Redemption of Jewish Colonial Trust Ltd. Shares

 

.Jewish Colonial Trust Ltd



                                       "£1Share Certificates of the Jewish Colonial Trust Limited-"JCT
                                      "£1Share Certificates of the Jewish Colonial Trust Limited-"JCT 

 

Historical Background

1.       JCT, the parent company of the Anglo Palestine Bank, the predecessor of Bank Leumi, was founded by 
          Theodor Herzl in 1899, to serve as a financial instrument for the Zionist Movement.

2.       Early in the 20th century, the company issued approximately 250,000 shares at par value of £1. The 
          company's activities in the diplomatic field focused on the purchase of the right of settlement in the Land 
          of Israel from the Ottoman government and in the financial field, on granting credit for the establishment of 
          Zionist activities in the Land of Israel. The company established a number of well known subsidiaries,
          including the Anglo Palestine Bank which later evolved into the Bank Leumi of Israel Company.

3.       In the 1950s, the company's activities were transferred to an Israeli corporation, " Otsar Hityashvut 
          Hayehudim - the Jewish Colonial Trust Ltd." and most of its share rights were converted into interests in 
          the Israeli company.

4.       Over the years, JCT performed two reductions in its shareholders' equity: In 1955 shareholders' equity was 
          reduced to one eighth of its original value (12.5p). A settlement provided for the redemption of the shares 
          for a consideration of cash and allocation of shares in the new Israeli company. According to this 
          settlement, existing shares were cancelled in 1980 and the balance of company's assets was divided 
          among its shareholders.
          These two reductions received the approval of the High Court of England.

5.       Due to the fact that many shareholders were either not located or didn't request to redeem their shares
          and, inter alia, in order to preserve the rights of such shareholders or their heirs, YKT Trust Ltd was 
          established. YKT Trust Ltd was designed to hold the assets of these shareholders in trust on their behalf 
          and transfer them to their owners or heirs thereof upon proof of rights by the latter.

6.       A shareholder is entitled to receive, in consideration for each original £1 share, a cash settlement as 
          consideration for the share and dividends accrued over the years.

7.       Following the enactment of the Holocaust Victims Assets Law (Restitution to Heirs and Endowment for 
          Purposes of Assistance and Commemoration), 5766 - 2006 and in accordance therewith, the holding and 
          management of assets of JCT shareholders who were holocaust victims, as defined by the Law, as well  
          as the processing of connected share redemption requests were transferred from YKT Trust Ltd to the 
          Company for Location and Restitution of Holocaust Victims' Assets. 

Holocaust Victims Assets Law (Restitution to Heirs and Endowment for Purposes of Assistance
and Commemoration), 5766 - 2006

8.       In the year 2010, in accordance with a Court Order, the holding and management of assets of 
          shareholders not defined as holocaust victims, as well as processing of connected share redemption 
          requests were transferred from YKT Trust Ltd to the Administrator General in his capacity as the legal 
          administrator of "abandoned property" in Israel in accordance with the provisions of Administrator General 
          Law -5738, 1978

cover of the Philatelic service on the occasion of 100 years JCT

List of JCT shareholders whose assets are being held and managed by the Company for Location and Restitution of Holocaust Victims' Assets or the Administrator General.


Share Redemption Process
Two kinds of JCT shares were issued;
-     Named shares
-     Bearer shares


Named shares
Requests to redeem shares of JCT shareholders defined as holocaust victims should be filed with the Company for Location and Restitution of Holocaust Victims' Assets.

Requests to redeem shares of JCT shareholders not defined as holocaust victims should be filed with the Administrator General
Share Redemption Application Form.

Bearer shares
The holder of a bearer share who wishes to redeem it may file his request with the Company for Location and Restitution of Holocaust Victims' Assets or with the Administrator General - Share Redemption Application Form.

For further information and enquiries please contact us at: jct@justice.gov.il