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Commercial and Private Bank Act 1991 (c. xxii)

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2Interpretation

(1)In this Act, unless the subject or context otherwise requires—

  • “appointed day” means such day as may, under section 3 (Appointed day) of this Act, be appointed for the purposes of this Act;

  • CPB” means Commercial and Private Bank;

  • “customer” includes any person having a bank account or other dealing, transaction or arrangement with WPZ or, as the case may be, CPB;

  • “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 (whether present or future, actual or contingent), and includes property and assets held on trust or in a fiduciary capacity and securities, rights, benefits and powers of every description;

  • “security” includes a mortgage or charge (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, undertaking or other means of securing payment or discharge of a debt or liability (whether present or future, actual or contingent);

  • “subsidiary” has the meaning given by sections 736 and 736A of the [1985 c. 6.] Companies Act 1985;

  • “undertaking” means the business and all existing property and liabilities of WPZ, of whatsoever nature but does not include documents required to be kept by WPZ pursuant to the provisions of the Companies Act 1985;

  • “will” includes a codicil and any other testamentary writing; and

  • “WPZ” means WPZ Bank (UK) Ltd.

(2)Any reference in this Act to property or liabilities of WPZ is a reference to property or liabilities to which WPZ is for the time being entitled or subject (whether beneficially or in any fiduciary capacity), wherever such property or liabilities are situated or arise and whether or not capable of being transferred or assigned by WPZ, and whether WPZ is entitled or subject to the property or liabilities under the law of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.

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