HBOS Group Reorganisation Act 2006 [SEP] creator
HBOS Group Reorganisation Act 2006
The HBOS Group Reorganisation Act 2006 is a private Act of Parliament, passed by the Parliament of the United Kingdom in June 2006. The aim of the act was to provide HBOS plc, a banking and insurance group in the UK, the legal authority to reorganise its subsidiaries into a simplified structure. It came into effect on 17 September 2007.
Background.
HBOS plc is a banking and insurance holding company and was created on 10 September 2001 from the merger of the Governor and Company
Scottish bank notes.
History.
HBOS was formed by a merger of Halifax and Bank of Scotland in 2001, Halifax having demutualised and floated four years prior.
History HBOS Group Reorganisation Act 2006.
In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006, a private Act of Parliament that rationalised the bank's corporate structure. The act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of