"£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
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