Commercial and Private Bank Act 1991

1991 CHAPTER xxii

A BILL intituled An Act to provide for the transfer to and vesting in Commercial and Private Bank of the undertaking of WPZ Bank (UK) Ltd; and for other purposes.

[19th December 1991]

WHEREAS WPZ Bank (UK) Ltd (formerly named Bank in Liechtenstein (UK) Limited and hereinafter called “WPZ”) is a company incorporated under the [1985 c. 6.] Companies Act 1985 as a company limited by shares and carries on the business of banking, the registered office of WPZ being situated at 1 Devonshire Square, London:

And whereas Commercial and Private Bank (hereinafter called “CPB”), also known as Wirtschafts-und Privatbank, is a corporation existing under the laws of Switzerland which carries on the business of banking and is registered under Part XXIII of the said Act of 1985:

And whereas WPZ is an authorised institution under the [1987 c. 22.] Banking Act 1987 and CPB is proposing to seek authorisation under the said Act of 1987:

And whereas CPB on 2nd January 1991 became the beneficial owner of the whole of the issued share capital of WPZ:

And whereas for the better conduct of the business of CPB it is expedient that provision be made for the transfer to and vesting in CPB of the undertaking of WPZ and that that transfer and vesting should be effected without interference with the conduct and continuity of the businesses carried on by CPB and WPZ:

And whereas it is expedient that the other provisions in this Act should be enacted:

And whereas the objects of this Act cannot be attained without the authority of Parliament:

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:—