Hill Samuel Bank and United Dominions Trust Act 1994

1994 CHAPTER xiv

An Act to provide for the transfer to and vesting in TSB Bank plc of parts of the undertakings of Hill Samuel Bank Limited and United Dominions Trust Limited; and for connected purposes.

[21st July 1994]

WHEREAS Hill Samuel Bank Limited (hereinafter called “HillSamuel”) is a company incorporated in England under the [1929 c. 23.] Companies Act 1929 as a company limited by shares and carries on in the United Kingdom and elsewhere the business of banking and financial services:

And whereas United Dominions Trust Limited (hereinafter called “UDT”) is a company incorporated in England under the Companies Acts 1908 to 1917 as a company limited by shares and carries on in the United Kingdom and elsewhere the business of banking and financial services:

And whereas TSB Bank plc (hereinafter called “TSB”) is a company incorporated in England under the Companies Acts 1948 to 1967 as a public company limited by shares and carries on in the United Kingdom and elsewhere the business of banking and financial services:

And whereas TSB is the beneficial owner of all the issued shares in Hill Samuel and UDT:

And whereas for the better conduct of the business of Hill Samuel, UDT and TSB, the risk and reward attributable to parts of the businesses of Hill Samuel and UDT have, by a series of agreements between them, been transferred to TSB but the legal title to those parts remains vested in Hill Samuel or UDT:

And whereas for the more effective consolidation of the core businesses of TSB, Hill Samuel and UDT and the better conduct thereof it is expedient that provision be made for the transfer to and vesting in TSB of parts of the undertakings of Hill Samuel and UDT:

And whereas it is expedient that the said transfers and vesting should be effected without interference with the conduct and continuity of the businesses carried on by TSB, Hill Samuel or UDT:

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:—