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Banking (Special Provisions) Act 2008


Section 12: Consequential and supplementary provision

45.Under this section, the Treasury may, by order, make supplementary, incidental, consequential or transitional provisions for the purposes of the Act, or in consequence of any provision made by or under it (subsection (1)).

46.In particular this power may be exercised to disapply any statutory provision or rule of law, to modify any statutory provision, or to dissolve any body in relation to which an order has been made under section 3 or 6 (subsections (2) and (3)(c)).

47.It may also be used to impose a moratorium on the commencement or continuation of any legal process, such as proceedings for the winding-up of an institution which is the subject of an order under section 3 or 6 (subsection (3)(a)). Exceptions may be made to such a moratorium for specific instruments or transactions, or where the leave of the court, or the consent of the Treasury or the Bank of England, is obtained (subsection (3)(b)).

48.This power may also be exercised to exempt directors of any relevant deposit-taker, or of any of its group undertakings, from liability in connection with acts or omissions in relation to the deposit-taker, or group undertaking, which are taken or omitted to be taken in their capacity as a director (subsection (3)(d)).

49.Any order under this section may make provision for the payment of compensation to persons affected by it (subsection (3)(e)).

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