Financial Services and Markets Act 2000

[F1261O.Limited liabilityU.K.
This section has no associated Explanatory Notes

(1)The debts of a relevant scheme are to be paid by the operator out of the property subject to the relevant scheme.

(2)The participants in a relevant scheme are not liable for the debts of the relevant scheme beyond the amount of the property subject to the relevant scheme which is available to the operator to meet the debts.

(3)In this section—

(a)a reference to the debts of a relevant scheme is a reference to debts and obligations incurred under, or in connection with, authorised contracts;

(b)“authorised contract” has the meaning given in section 261M(1); and

(c)“relevant scheme” has the meaning given in section 261N(3).]

Textual Amendments