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Banking (Special Provisions) Act 2008

Transfer of property etc

Schedule 2

28.Paragraph 1 of Schedule 2 sets out examples of the property, rights and liabilities that may be transferred by an order under section 6. The remainder of Schedule 2 sets out particular provisions that may be included in an order under section 6. This includes provision for:

  • the transfer of any interests or rights to be effective despite the absence of any consent or agreement;

  • certain interests and rights of third parties to be modified;

  • the creation of new rights between the deposit-taker and its group undertakings;

  • the modification of a pension scheme, including the transfer of property of an occupational pension scheme to another occupational scheme;

  • requiring steps to be taken to ensure the effective transfer of foreign property;

  • deeming the transferee to be an authorised person for the purposes of the Financial Services and Markets Act 2000;

  • securing the effective continuation of licences, permissions and approvals;

  • requiring disputes relating to matters arising under the order to be determined in a particular way.

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