THE TRUSTEE SAVINGS BANKS ACT 1985 (CHANNEL ISLANDS) ORDER 1985 JERSEY REVISED EDITION OF THE LAWS 13.825 APPENDIX 3 Jersey Order in Council 17/1985 The Trustee Savings Banks Act 1985 (Channel Islands) Order, 1985 Jersey Order in Council 17/1985 THE TRUSTEE SAVINGS BANKS ACT 1985 (CHANNEL ISLANDS) ORDER, 1985 ____________ (Registered on the 4th day of October, 1985). ____________ At the Court at Buckingham Palace ____________ 31st July, 1985 ____________ PRESENT The Queen’s Most Excellent Majesty in Council ____________ HER MAJESTY, in pursuance of section 7(4) of the Trustee Savings Banks Act 1985, is pleased, by and with the advice of Her Privy Council, to order, and it is hereby ordered, as follows: - 1. This Order may be cited as the Trustee Savings Banks Act 1985 (Channel Islands) Order 1985 and shall come into operation on the day on which the Trustee Savings Banks Act 1985 comes into force. 2. The Trustee Savings Banks Act 1985 in its extension to the Bailiwick of Jersey shall have effect subject to the adaptations and modifications specified in Schedule 1 to this Order and in its extension to the Bailiwick of Guernsey shall have effect subject to the adaptations and modifications specified in Schedule 2 to this Order. G.I. DE DENEY Clerk of the Privy Council. Revised Edition – 31 August 2004 Page - 3 Chapter 13.825 4 Jersey Order in Council 17/1985 The Trustee Savings Banks Act 1985 (Channel Islands) Order, 1985 SCHEDULE 1 (Article 2) ADAPTATIONS AND MODIFICATIONS TO THE TRUSTEE SAVINGS BANKS ACT 1985 AS EXTENDING TO THE BAILIWICK OF JERSEY 1. In this Schedule “the Bailiwick” means the Bailiwick of Jersey and the territorial waters adjacent thereto. 2. Any reference to an Act of Parliament (including the Trustee Savings Banks Act 1985) or to a provision of such an Act shall be construed, unless the contrary intention appears, as a reference to that Act or provision as it has effect in the Bailiwick. 3. Any reference to an enactment of the States of Jersey shall be construed, unless the contrary intention appears, as including a reference thereto as amended or replaced by or under any other such enactment. 4. In section 1(5), the words “except section 6,” shall be omitted. 5. In section 3 – (a) for subsection (7) there shall be substituted the following subsection – “(7) The substitution effected by the foregoing provisions of this section of a body comprised in the new TSB group for a body comprised in the existing TSB group as employer under contracts of employment subsisting immediately before the vesting day shall have effect so that a period of employment immediately before the vesting day with a body comprised in the existing TSB group shall count for all purposes as a period of employment with the successor to such body, and the change of employer shall not break the continuity of the period of employment.”; and (b) subsection (10) shall be omitted. 6. Section 6 shall be omitted. 7.-(1) Where a transfer in relation to which Schedule 1 has effect is a transfer from an existing bank to a successor incorporated or to be incorporated in the Bailiwick, that Schedule shall have effect subject to the following provisions of this paragraph. (2) For paragraph 6(3) there shall be substituted the following sub-paragraph – “(3) If, in a case where sub-paragraph (1) above applies, the day with which the transitional period begins falls before the date of incorporation of the transferee, the transferee shall be deemed, for the purposes of its first accounts, to have been incorporated on the day on which the transitional period begins.”. (3) In paragraph 6(6) – (a) the definition of “corresponding Northern Ireland legislation” shall be omitted; and (b) in the definition of “statutory accounts”, for paragraph (a) there shall be substituted the following paragraph – Page - 4 Revised Edition – 31 August 2004 Chapter 13.825 5 Jersey Order in Council 17/1985 The Trustee Savings Banks Act 1985 (Channel Islands) Order, 1985 “(a) in relation to a transferee, any accounts or statement of accounts required to be prepared by any provision of the Companies (Jersey) Laws 1861 to 19681 ; and”. (4) In paragraph 7(1), for the words from “Companies Act 1985” to the end there shall be substituted the words “Companies (Jersey) Laws 1861 to 19682 as profits or gains resulting from the transferee’s business and available to be used for the payment of dividends.”. (5) In paragraph 7(2) for the words from “then, for the purposes” to the end there shall be substituted the words – “then – (a) so much of that increase or decrease in value as is realised on or after the vesting day shall be treated as realised profits or, as the case may be, realised losses of the transferee resulting from the transferee’s business and, if a realised profit, available to be used for the payment of dividends; and (b) so much as remains unrealised at any time after the vesting day shall be treated as unrealised profits or, as the case may be, unrealised losses of the transferee at that time.”. (6) Paragraphs (b) and (c) of paragraph 7(4) shall be omitted. (7) Paragraphs 8 and 9 shall be omitted. 8. For Schedule 2 there shall be substituted the following Schedule – “SCHEDULE 2 TAXATION 1. In computing profits or losses for the purposes of the Income Tax (Jersey) Law 19613 an existing bank and its successor shall be deemed to be a continuing concern and tax shall be computed, charged, collected and paid accordingly. 2. No transfer effected by section 3 above shall give rise to any liability to stamp duty.”. 9. Schedule 3 shall be omitted. 1 Tomes I–III, page 232, Tomes IV–VI, pages 86 and 88, Volume 1966–1967, page 727 and Volume 1968–1969, page 103. 2 Tomes I–III, page 232, Tomes IV–VI, pages 86 and 88, Volume 1966–1967, page 727 and Volume 1968–1969, page 103. 3 Volume 1961–1962, pages 197 and 445; Volume 1963–1965, pages 97, 115, 143, 144, 178, 190, 423 and 424; Volume 1966– 1967, pages 420, 422, 523, 524 and 526; Volume 1968–1969, pages 38, 219 and 220; Volume 1970–1972, pages 204, 209, 210 and 382; Volume 1973–1974, pages 275 and 276; Volume 1975–1978, pages 47, 48, 148, 149, 257 and 258; Volume 1979–1981, pages 17, 157, 158, 159, 163, 297, 298, 383 and 384; Volume 1982–1983, pages 270, 271, 272 and 274; and Volume 1984–19 , pages 76, 77, 78 and 79. Revised Edition – 31 August 2004 Page - 5 Chapter 13.825 6 Jersey Order in Council 17/1985 The Trustee Savings Banks Act 1985 (Channel Islands) Order, 1985 SCHEDULE 2 (Article 2) Adaptations and Modifications to the Trustee Savings Banks Act 1985 as extending to the Bailiwick of Guernsey * * * * * * * * * * Page - 6 Revised Edition – 31 August 2004 Chapter 13.825 7 Jersey Order in Council 17/1985 The Trustee Savings Banks Act 1985 (Channel Islands) Order, 1985 TRUSTEE SAVINGS BANKS ACT 1985 CHAPTER 58 ARRANGEMENT OF SECTIONS Preliminary Section 1. Preliminary The reorganisation 2. The Central Board and the reorganisation 3. Transfer of assets, liabilities, etc. from existing to new institutions 4. Dissolution of existing banks and repeal of 1981 Act etc Taxation 5. Taxation Miscellaneous and general 6. Treatment of Scottish 1819 savings banks 7. Short title, commencement, repeals and extent SCHEDULES Schedule 1 – Transfer provisions: supplementary Schedule 2 – Taxation Schedule 3 – Adaptations of Banking Act 1979 for 1819 savings banks Schedule 4 – Repeals Revised Edition – 31 August 2004 Page - 7 Chapter 13.825 8 Jersey Order in Council 17/1985 The Trustee Savings Banks Act 1985 (Channel Islands) Order, 1985 ELIZABETH II 1985 CHAPTER 58 AN ACT to make provision for the purposes of or in connexion with the reorganisation into companies incorporated under the Companies Acts of the institutions regulated by or existing under the Trustee Savings Banks Act 19814 and for the treatment for the purposes of the Banking Act 1979 of any Scottish savings bank established before 28th July, 1863 which has not since become a trustee savings bank. (25th July, 1985) 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 follows5: - Preliminary 1.-(1) In this Act – (a) “the existing TSB group” means the following, taken as a whole – (i) the existing trustee savings banks certified under the Trustee Savings Banks Act 19696 or 19817 (“the existing banks”); (ii) the Trustee Savings Banks Central Board (“the Central Board”); (iii) Trustee Savings Banks (Holdings) Limited (“the existing holding company”); and (iv) the existing subsidiaries of any of the existing banks, the Central Board or the existing holding company; and “existing” with reference to any of those banks or companies means existing immediately before the vesting day and, in the case of a bank, with a certification under the Trustee Savings Banks Act 19696 or 19817 effective on 17th December, 1984; (b) “the new TSB group” means the following, taken as a whole – (i) the companies formed or to be formed with objects including that of assuming and conducting, after the vesting day, the respective businesses of the existing banks and eligible to succeed them; 4 Volume 1982–1983, page 159. 5 Deletions and words in square brackets indicate and modifications made by the Trustee Savings Banks Act 1935 (Channel Islands) Order 1985. 6 Volume 1970–1972, page 75.