reproduced therefrom.
8 Application of Bankers’ Books Evidence Act, 1935

(1) On and from the appointed day, the Bankers’ Books Evidence Act, 1935,
shall apply to the books of Martins transferred to Barclays by virtue of
this Act, and to entries made therein before the appointed day, as if such
books were the books of Barclays.
(2) For the purposes of section 4 of the said Act of 1935, books so transferred
to Barclays shall be deemed to have been the ordinary books of Barclays
at the time of the making of any entry therein which purports to have
been made before the appointed day, and any such entry shall be
deemed to have been made in the usual and ordinary course of business.
(3) In this section “books” has the same meaning as the words “Bankers’
Books” in the Bankers’ Books Evidence Act, 1935.
9 Evidence of transfer

A copy of this Act purporting to be printed by Authority, shall, for all purposes,
be conclusive evidence of the transfer of the property, rights, liabilities and
obligations of Martins to Barclays and of the vesting thereof in Barclays in
accordance with the provisions of this Act; and, without prejudice to the
generality of the foregoing, any such copy of this Act shall, in relation to any
registered securities, within the meaning of the Stock Transfer Act, 1965,
transferred to, and vested in, Barclays by virtue of this Act, operate for all the
purposes of the said Act of 1965 as a duly executed stock transfer in respect of
the transfer of such securities from Martins to Barclays.
10 Cancellation of registration of Martins

Immediately following the transfer to Barclays of the existing property, rights,
liabilities and obligations of Martins effected by virtue of this Act, Barclays shall
deliver to the Registrar of Companies a notice to the effect that Martins no
longer carries on business in the Isle of Man in circumstances which require
registration under section 313 of the Companies Act, 1931.
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11 Costs of Act

The costs, charges and expenses preliminary to, and of and incidental to, the
preparing for, obtaining and passing of this Act, or otherwise in relation thereto,
shall be paid by Barclays.
12 Interpretation

(1) In this Act, unless the subject or context otherwise requires —
“the appointed day
” means such date as may be appointed by order of the
Governor made on the application of Barclays;
“Barclays
” means Barclays Bank Limited;
“customer
” includes any person having a banking account or other dealing,
transaction or arrangement with Barclays or Martins (as the case may be)
in the course of business;
“enactment
” includes an enactment of the Imperial Parliament;
“existing
” means existing or in force (as the case may require) immediately
before the appointed day;
“Martins
” means Martins Bank Limited as existing;
“security
” includes a mortgage or charge (whether legal or equitable), deed of
bond and security, debenture, guarantee, lien, pledge (whether actual or
constructive), hypothecation, indemnity, undertaking or other means of
securing payment or discharge of a debt or liability or obligation
(whether present or future, actual or contingent);
“the Trust Company
” means Martins Bank Trust Company Limited;
“will
” includes a codicil and any other testamentary writing.
(2) Any reference in this Act to any enactment shall be construed as a
reference to that enactment as applied, extended, amended or varied by,
or by virtue of, any subsequent enactment including this Act.
13 Short title and commencement

(1) This Act may be cited as the Barclays Bank (Isle of Man) Act, 1969.
(2) This Act shall come into operation when the Royal Assent thereto has
been by the Governor announced to Tynwald and a certificate thereof
has been signed by the Governor and the Speaker of the House of Keys
and shall take effect on the appointed day.1

Barclays Bank (Isle of Man) Act 1969 Endnotes


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ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
ADO (whole Act) 15/12/1969 (GC65/69).