 House of Commons |
Session 2000-01 Internet Publications Other Private Bills before Parliament Arrangement of Clauses (Contents) |
| Alliance & Leicester Group Treasury plc (Transfer) Bill [HL]
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EXPLANATORY MEMORANDUM This Bill provides for the vesting in Alliance & Leicester plc (“A&L”) of the undertaking of Alliance & Leicester Group Treasury plc (“ALGT”). Clause 3 enables the directors of A&L to appoint a day for the purposes of the Bill. Notice of the appointed day is to be published in the London Gazette, the Edinburgh Gazette and the Belfast Gazette. Clause 4 provides for the undertaking of ALGT to vest in A&L on the appointed day. Clause 5 provides in detail for the way in which the vesting effected by clause 4 is to be implemented in relation to the property and liabilities comprising the undertaking of ALGT. Clause 6 provides for the detailed accounting treatment of the vesting effected by clause 4. Clause 7 makes provision for the calculation of distributable profits or reserves of A&L. Clause 8 provides that all books and documents which would before any day appointed under clause 3 have been admissible in evidence for or against ALGT shall be admissible for or against A&L. Clause 9 applies the Bankers' Books Evidence Act 1879 to the books vested in A&L by virtue of the Bill and to entries made in those books before any appointed day as if such books were the books of A&L and as if A&L was a banker when such entries were made. Clause 10 provides for the means by which the vesting effected by the Bill is to be evidenced. Clause 11 makes detailed provision concerning the transfer and vesting of interests in land and similar property. Clause 12 provides for the dissolution of ALGT after the appointed day. Clause 13 provides that the Act does not exempt A&L from any regulatory enactment concerning its business. For the avoidance of doubt, clause 14 makes clear that the vesting effected by the Bill is not an acquisition by A&L for the purposes of section 101 of the Building Societies Act 1986. Clause 15 makes detailed provision for the application of the Bill to Scotland and Northern Ireland. Clause 16 specifically authorises the payment by A&L of the costs of obtaining the Act. EUROPEAN CONVENTION ON HUMAN RIGHTS Julian Hepplewhite, Company Secretary of Alliance & Leicester plc, the promoter of the bill, has made the following statement on behalf of the company: In my view, the provisions of the Alliance & Leicester Group Treasury plc (Transfer) Bill are compatible with the Convention rights. |
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| © Parliamentary copyright 2001 | Prepared 26 January 2001 |