Part X Dissolution, Winding Up, Mergers and Transfer of Business

Transfer of business to commercial company

102 Transfer regulations.

1

The Commission with the consent of the Treasury, may, by transfer regulations under this section, make provision regulating transfers of business under section 97.

2

Transfer regulations may, in particular—

a

make provision for and in connection with the transition from regulation by and under this Act to regulation by and under the Companies Act 1985 or, as regards Northern Ireland, the Companies (Northern Ireland) Order 1986 and the F1Banking Act 1987;

b

make provision for the treatment, in the hands of companies taking such transfers, of the property, rights and liabilities transferred and for the modification of any enactment in its application to property, rights and liabilities so transferred;

c

make provision for the purposes of and incidental to section 100 and section 101.

3

The power to make transfer regulations is exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

4

Any terms of a transfer of business to which transfer regulations apply are regulated terms for the purposes of section 97.