Trustee Savings Banks Act 1985

Status as authorised institutions for certain purposes, etc.

11 (1) This paragraph applies where the transferee is the successor to an existing bank.

(2) Subject to sub-paragraph (4) below, the transferee shall be included among the institutions which—

(a) are " banks " for the purposes of section 59 of the Building Societies Act 1962 or section 59 of the Building Societies Act (Northern Ireland) 1967 (authorised banks for investment of surplus funds);

(b) are " banks " for the purposes of the Solicitors Act 1974 or section 35 of the Solicitors (Scotland) Act 1980 (accounts at banks);

(c) are "authorised banks" for the purposes of the Credit Unions Act 1979 or section 87 of the Industrial and Provident Societies Act (Northern Ireland) 1969 (borrowing and investment);

(d) are recognised lending institutions or recognised savings institutions for the purposes of the Home Purchase Assistance and Housing Corporation Guarantee Act 1978 or Part IX of the Housing (Northern Ireland) Order 1981 (advances by Secretary of State and the Department of the Environment respectively);

and, for the purposes of the said sections 59, shall be treated as having been designated as an authorised bank by order under each of those sections (without prejudice, however, to the power of variation conferred thereby) and similarly for the purposes of the said section 87.

(3) Sub-paragraph (2) above applies whether or not the transferee qualifies for inclusion among any of those bodies as a recognised bank for the purposes of the Banking Act 1979.

(4) The transferee shall not be included, or included at any time, among the institutions specified in sub-paragraph (2) above unless the following conditions are satisfied or satisfied at that time, that is to say—

(a) the existing bank must have been so included immediately before the vesting day ; and

(b) in the case of the institutions specified in heads (b), (c) and (d) of that sub-paragraph, the transferee must be a licensed institution for the purposes of the Banking Act 1979.

(5) Any authority of an existing bank subsisting under section 51(2) of the Government Annuities Act 1929 with regard to contracts under Part II of that Act (trustee savings banks as agents as respects Government annuities) immediately before the vesting day shall become, as from that day, an authority of the same scope (and on the same terms as to allowances) to the bank's successor as regards any money becoming payable upon or due under such contracts on or after that day.