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Trustee Savings Banks Act 1985

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This is the original version (as it was originally enacted).

8In the case of a transfer effected by section 3(3) above, the transferee shall be treated for the purposes of sub-paragraph (1) of paragraph 1 of Schedule 2 to the [1979 c. 37.] Banking Act 1979 (requirement of high reputation and standing in the financial community as one of the criteria for recognition as a bank)—

(a)as enjoying at the vesting day (and as continuing to enjoy, until it has carried on a deposit-taking business long enough to have earned a reputation and standing of its own) the reputation and standing enjoyed by the transferor immediately before the vesting day ; and

(b)as having enjoyed, during any earlier period, the reputation and standing enjoyed by the transferor during that period ;

and accordingly sub-paragraphs (2) to (4) of that paragraph shall not apply in relation to the transferee's application for recognition.

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