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Banking Act 2009

Section 259: Statutory instruments

586.Subsection (1) provides that the statutory instruments made under this Act can apply generally or to specific cases and can be of any type or form.

587.Subsection (2) provides that no statutory instrument under the Act is to be treated as a hybrid instrument under the Standing Orders of either House of Parliament.

588.Subsection (3) contains a table of powers conferred by the Act and the arrangements for Parliamentary scrutiny in each case.

589.Subsection (4) provides that certain powers (listed in subsection (5) may be exercised by the 28 day affirmative procedure. This will be possible only the first time that the power is exercised and only where the person exercising the power is satisfied that it is necessary to do so.

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