150 [F1Resolution company] to private purchaserU.K.
(1)This section applies where the Bank of England gives a bank administrator —
(a)an Objective 1 Achievement Notice in respect of a [F2resolution company], and
(b)notice that Objective 1 is still required to be pursued in respect of a commercial purchaser who has acquired all or part of the business of the [F2resolution company].
(2)An Objective 1 Achievement Notice accompanied by a notice under subsection (1)(b) is referred to in this Part as an Objective 1 Interim Achievement Notice.
(3)Where an Objective 1 Interim Achievement Notice is given, Objective 1 continues to apply—
(a)in accordance with section 138(3), and
(b)with the commercial purchaser being treated as the “private sector purchaser”.
(4)An Objective 1 Interim Achievement Notice in respect of the [F3resolution company]—
(a)has effect as between the bank administrator and the [F3resolution company], but
(b)has no other effect for the purposes of provisions of this Part which refer to the giving of an Objective 1 Achievement Notice.
(5)When the Bank of England gives the bank administrator an Objective 1 Achievement Notice in respect of the commercial purchaser, section 139 and other provisions of this Part which refer to the giving of an Objective 1 Achievement Notice shall have effect.
Textual Amendments
F1Words in s. 150 heading substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)
F2Words in s. 150(1) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)
F3Words in s. 150(4) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)
Commencement Information
I1S. 150 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3