{
  "url": "https://openlegislation.uk/trustee-savings-banks-act-1985-channel-islands-order-1985/schedule-1/paragraph-7",
  "json_url": "https://openlegislation.uk/trustee-savings-banks-act-1985-channel-islands-order-1985/schedule-1/paragraph-7.json",
  "legislation": "uksi/1985/1210",
  "legislation_title": "The Trustee Savings Banks Act 1985 (Channel Islands) Order 1985",
  "legislation_url": "https://openlegislation.uk/trustee-savings-banks-act-1985-channel-islands-order-1985",
  "path": "schedule/1/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": null,
  "text": "(1) Where a transfer in relation to which Schedule 1 has effect is a transfer from an existing bank to a successor incorporated or to be incorporated in the Bailiwick, that Schedule shall have effect subject to the following provisions of this paragraph.\n(2) For paragraph 6(3) there shall be substituted the following sub-paragraph:—\n“(3) If, in a case where sub-paragraph (1) above applies, the day with which the transitional period begins falls before the date of incorporation of the transferee, the transferee shall be deemed, for the purposes of its first accounts, to have been incorporated on the day on which the transitional period begins.”\n.”.\n(3) In paragraph 6(6)—\n(a) the definition of “corresponding Northern Ireland legislation” shall be omitted; and\n(b) in the definition of “statutory accounts”, for paragraph (a) there shall be substituted the following paragraph:—\n“(a) in relation to a transferee, any accounts or statement of accounts required to be prepared by any provision of the Companies (Jersey) Laws 1861 to 1968; and”.\n(4) In paragraph 7(1), for the words from “ Companies Act 1985” to the end there shall be substituted the words “Companies (Jersey) Laws 1861 to 1968 as profits or gains resulting from the transferee's business and available to be used for the payment of dividends.”.\n(5) In paragraph 7(2), for the words from “then, for the purposes” to the end there shall be substituted the words\n“then—\n(a) so much of that increase or decrease in value as is realised on or after the vesting day shall be treated as realised profits or, as the case may be, realised losses of the transferee resulting from the transferee's business and, if a realised profit, available to be used for the payment of dividends; and\n(b) so much as remains unrealised at any time after the vesting day shall be treated as unrealised profits or, as the case may be, unrealised losses of the transferee at that time.”.\n(6) Paragraphs (b) and (c) of paragraph 7(4) shall be omitted.\n(7) Paragraphs 8 and 9 shall be omitted.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1985/1210/schedule/1/paragraph/7",
    "retrieved_at": "2026-10-29T17:06:12.479060+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}