Barclays Bank (Isle of Man) Act 1984

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1984/1984-0021/BarclaysBankIsleofManAct1984_1.pdf
Published: 2012-09-01

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Barclays Bank (Isle of Man) Act 1984

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AT 21 of 1984

BARCLAYS BANK (ISLE OF MAN) ACT 1984

Barclays Bank (Isle of Man) Act 1984 Index


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c i e
BARCLAYS BANK (ISLE OF MAN) ACT 1984

Index Section Page

1 Short title and commencement ..................................................................................... 6
2 Interpretation ................................................................................................................... 6
3 Transfer of Barclays’ undertaking to BBI .................................................................... 7
4 Provisions as to trust property transferred ................................................................. 7
5 Supplementary provisions as to transfer..................................................................... 8
6 Contracts of employment ............................................................................................ 10
7 Pensions ......................................................................................................................... 10
8 Evidence: books and documents ................................................................................ 10
9 Application of Bankers’ Books Evidence Act 1935 .................................................. 11
10 Evidence of transfer ...................................................................................................... 11
11 Transfer of interests in land ......................................................................................... 11
12 Saving for statutory provisions concerning banking institutions .......................... 12
13 Costs of Act .................................................................................................................... 12
ENDNOTES 13

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

Barclays Bank (Isle of Man) Act 1984 Section 1


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c i e
BARCLAYS BANK (ISLE OF MAN) ACT 1984

Received Royal Assent: 19 September 1984
Passed: 16 October 1984
Commenced: 1 January 1985
AN ACT
to provide for the transfer to Barclays Bank International Limited of
the undertaking of Barclays Bank PLC on the reorganisation of the Barclays
group of companies; and for other purposes.
WHEREAS

(1) Barclays Bank PLC (hereinafter called “Barclays”) is a public company
incorporated under the Companies Acts 1862 to 1890 (being Acts of
Parliament) as a company limited by shares:
(2) Barclays Bank International Limited (hereinafter called “BBI”) is a
private company limited by shares, originally established by Royal
Charter in 1836, reincorporated by the Colonial Bank Act 1925 (an Act of
Parliament), and subsequently registered by its present name under the
Companies Acts 1948 to 1967 (being Acts of Parliament), and is a wholly-
owned subsidiary of Barclays:
(3) Both Barclays and BBI are recognised banks under the Banking Act 1979
(an Act of Parliament) and Barclays, being authorised by licence under
the Banking Act 1975, carries on the business of banking in the Island, BBI
with its subsidiaries and associated companies being principally
concerned in the conduct of the international business of the Barclays
group of companies:
(4) In pursuance of a scheme for the reorganisation of the said group for the
better conduct of the business of the group in accordance with provision
in the Barclays Bank Act 1984 (an Act of Parliament), it is expedient that
provision be made for the transfer to BBI of the undertaking of Barclays
and that the said transfer should be effected without interference with
the conduct and continuity of that business:
(5) It is expedient that the other provisions in this Act should be enacted:
(6) In pursuance of such scheme and in accordance with the said Act of 1984
BBI is re-registered as a public company under the provisions of the
Section 1 Barclays Bank (Isle of Man) Act 1984


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Companies Acts 1948 to 1983 (being Acts of Parliament), the name of
Barclays changes to Barclays PLC and the name of BBI changes to
Barclays Bank PLC:
(7) The objects of this Act cannot be attained without the authority of an Act
of Tynwald:
1 Short title and commencement

(1) This Act may be cited as the Barclays Bank (Isle of Man) Act 1984.
(2) This Act shall come into operation on the appointed day.1

2 Interpretation

(1) In this Act —
“the Act of 1969
” means the Barclays Bank (Isle of Man) Act 1969 by which the
undertaking of Martins Bank Limited was transferred to Barclays;
“the appointed day
” means such date as may be appointed by Order of the
Governor in Council made on the application of Barclays after the
passing of the Barclays Bank Act 1984 (an Act of Parliament);
“Barclays
” means Barclays Bank PLC;
“BBI
” means Barclays Bank International Limited;
“customer
” means any person having a banking account or other dealing,
transaction or arrangement with Barclays or, as the case may be, BBI;
“existing
” means existing, outstanding or in force immediately before the
appointed day;
“liabilities
” includes duties and obligations of every description (whether
present or future, actual, or contingent);
“property
” means property and assets of every description, and includes
property held on trust and securities, rights, benefits and powers of
every description;
“security
” includes a mortgage or charge (whether legal or equitable), deed of
bond and security, debenture, bill of exchange, promissory note,
guarantee, lien, pledge (whether actual or constructive), hypothecation,
assignment, indemnity, right of set off, undertaking or other means of
securing payment or discharge of a debt or liability (whether present or
future, actual or contingent);
“transferred undertaking
” means all existing property and liabilities of
Barclays, of whatsoever nature and whether or not Barclays holds or is
subject to the same beneficially or in any fiduciary capacity, except —
(a) the directors’ minute books and any books and documents
relating exclusively to the shareholders and constitution of
Barclays;
Barclays Bank (Isle of Man) Act 1984 Section 3


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(b) duties and obligations of Barclays in respect of its share capital;
(c) the shares in BBI owned by Barclays; and
(d) any existing stock option or ownership scheme or profit sharing
scheme established by Barclays for the benefit of employees of
Barclays or its subsidiaries or any of them;
“will
” includes a codicil and any other testamentary writing.
(2)
(a) References in this Act to property and liabilities of Barclays are
references to all such property and liabilities, whether or not
capable of being transferred or assigned by Barclays.
(b) Any such reference to property of Barclays is a reference to
property of Barclays whether situated in the Island or elsewhere.
(c) Any such reference to rights or liabilities of Barclays is a reference
to rights to which Barclays is entitled or, as the case may be, to
liabilities to which Barclays is subject, whether under the law of
the Island or elsewhere.
3 Transfer of Barclays’ undertaking to BBI

On the appointed day the transferred undertaking shall by virtue of this Act
and without further assurance, be transferred to, and vest in, BBI to the intent
that BBI shall succeed to the whole business of Barclays, and to the right to use
the name ‘Barclays Bank’, as if in all respects BBI were the same person in law as
Barclays.
4 Provisions as to trust property transferred

(1) Any property transferred to, and vested in, BBI by virtue of this Act
which immediately before the appointed day was held by Barclays,
whether alone or jointly with any other person, as trustee or custodian
trustee of any trust deed, settlement, covenant, agreement or will
(whether originally so appointed or not, and whether appointed under
hand or seal, or by order of any court), or as judicial trustee appointed by
order of any court or in any other fiduciary capacity whatsoever, shall be
held by BBI, whether alone or jointly with such other person, in the same
capacity upon the trusts, 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 (whether alone or by the operation of the Act of 1969) any
property became vested in Barclays 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, Barclays of remuneration for its services in
any such fiduciary capacity, shall be construed and have effect, so far as
Section 5 Barclays Bank (Isle of Man) Act 1984


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the context permits, as if for any reference therein (whether original or by
the operation of the Act of 1969) to Barclays, other than a reference
(however worded and whether express or implied) to terms and
conditions of Barclays or to a scale of fees of Barclays, there were
substituted a reference to BBI.
(3) No testamentary gift shall be adeemed by reason only of the operation of
any of the provisions of this Act.
5 Supplementary provisions as to transfer

Without prejudice to the generality of the foregoing provisions but subject to
any provision to the contrary effect, the following provisions shall have effect in
relation to the transferred undertaking —
(1) Every existing contract to which Barclays was a party (whether in
writing or not) shall have effect as if —
(a) BBI had been a party thereto instead of Barclays;
(b) for any reference (however worded and whether express or
implied) to Barclays there were substituted, as respects anything
falling to be done on or after the appointed day, a reference to
BBI; and
(c) any reference (however worded and whether express or implied)
to the directors or to any director, officer, clerk or servant of
Barclays were, as respects anything falling to be done on or after
the appointed day, a reference to the directors of BBI or, as the
case may require, to such director, officer, clerk or servant of BBI
as BBI may appoint for that purpose or, in default of appointment,
to the director, officer, clerk or servant of BBI who corresponds as
nearly as may be to the first-mentioned director, officer, clerk or
servant;
(2) Sub-paragraphs (b) and (c) of paragraph (1) shall apply to any
enactment, any provision of any Act of Parliament having effect in the
Island under or by virtue of any enactment and any instrument of a
legislative character having effect in the Island under any such provision,
and to any provision of any existing contract to which Barclays was not a
party and sub-paragraphs (a), (b) and (c) of that paragraph shall apply to
any provision of any other existing document (not being a contract or a
will) as, in any such case, they apply to a contract to which paragraph (1)
applies;
(3) Any account between Barclays and a customer shall become an account
between BBI 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:
Barclays Bank (Isle of Man) Act 1984 Section 5


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Provided that nothing herein shall affect any right of BBI or of the
customer to vary the conditions or incidents subject to which any
account is kept;
(4) Any existing instruction, order, direction, mandate, power of attorney,
authority, undertaking or consent given to Barclays (whether in writing
or not and whether or not in relation to an account) shall have effect as if
given to BBI;
(5) Any negotiable instrument or order for payment of money drawn on, or
given to, or accepted or endorsed by, Barclays, or payable at any place of
business of Barclays, whether so drawn, given, accepted or endorsed
before, on or after the appointed day, shall have the same effect as if it
had been drawn on, or given to, or accepted or endorsed by, BBI, or were
payable at the same place of business of BBI;
(6) The custody of any document, goods or other thing held by Barclays as
bailee at any branch or office of Barclays within the Island shall pass to
BBI on the appointed day, and the rights and obligations of Barclays
under any contract of bailment relating to any such document, goods or
thing shall be transferred on that day to BBI;
(7)
(a) Any security held immediately before the appointed day by
Barclays, or by a nominee of or trustee for Barclays, as security for
the payment or discharge of any debt or liability (whether present
or future, actual or contingent) shall be held by or, as the case may
require, by that nominee or trustee for, BBI and, to the extent of
that debt or liability, be available to BBI as security for the
payment or discharge of such debt or liability;
(b)
(i) In any case where immediately before the appointed day
Barclays is under any liability to BBI in respect of, or in
connection with, which Barclays, or a nominee of or trustee
for Barclays, holds security, that liability shall, for the
purpose of enforcing or realising that security, be deemed
to continue in effect notwithstanding the transfer to BBI of
that liability by or under this Act;
(ii) In any case where immediately before the appointed day
BBI is under any liability to Barclays in respect of, or in
connection with, which BBI, or a nominee of or trustee for
BBI, holds security, that liability shall, for the purpose of
enforcing or realising that security, be deemed to continue
in effect notwithstanding the transfer to BBI of the
transferred undertaking by this Act;
(c) In relation to any security transferred to BBI by or under this Act
and any monies thereby secured, BBI shall be entitled to the rights
Section 6 Barclays Bank (Isle of Man) Act 1984


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and priorities and be subject to the obligations and incidents to
which Barclays would have been entitled and subject if it had
continued to hold the security;
(d) Any security referred to in the foregoing provisions of this
paragraph which extends to future advances or liabilities shall be
held by, and be available to, BBI as security for the payment or
discharge of future advances by, and future liabilities to, BBI to
the same extent and in the same manner in all respects as future
advances by, or liabilities to, Barclays or, as the case may be, BBI
were secured thereby immediately before the appointed day;
(8) Where by virtue of this Act any right or liability becomes a right or
liability of BBI, BBI and all other persons shall 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 or
liability as if it had at all times been a right or liability of BBI; and any
legal proceedings or applications to any authority pending immediately
before the appointed day by or against Barclays may be continued by or
against BBI;
(9) Any judgment or award obtained by or against Barclays and not fully
satisfied before the appointed day shall, to the extent to which it is
enforceable by or against Barclays, be enforceable by or against BBI.
6 Contracts of employment

Paragraph (1) of section 5 (supplementary provisions as to transfer) applies to a
contract for the employment of any person by Barclays, and employment with
Barclays and BBI under any such contract shall be deemed for all purposes to be
a single continuing employment.
7 Pensions

(1) The trust deeds and rules constituting or relating to the Barclays Bank
PLC Pension Fund and the Martins Bank Superannuation Scheme shall
be construed and have effect, so far as the context permits, as if for any
reference therein to Barclays there were substituted a reference to BBI.
(2) No officer, clerk or servant of Barclays who, by virtue of this Act,
becomes an officer, clerk or servant of BBI shall be entitled as of right to
participate in the Barclays Bank International Limited U.K. Staff Pension
Fund (1964) or any other pension fund established by BBI.
8 Evidence: books and documents

All books and other documents which would before the appointed day have
been evidence in respect of any matter for or against Barclays shall be
admissible in evidence in respect of the same matter for or against BBI.
Barclays Bank (Isle of Man) Act 1984 Section 9


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9 Application of Bankers’ Books Evidence Act 1935

(1) The Bankers’ Books Evidence Act 1935 shall apply to the books of
Barclays transferred to BBI by this Act, and to entries made therein
before the appointed day, as if such books were the books of BBI.
(2) For the purposes of section 4 of the said Act of 1935, books so transferred
to BBI shall be deemed to have been the ordinary books of BBI 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 said Act of 1935.
10 Evidence of transfer

(1) A copy of this Act purporting to be printed by authority shall, for all
purposes, be conclusive evidence of the transfer of the transferred
undertaking to BBI and of the vesting thereof in BBI in accordance with
the provisions of this Act.
(2) Without prejudice to the generality of the foregoing —
(a) 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, BBI by or under this Act, operate for
all the purposes of the said Act of 1965 or of the Stock Exchange
(Completion of Bargains) Act 1979 as a duly executed stock transfer
in respect of the transfer of such securities from Barclays to BBI;
(b) any document made or executed on or after the appointed day
whereby BBI, whether alone or jointly with any other person,
conveys or transfers, or purports to convey or transfer, to any
person (whether for consideration or not), or applies to be
registered as the holder or proprietor of, any property held by
Barclays immediately before the appointed day, whether alone or
jointly with any other person, shall be sufficient evidence that the
interest of Barclays in such property became vested in BBI by or
under this Act.
(3) In this section ‘convey’ has the same meaning as in the Conveyancing Act
1908.
11 Transfer of interests in land

The transfer or vesting of an interest in land by or under this Act shall not —
(a) constitute an assignment, transfer, devolution, parting with
possession or other disposition of that interest for the purposes of
any provision relating to assignment, transfer, devolution, parting
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with possession or other disposition contained in any instrument
concerning that interest;
(b) give rise to any forfeiture;
(c) invalidate or discharge any contract or security; or
(d) operate so as to merge any leasehold interest in the reversion
expectant on it.
12 Saving for statutory provisions concerning banking institutions

Nothing in the foregoing provisions of this Act shall exempt Barclays or BBI or
any other subsidiary of Barclays (within the meaning of section 1 of the
Companies Act 1974) from any statutory provision regulating the carrying on of
the business of any of them.
13 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.
Barclays Bank (Isle of Man) Act 1984 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) 1/1/1985 (GC313/84).