 House of Commons |
Session 2001- 02 Internet Publications Other Private Bills before Parliament Arrangement of Clauses (Contents) |
| HSBC Investment Banking Bill [HL]
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EXPLANATORY MEMORANDUM The Bill allows for the restructuring of HSBC Investment Bank plc (“HSBC Investment Bank”) which is a subsidiary of HSBC Investment Bank Holdings plc (“HSBC Investment Bank Holdings”). It makes provision for the transfer of the investment banking business of HSBC Investment Bank to HSBC Bank plc (“HSBC Bank”) and the transfer of the private banking business of HSBC Investment Bank to HSBC Republic Bank (UK) Limited (“HSBC Republic Bank”). Clause 3 permits the directors of HSBC Investment Bank to allocate any of its property, accounts, contracts or liabilities to the private banking business. Notice of the concise details of any such allocation is to be published in the London, Edinburgh and Belfast Gazettes. Clause 4 allows the directors of HSBC Investment Bank Holdings to appoint a day as the day on or from which the main provisions of the Act will take effect. Notice of the appointed day is to be published in the London, Edinburgh and Belfast Gazettes. Clause 5 provides for the transfer of the investment banking business and private banking business of HSBC Investment Bank to HSBC Bank and HSBC Republic Bank respectively on the appointed day. Clause 6 contains provisions as to trust property and also makes provision with regard to wills referring to HSBC Investment Bank. Clause 7 contains provisions supplementary to clause 5. Clause 8 contains provisions concerning certain office-holders. Clause 9 makes provision in relation to retirement benefits schemes. Clause 10 makes provision regarding evidence of the transfers from HSBC Investment Bank to HSBC Bank and HSBC Republic Bank. Clause 11 provides for the dissolution of HSBC Investment Bank in the fusion process after the transfers have taken place. Clause 12 makes provision for books and other documents of HSBC Investment Bank to be admissible in evidence. Clause 13 relates to the application of the Bankers' Books Evidence Act l879 to the books of HSBC Investment Bank. Clause 14 prevents certain unintended consequences occurring as a result of the transfer of any property or liability as part of the fusion process. Clause 15 contains provisions regarding application to Scotland and to Northern Ireland. Clause 16 provides for the costs of the Act to be paid by such of HSBC Bank and HSBC Republic Bank and in such proportion as HSBC Investment Bank Holdings shall decide. EUROPEAN CONVENTION ON HUMAN RIGHTS In the view of HSBC Investment Bank Holdings plc, the provisions of the HSBC Investment Banking Bill are compatible with the Convention rights. |
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| © Parliamentary copyright 2002 | Prepared 28 March 2002 |