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Banking Act 2009

Banking Act 2009

2009 CHAPTER 1

Commentary on Sections

Part 1: Special Resolution Regime.

Transfer of property

Section 46: Temporary public ownership: reverse property transfer

124.Where the Treasury have made a property transfer to a company wholly owned by the Bank of England or the Treasury, or a nominee of the Treasury, the Treasury may make reverse property transfer orders.

125.A reverse property transfer order provides for the transfer of property back from such an onward transferee.

126.The general and specific conditions (sections 7, 8 and 9, respectively) do not apply to onward transfers and subsection (7) provides that the Treasury must consult the Bank of England and the FSA before making the order.

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