Barclays Group Reorganisation Act 2002

• Jurisdiction: UK Non-devolved
• Citation: 2002 c. iv

ELIZABETH II c. iv

Barclays Group Reorganisation

Act 2002

2002 CHAPTER iv

An Act to provide for the reorganisation of the undertakings of Barclays Bank

PLC and certain of its subsidiaries; and for related purposes.

[7th November 2002]

W

hereas—

(1) Barclays Bank PLC (hereinafter called “Barclays”) is a public limited company

registered in England and Wales under the Companies Acts 1948 to 1967 which

carries on in the United Kingdom and elsewhere the businesses of banking and

financial services and other related activities:

(2) Barclays has subsidiaries which carry on in the United Kingdom and elsewhere

the businesses of banking and financial services and other related activities:

(3) For the better conduct of the businesses of Barclays and its subsidiaries it is

expedient that provision be made for the transfer to and vesting in Barclays of

the undertakings or part of the undertakings of certain of its subsidiaries, and

the transfer to and vesting in certain of Barclays’subsidiaries of the

undertakings or part of the undertakings of Barclays or of certain other

Barclays’subsidiaries and that the transfers should be effected economically

and without interference with the conduct and continuity of those businesses

carried on by Barclays or its subsidiaries:

(4) It is expedient that the other provisions in this Act should be enacted:

(5) The objects of this Act could not have been attained without the authority of

Parliament when the Bill for this Act was deposited:

May it therefore please Your Majesty that it may be enacted, and 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 follows:—

Barclays Group Reorganisation Act 2002 c. iv

2

1 Citation

This Act may be cited as the Barclays Group Reorganisation Act 2002.

2 Interpretation

(1) In this Act, unless the subject or context otherwise requires—

“account”includes any contract or facility between a person and a

transferor by virtue of which money or any unit of account is, or may

be, deposited or borrowed by any person;

“appointed day”means a day appointed under subsection (1)(d) of section

4 (Appointments) of this Act as an appointed day for the purposes of

this Act (and different days may be appointed for the purposes of

different undertakings);

“appointed undertaking”means an undertaking appointed under

subsection (1)(a) of section 4 (Appointments) of this Act;

“Barclays”means Barclays Bank PLC;

“contract”includes any agreement, transaction, arrangement or

understanding, whether or not conditional or in writing and whether or

not governed by English law;

“customer”includes any person having an account or any other

relationship or dealing with Barclays or with any subsidiary;

“document”means any thing in which information of any description is

recorded;

“enactment”means any enactment in this Act or in any general or local Act

or in any order, rule or regulation made under any Act;

“existing”means existing, outstanding or in force immediately before the

relevant appointed day;

“IFA company”means Barclays Private Bank Limited, Sedgwick

Independent Financial Consultants Limited or Woolwich Independent

Financial Advisory Services Limited;

“liability”includes a duty and an obligation of any description, whether

present or future, actual, contingent or prospective;

“property”means property and assets of every description (whether

present or future, actual, contingent or prospective), and includes

property and assets held on trust or in a fiduciary capacity and security,

rights, benefits, interests and powers of every description;

“seal”includes a common seal and also any official seal which may be kept

pursuant to section 39 or 40 of the Companies Act 1985 (c. 6);

“security”includes a mortgage or charge (whether legal or equitable),

debenture, bill of exchange, promissory note, guarantee, lien, pledge

(whether actual or constructive), hypothecation, assignment by way of

security, indemnity, right of set-off, undertaking or other means of

securing the payment or discharge of a debt or liability or any interest

therein (in each case whether present or future, actual, contingent or

prospective);