13Temporary public ownershipU.K.
(1)The [F1fifth] stabilisation option is to take the bank into temporary public ownership.
(2)For that purpose the Treasury may make one or more share transfer orders in which the transferee is—
(a)a nominee of the Treasury, or
(b)a company wholly owned by the Treasury.
(3)The code of practice under section 5 must include provision about the management of banks taken into temporary public ownership under this section.
Textual Amendments
F1Word in s. 13(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 23
Commencement Information
I1S. 13 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2S. 13 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1