“transferor company” means TSB or Hill Samuel and “transferor companies” means both of them “security interest” includes a mortgage or charge (in each case whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, lien, pledge (whether actual or constructive), hypothecation, assignment by way of security, indemnity, right of set-off, flawed asset arrangement, undertaking or other means of securing payment or discharge of a debt or liability “seal” includes a common seal and also any official seal which may be kept pursuant to section 39 or 40 of the Companies Act 1985 “property” means property and assets of every description and includes property and assets held on trust or in a fiduciary capacity and security interests, rights, benefits and powers of every description
“liability” includes a duty and an obligation of any description (whether present or future, actual, contingent or prospective) “Hill Samuel” means Hill Samuel Bank Limited “existing” means existing, outstanding or in force immediately before the appointed day “enactment” means any enactment in this Act or in any general or local Act or in any order, rule or regulation made under any Act “document” means any thing in which information of any description is recorded
“customer” includes any person having an account or other dealing with a transferor company “convey” has the same meaning as in the Law of Property Act 1925 “contract” includes any agreement, transaction, arrangement or understanding, whether or not conditional or in writing and whether or not governed by English law “appointed day” means a day appointed under section 3 (Appointed day) of this Act as an appointed day for the purposes of this Act and, in relation to any property or liability, any reference in this Act to an appointed day is a reference to the appointed day for the undertaking or the part of an undertaking (as the case may be) of which that property or liability forms part “account” includes any contract or facility between a person and a transferor company by virtue of which money or any unit of account is, or may be, deposited or borrowed by any person (1) In this Act, unless the subject or context otherwise requires. This Act may be cited as the Lloyds TSB Act 1998. May it therefore please Your Majesty that it may be enacted, and be it enacted, by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:- 1 Short title WHEREAS Lloyds TSB Group plc (hereinafter called “Lloyds TSB”) is a public limited company registered in Scotland under the Companies Act 1985 whose subsidiary companies carry on in the United Kingdom and elsewhere the businesses of banking and financial services and other related activities:Īnd whereas Lloyds Bank Plc (hereinafter called “Lloyds”) and TSB Bank plc (hereinafter called “TSB”) are public limited companies registered in England and Wales under the Companies Act 1862 and the Companies Acts 1948 to 1967 respectively and Lloyds and TSB carry on in the United Kingdom and elsewhere the businesses of banking and financial services and other related activities:Īnd whereas Hill Samuel Bank Limited (hereinafter called “Hill Samuel”) is a company registered in England under the Companies Act 1929 and carries on in the United Kingdom and elsewhere the businesses of banking and financial services and other related activities:Īnd whereas TSB is a subsidiary and Lloyds and Hill Samuel are wholly-owned subsidiaries of Lloyds TSB:Īnd whereas for the better conduct of the business of Lloyds TSB and its subsidiaries it is expedient that provision be made for the transfer to and vesting in Lloyds of the undertakings of TSB and Hill Samuel and that the transfer and vesting should be effected economically and without interference with the conduct and continuity of the businesses carried on by Lloyds TSB or its subsidiaries:Īnd whereas it is expedient that the other provisions in this Act should be enacted:Īnd whereas the objects of this Act cannot be attained without the authority of Parliament: