National Australia Group Europe Act 2001

2001 CHAPTER v

An Act to provide for the fusion of the undertakings of Clydesdale Bank PLC and Yorkshire Bank PLC by the transfer to Clydesdale Bank PLC of the undertaking of Yorkshire Bank PLC; and for connected purposes.

[4th December 2001]

Whereas—

National Australia Group Europe Limited (hereinafter called “NAG Europe”) is a private limited company incorporated in England under the Companies Act 1985 (c. 6) whose subsidiary companies carry on in the United Kingdom and elsewhere the businesses of banking and financial services and other related activities:

And whereas Clydesdale Bank PLC (hereinafter called “Clydesdale Bank”) is a public limited company incorporated in Scotland under the Companies Acts 1862 to 1880 and carries on in the United Kingdom and elsewhere the businesses of banking and financial services and other related activities:

And whereas Yorkshire Bank PLC (hereinafter called “Yorkshire Bank”) is a company incorporated in England under the Companies (Consolidation) Act 1908 (c. 69) and carries on in the United Kingdom and elsewhere the businesses of banking and financial services and other related activities:

And whereas Clydesdale Bank and Yorkshire Bank are both wholly-owned subsidiaries of NAG Europe:

And whereas for the better conduct of the business of NAG Europe and its subsidiaries it is expedient that provision be made for the fusion of the undertakings of Clydesdale Bank and Yorkshire Bank by the transfer to Clydesdale Bank of the undertaking of Yorkshire Bank and that the fusion should be effected economically and without interference with the conduct and continuity of the businesses carried on by NAG Europe or its subsidiaries:

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:—