National Westminster Bank (Isle of Man) Act 1969

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1969/1969-0008/NationalWestminsterBankIsleofManAct1969_1.pdf
Published: 2012-09-01

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National Westminster Bank (Isle of Man) Act 1969

c i e
AT 8 of 1969

NATIONAL WESTMINSTER BANK (ISLE

OF MAN) ACT 1969

National Westminster Bank (Isle of Man) Act 1969 Index


c AT 8 of 1969 Page 3

c i e
NATIONAL WESTMINSTER BANK (ISLE OF MAN)

ACT 1969

Index Section Page

1 Transfer of undertakings ............................................................................................... 6
2 Savings of contracts, etc ................................................................................................. 6
3 Banking business ............................................................................................................ 6
4 Actions, etc, not to abate ................................................................................................ 7
5 Documents, etc, to remain evidence ............................................................................ 8
6 Application of Bankers’ Books Evidence Act, 1935 ................................................... 8
7 Application of enactments and documents ................................................................ 8
8 Costs of Act ...................................................................................................................... 9
9 Interpretation ................................................................................................................... 9
10 Short title ........................................................................................................................ 10
11 Commencement ............................................................................................................ 10
ENDNOTES 11

TABLE OF LEGISLATION HISTORY 11
TABLE OF RENUMBERED PROVISIONS 11
TABLE OF ENDNOTE REFERENCES 11

National Westminster Bank (Isle of Man) Act 1969 Section 1


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c i e
NATIONAL WESTMINSTER BANK (ISLE OF MAN)

ACT 1969

Received Royal Assent: 31 July 1969
Passed: 21 October 1969
Commenced: 1 January1970
AN ACT
to provide for the transfer to National Westminster Bank Limited of
the undertakings of National Provincial Bank Limited and Westminster Bank
Limited and for other purposes incidental thereto and consequential thereon.
WHEREAS:

(1) District Bank Limited (hereafter referred to as ‘District Bank’), National
Provincial Bank Limited (hereafter referred to as ‘National Provincial’),
National Westminster Bank Limited (hereafter referred to as ‘National
Westminster’) and Westminster Bank Limited (hereafter referred to as
‘Westminster’) are companies incorporated in England within the
meaning of the Companies Act, 1948 (an Act of Parliament) and are
companies limited by shares;
(2) District Bank, National Provincial and Westminster each carry on
business of banking;
(3) District Bank is a wholly-owned subsidiary of National Provincial;
(4) Westminster carries on business in the Isle of Man and District Bank,
National Provincial and Westminster hold property in the Isle of Man;
(5) By a scheme of arrangement sanctioned under section 206 of the said
Companies Act, 1948, and which took effect on 8th July, 1968, National
Provincial and Westminster became wholly-owned subsidiaries of
National Westminster;
(6) The said scheme of arrangement was proposed with a view to the merger
of the undertakings of District Bank, National Provincial and
Westminster;
(7) It is expedient in the interests of efficient and effective banking that the
said merger should occur and that it should occur by means of a transfer
of the said undertakings to National Westminster;
Section 1 National Westminster Bank (Isle of Man) Act 1969


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(8) It is further expedient that the said transfer should be effected
economically and without interference with the conduct and continuity
of the business of banking;
(9) It is further expedient that the said undertakings should be transferred as
provided in this Act and that the other provisions contained in this Act
relative thereto and consequential thereon should be enacted;
(10) The purposes of this Act cannot be effected without the authority of an
Act of Tynwald.
1 Transfer of undertakings

(1) On the appointed day the undertakings of the existing banks shall by
virtue of this Act be transferred to and vest in the Bank.
(2) For the avoidance of doubt it is hereby declared that the transfer of an
interest in land under and by virtue of this Act shall not 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 with possession or other
disposition contained in any instrument concerning that interest.
2 Savings of contracts, etc

(1) Subject to the provisions of this section, all contracts, agreements,
conveyances, deeds, leases, licences and other instruments or
undertakings entered into by or made with or addressed to an existing
bank (whether alone or with any other person) before and in force on the
appointed day shall as from that day be binding and of full force and
effect in every respect against or in favour of the Bank as fully and
effectually as if, instead of an existing bank, the Bank had been a party
thereto or bound thereby or entitled to the benefit thereof.
(2) In relation to every contract of employment to which subsection (1) of
this section applies, the provisions of the said subsection shall operate to
substitute the Bank for the existing bank, subject to any variation of the
rights of any persons to participate in any pension scheme or provident
fund which may be authorised by any enactment.
3 Banking business

Without prejudice to the generality of the foregoing provisions of this Act, the
following provisions shall have effect with relation to the banking businesses of
the existing banks: —
(a) any account between an existing bank and a customer at any
office or branch of that existing bank shall be transferred to the
Bank on the appointed day and shall become as and from that day
an account between the Bank and such customer with the same
National Westminster Bank (Isle of Man) Act 1969 Section 4


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rights and subject to the same obligations and incidents (including
rights of set-off) as would have been applicable thereto if such
account between the existing bank and the customer had
continued and so that any instruction, order, direction, mandate
or authority given by such customer in relation to such account
and subsisting at or given after the appointed day shall, unless
and until revoked or cancelled, apply and have effect in relation
to such account after its transfer to the Bank as aforesaid;
(b) any security held by an existing bank as security for the payment
of debts or liabilities (whether present or future, actual or
contingent) of any person shall be transferred or deemed to be
transferred to the Bank on the appointed day and shall be held by
and be available to the Bank as security for the payment of such
debts and liabilities to the Bank; and where the moneys secured
by such a security include future advances to or liabilities of such
person, the said security shall as from that day be held by and be
available to the Bank as security for future advances to the said
person by, and future liabilities of the said person to, the Bank to
the same extent to which future advances by, or liabilities to, the
existing bank were secured thereby immediately before that day;
(c) the Bank shall, in relation to any security transferred or deemed to
have been transferred to it in accordance with or by virtue of the
provisions of this Act and the moneys thereby secured in
accordance with those provisions, be entitled to the same rights
and priorities and subject to the same obligations and incidents as
the existing bank from which the same has been transferred or
deemed to have been transferred would have been entitled and
subject to if the same had continued to be held by the said existing
bank;
(d) the custody of any document, goods or other property held by an
existing bank as bailee for any other person at any office or branch
of such existing bank shall be transferred or deemed to be
transferred to the Bank on the appointed day and the rights and
obligations of such existing bank under any contract of bailment
relating to such document, goods or property shall be transferred
or deemed to be transferred on that day to the Bank.
4 Actions, etc, not to abate

Any action, arbitration or proceeding and any cause of action, arbitration or
proceeding which shall on the appointed day be pending or existing by, against
or in favour of an existing bank shall not abate or be discontinued or be in any
way prejudicially affected by reason of the provisions of this Act, but the same
may be prosecuted, continued and enforced by, against or in favour of the Bank
as and when it might have been prosecuted, continued and enforced by, against
or in favour of an existing bank if this Act had not been passed.
Section 5 National Westminster Bank (Isle of Man) Act 1969


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5 Documents, etc, to remain evidence

All documents, records and admissions which if this Act had not been passed
would have been evidence in respect of any matter for or against an existing
bank shall, on and after the appointed day, be admitted in evidence in respect of
the same or the like matter for or against the Bank.
6 Application of Bankers’ Books Evidence Act, 1935

(1) Notwithstanding the transfer of the undertakings of the existing banks to
the Bank under and in the terms of this Act, the provisions of the
Bankers’ Books Evidence Act, 1935, shall continue to apply with respect
to the books of the existing banks which are transferred to the Bank by
virtue of this Act and to entries made in such books before the appointed
day.
(2) For the purposes of this section, ‘books’ include ledgers, day books, cash
books, account books, and all other books and records used in the
ordinary business of an existing bank before the appointed day.
7 Application of enactments and documents

(1) Subject to the provisions of this section, where —
(a) any enactment other than an enactment in this Act; or
(b) any document whensoever made or executed;
contains any reference express or implied to an existing bank such
reference shall, on and after the appointed day and except where the
context otherwise requires, be read, construed and have effect as a
reference to the Bank.
(2) Notwithstanding anything in the preceding subsection, where in
pursuance thereof a reference to an existing bank in any document
constituting or relating to any pension scheme or any provident fund of
that existing bank in force immediately before the appointed day is to be
read construed and have effect as a reference to the Bank, for the purpose
of ascertaining and calculating the right to benefits thereunder, service or
employment with that existing bank prior to the appointed day shall be
taken into account as if it were service or employment with the Bank, but
the coming into force of this section shall not of itself give rise to any
claim to benefit under any such scheme or fund or operate to cause a
member thereof to become a member of another pension scheme or
provident fund.
(3) Without prejudice to the generality of subsection (1) of this section,
where by any order of the court or by any trust deed, settlement,
covenant or agreement or where by any will, codicil or other
testamentary writing, whether made or executed before or after the
appointed day, an existing bank (whether alone or with any other
National Westminster Bank (Isle of Man) Act 1969 Section 8


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person) was or is granted letters of administration or appointed trustee,
executor, guardian or in any other fiduciary capacity, such order, trust
deed, settlement, covenant, agreement, will, codicil, or other
testamentary writing shall not fail by reason of anything in this Act but
shall as from the appointed day be read and construed and have effect as
if for any reference therein to that existing bank there was substituted a
reference to the Bank.
(4) Nothing in this Act shall exempt the Bank from the provisions of any
enactment relating to companies carrying on the business of banking or
from the provisions of the Companies Acts, 1931 to 1968, relating to
companies incorporated outside the Isle of Man.
8 Costs of Act

All the costs, charges and expenses preliminary to and of and incidental to the
preparing, applying for, obtaining and passing of this Act or otherwise in
relation thereto shall be paid by the Bank.
9 Interpretation

(1) In this Act, unless the subject or context otherwise requires —
“the appointed day
” means such day as may be appointed by the Governor
under section 11 of this Act;
“the Bank
” means National Westminster;
“enactment
” includes an enactment of Parliament or any order, rule or
regulation made under any enactment;
“the existing banks
” means District Bank, National Provincial and
Westminster, and “existing bank
” shall be construed accordingly;
“liabilities
” includes duties and obligations of every description;
“property
” means property both real and personal of every description
wheresoever situate and includes securities, rights and powers of every
description; but does not include any document required to be kept by
an existing bank pursuant to the provisions of the Companies Acts, 1931
to 1968, and the Companies Acts, 1948 to 1967 (the last mentioned Acts
being Acts of Parliament);
“security
” means a mortgage (whether legal or equitable), bond and security,
conditional bond and security, charge, debenture, bill of exchange,
promissory note, guarantee, lien, pledge or other means of securing the
payment of a debt, whether present or future, or the discharge of an
obligation or liability, whether actual or contingent;
“the undertaking of an existing bank
” means the business and all of the
property vested in or belonging to or held by that existing bank
Section 10 National Westminster Bank (Isle of Man) Act 1969


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immediately before the appointed day and all of the liabilities to which
that existing bank was subject immediately before that day.
(2) Any reference in this Act to any enactment shall be construed as a
reference to that enactment as applied, extended or amended by or by
virtue of any subsequent enactment.
10 Short title

This Act may be cited as the National Westminster Bank (Isle of Man) Act, 1969.
11 Commencement

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
from such day as the Governor shall by Order appoint.1

National Westminster 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) 1/1/1970 (GC64/69).