Banking Act 2009
2009 CHAPTER 1
Commentary on Sections
Part 1: Special Resolution Regime.
Transfer of securities
Section 27: Supplemental orders
74.Where the Treasury has made a share transfer order to take a bank into temporary public ownership, it may make additional supplemental share transfer orders. These may provide for anything that a share transfer order may generally provide for, including a further transfer of securities meeting the description specified in subsection (3)(a).
75.The general and specific conditions (sections 7 and 9, respectively) do not apply to supplemental transfers. The Treasury must consult the Bank of England and the FSA before making the order.
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