
1 
This Order may be cited as the Trustee
Savings Banks Act 1985 (Channel Islands) Order 1985 and shall come into operation
on the day on which the Trustee Savings Banks
Act 1985 comes into force.
2 
The Trustee
Savings Banks Act 1985 in its extension to
the Bailiwick of Jersey shall have effect subject to the adaptations and modifications
specified in Schedule 1
to this Order and in its extension to the Bailiwick of Guernsey shall have
effect subject to the adaptations and modifications specified in 
Schedule 2 to this Order.
G.I. de Deney
Clerk of the Privy Council

SCHEDULE 1
Article 2
1 
In this Schedule, 
“the Bailiwick” means the
Bailiwick of Jersey and the territorial waters adjacent thereto.

2 
Any reference to an Act of Parliament (including
the Trustee Savings Banks Act 1985)
or to a provision of such an Act shall be construed, unless the contrary intention
appears, as a reference to that Act or provision as it has effect in the Bailiwick.

3 
Any reference to an enactment of the States
of Jersey shall be construed, unless the contrary intention appears, as including
a reference thereto as amended or replaced by or under any other such enactment.

4 
In section 1(4)
, the words “, except 
section 6,” shall be omitted.

5 
In section 3—

(a) for subsection
(7) there shall be substituted the following
subsection:—“
(7) The substitution effected
by the foregoing provisions of this section of a body comprised in the new
TSB group for a body comprised in the existing TSB group as employer under
contracts of employment subsisting immediately before the vesting day shall
have effect so that a period of employment immediately before the vesting
day with a body comprised in the existing TSB group shall count for all purposes
as a period of employment with the successor to such body, and the change
of employer shall not break the continuity of the period of employment.”
;
”
;
and
(b) subsection
(10) shall be omitted.
6 
Section 6
shall be omitted.
7 

(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.
(2) For paragraph
6(3) there shall be substituted the following
sub-paragraph:—“
(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.”.
”.
(3) In paragraph
6(6)—
(a) the definition of “corresponding
Northern Ireland legislation” shall be omitted; and
(b) in the definition of “statutory
accounts”, for paragraph (a)
there shall be substituted the following paragraph:—“
(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”.
(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.”.
(5) In paragraph
7(2), for the words from “then,
for the purposes” to the end there shall be substituted the
words“
then—  
(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
(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.
”.

(6) 
Paragraphs (b) and (c) of paragraph 7(4) shall
be omitted.
(7) 
Paragraphs 8 and 9 shall be omitted.
8 
For Schedule 2
 there shall be substituted the following Schedule:—
“
SCHEDULE 2
1 
In computing profits or losses for the purposes
of the Income Tax (Jersey) Law 1961, an existing bank and its successor shall
be deemed to be a continuing concern and tax shall be computed, charged, collected
and paid accordingly.
2 
No transfer effected by 
section 3 above shall give rise to any liability
to stamp duty.”.
9 
Schedule 3
shall be omitted.
SCHEDULE 2
Article 2
1 
In this Schedule, 
“the Bailiwick” means the
Bailiwick of Guernsey and the territorial waters adjacent thereto.
2 
Any reference to an Act of Parliament (including
the Trustee Savings Banks Act 1985)
or to any provision thereof shall be construed, unless the contrary intention
appears, as a reference to that Act or provision as it has effect in the Bailiwick.

3 
Any reference to an enactment of the States
of Guernsey shall be construed, unless the contrary intention appears, as
including a reference thereto as amended or replaced by or under any other
such enactment.
4 
In section 1(4)
, the words “, except 
section 6,” shall be omitted.

5 
In section 3—

(a) for sub-section
(7) there shall be substituted the following
subsection:—“
(7) The substitution effected
by the foregoing provisions of this section of a body comprised in the new
TSB group for a body comprised in the existing TSB group as employer under
contracts of employment subsisting immediately before the vesting day with
a body comprised in the existing TSB group shall count for all purposes as
a period of employment with the successor to such body, and the change of
employer shall not break the continuity of the period of employment.”
; and
(b) sub-section
(10) shall be omitted.
6 
Section 6
shall be omitted.
7 
For Schedule 2
 there shall be substituted the following Schedule:—
“
SCHEDULE 2
1 
In computing profits or losses for the purposes
of the Income Tax (Guernsey) Law 1975,
an existing bank and its successor shall be deemed to be a continuing concern
and tax shall be computed, charged, collected and paid accordingly.
2 
No transfer effected by 
section 3 above shall give rise to any liability
to stamp duty or document duty within the meaning of 
section 1(1) of the Document Duty (Guernsey)
Law 1973.”.
8 
Schedule 3
shall be omitted.