Standard Chartered Bank (Jersey) Law 1985

Jersey Law 7/1985 STANDARD CHARTERED BANK (JERSEY) LAW, 1985. ____________ A LAW to provide for the transfer to The Chartered Bank of the banking business of Standard Chartered Bank, PLC, as far as the same is situate in Jersey, and to provide for other purposes, sanctioned by Order of Her Majesty in Council of the 13th day of FEBRUARY, 1985. ____________ (Registered on the 1st day of March, 1985). ____________ STATES OF JERSEY. ____________ The 19th day of June, 1984. ____________ W HEREAS : - (1) Standard Chartered Bank PLC (hereinafter called “SCB”) is a Company incorporated in the United Kingdom under the Companies Acts 1948 to 1967 as a company limited by shares and re-registered under the Companies Act 1980 (of the United Kingdom) as a public limited company; (2) The Chartered Bank (hereinafter called “Chartered”) is a company incorporated in the United Kingdom by a Royal Charter granted by Her Majesty Queen Victoria on the twenty-ninth day of December 1853 and continued by supplemental charters, the latest of which was granted by Her Majesty Queen Elizabeth the Second on the twenty-fifth day of June 1956, and is a wholly-owned subsidiary of SCB; (3) For the better conduct of the business of the Standard Chartered Bank Group of Companies (of which SCB and Chartered form part) it is expedient to provide for the transfer to Chartered of the banking business of SCB and to effect the transfer without interference with the conduct and continuity of that business, and for that purpose Chartered has obtained, by the authority of the Parliament of the United Kingdom, an Act entitled the Standard Chartered Act 1984; (4) SCB carries on the business of banking and has assets, liabilities and obligations in the Island of Jersey; (5) It is necessary to promote legislation in the Island to provide for the effective transfer of the said assets, liabilities and obligations; (6) It is expedient that the said transfer should be effected as provided in this Law and that the other provisions contained in this Law should be enacted. THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law: - ARTICLE 1 Interpretation In this Law, unless the subject or context otherwise requires – “the appointed day” means the first day of January 1985; “the banking business” means the existing business and all existing property, rights, liabilities and obligations of SCB of whatsoever nature and whether or not assignable at law or in equity and whether held by or vested in SCB beneficially or in any fiduciary capacity; “Chartered” means The Chartered Bank; “existing” means existing or in force on or immediately before the appointed day; “security” includes a hypothec (whether legal, judicial or conventional), mortgage (whether legal or equitable), security interest, charge, debenture, bill of exchange, promissory note, indemnity, guarantee, lien, pledge, or other means of securing payment of a debt or the discharge of an obligation or liability whether actual or contingent, present or future; “SCB” means Standard Chartered Bank PLC. ARTICLE 2 Change of names (1) On the appointed day: - (a) the name of SCB shall be changed to Standard Chartered PLC; and (b) the name of Chartered shall be changed to Standard Chartered Bank. (2) The change of names of SCB and Chartered by virtue of this Article shall not affect any rights or obligations of either such company or render defective any legal proceedings by or against it; and any legal proceedings that might have been continued or commenced against it by its former name may be continued or commenced against it by its new name. ARTICLE 3 Transfer of banking business On the appointed day the banking business of SCB which is situated in or governed by the law of Jersey shall be transferred to and vest in Chartered to the intent that Chartered shall succeed to and acquire the whole of that business as if in all respects Chartered were the same person in law as SCB. ARTICLE 4 Provisions relating to the transfer of the banking business and change of names (1) The production of a copy of this law signed by the Greffier of the States shall on and after the appointed day be conclusive evidence in all courts and proceedings of the transfer of the banking business from SCB to Chartered and the change of names of SCB and Chartered. (2) The Royal Court, when it orders the registration of this Law, shall also order the registration of a copy thereof, signed by the Greffier of the States, in the Public Registry of Contracts. (3) No fees shall be payable under the Departments of the Judiciary and the Legislature (Jersey) Law, 1965 1 in relation to the registration of a copy of this Law as required by paragraph (2) of this Article. (4) No transfer or vesting effected by virtue of this Law shall – (a) operate as a breach of covenant or condition against alienation; (b) give rise to any forfeiture; or (c) invalidate or discharge any contract or security. ARTICLE 5 Application of enactments Nothing in this Law shall exempt SCB or Chartered from the provisions of any Law or regulation relating to companies carrying on the business of banking. ARTICLE 6 Citation This Law may be cited as the Standard Chartered Bank (Jersey) Law 1985. R.S. GRAY Deputy Greffier of the States. 1 Volume 1963–1965, page 551 and Volume 1973–1974, page 205.