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3Meaning of “undertaking” and related expressions

(1)Subject to subsection (3) below, in this Act “undertaking” means the whole of the business, property and liabilities of whatever nature of—

(a)a subsidiary; or

(b)Barclays comprising or related to—

(i)the credit card business known as “Barclaycard”; or

(ii)the carrying out of the business of providing independent financial advice,

or any part of such business, property and liabilities (whether or not capable of being operated or identified as a discrete business).

(2)In this Act—

(a)an undertaking of the type described—

(i)in subsection (1)(a) above is referred to as a “subsidiary undertaking”; and

(ii)in subsection (1)(b)(i) above is referred to as “the Barclaycard undertaking”; and

(b)that part of Barclays or a subsidiary undertaking comprising or related to the carrying out of the business of providing independent financial advice, is referred to as an “IFA undertaking”.

(3)An undertaking does not include—

(a)any seal or documents relating to the constitution of Barclays or a subsidiary;

(b)those documents comprising registers, indices or minute books usually required to be kept by Barclays or a subsidiary at its registered office pursuant to the provisions of the Companies Act 1985 (c. 6); or

(c)any duties and obligations of Barclays or a subsidiary in respect of its share capital.