Banking Act 2009

[F1152AProperty transfer from transferred institutionU.K.

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(1)This section applies where the Bank of England—

(a)makes a resolution instrument that transfers securities issued by a bank (or a bank's parent undertaking), in accordance with section 12A(2), and

(b)later makes a property transfer instrument from the bank or from another bank which is or was in the same group as the bank, in accordance with section 41A(2).

[F2(1A)This section also applies where the Bank of England—

(a)makes a share transfer instrument that transfers securities issued by a bank (or a bank's parent undertaking), in accordance with section 12(2), and

(b)later makes a property transfer instrument from the bank in accordance with section 44D.]

(2)This Part applies to the transferor under the property transfer instrument made in accordance with section 41A(2) [F3or 44D(2)] as to the transferor under a property transfer instrument made in accordance with section 12(2).

(3)For that purpose this Part applies with any modifications specified by the Treasury in regulations; and any regulations—

(a)are to be made by statutory instrument, and

(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.]

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