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Banking (Special Provisions) Act 2008

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This is the original version (as it was originally enacted).

Foreign property etc.

This section has no associated Explanatory Notes

5(1)An order under section 6 may make provision—

(a)for requiring or authorising the relevant deposit-taker or the transferee to take any specified steps—

(i)for securing the vesting in the transferee under the relevant foreign law of foreign property or foreign rights or liabilities, or

(ii)pending any such vesting of such property, rights or liabilities, or

(iii)otherwise in relation to such property, rights or liabilities;

(b)for the payment by a specified person of expenses incurred in connection with such property, rights or liabilities.

(2)In this paragraph—

(a)“foreign law” means the law of a place outside the United Kingdom; and

(b)“foreign property” and “foreign rights or liabilities” mean respectively property and rights and liabilities as respects which an issue arising in any proceedings would be determined (in accordance with the rules of private international law) by reference to foreign law.

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