OpenLegislation

The Banking Act 1987 (Exempt Persons) Order 1991

S.I. 1991/66 · Made 16 January 1991

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

BANKS AND BANKING

Made 16th January 1991

Laid before Parliament 18th January 1991

Coming into force in accordance with article 1

The Treasury, in exercise of the powers conferred upon them by sections 4(3), 68(7) and 69(7) of the Banking Act 1987f1 and of all other powers enabling them in that behalf, and after consultation with the Bank of England, hereby order as follows:

Annotations to the whole text

Footnotes

f1

1987 c. 22.

Contents

  1. 1Citation and commencement
  2. 2Exemptions
  3. 3Exemptions
  4. Signature
  5. Explanatory note

1Citation and commencement

This Order may be cited as the Banking Act 1987 (Exempt Persons) Order 1991 and shall come into force on the date on which the Agreement establishing the European Bank for Reconstruction and Developmentf1 enters into force in respect of the United Kingdom. This date will be notified in the London, Edinburgh and Belfast Gazettes.

2Exemptions

The prohibition in section 67 of the Banking Act 1987 (restriction on use of banking names) and the prohibition in section 69(1) of that Act (restriction on use of banking descriptions) shall not apply to the European Bank for Reconstruction and Development.

3Exemptions

Schedule 2 to that Actf1 (exempted persons) shall be amended by adding the following new entry after the entry numbered 25–

“26

The European Bank for Reconstruction and Development.”.

Signature

Thomas Sackville

Irvine Patnick

Two of the Lord Commissioners of Her Majesty’s Treasury

16th January 1991

Explanatory note

(This note is not part of the Order)

This Order provides that the prohibitions on the use of banking names and banking descriptions in sections 67(1) and 69(1) of the Banking Act 1987 do not apply to the European Bank for Reconstruction and Development and adds that bank to the list in Schedule 2 to that Act of persons exempted from section 3 of that Act (restriction on acceptance of deposits).