47Restriction of partial transfersU.K.
(1)In this Part “partial property transfer” means a property transfer instrument which provides for the transfer of some, but not all, of the property, rights and liabilities of a bank.
[F1(1A)In subsection (1) the reference to a “bank” includes a resolution company (even if it is not a bank).]
(2)The Treasury may by order—
(a)restrict the making of partial property transfers;
(b)impose conditions on the making of partial property transfers;
(c)require partial property transfers to include specified provision or provision to a specified effect;
(d)provide for a partial property transfer to be void or voidable, or for other consequences (including automatic transfer of other property, rights or liabilities) to arise, if or in so far as the partial property transfer is made or purported to be made in contravention of a provision of the order (or of another order under this section).
[F2(3)Provision under subsection (2) may, in particular, refer to—
(a)particular classes of deposit;
(b)particular classes of client assets.]
(4)An order may apply to transfers generally or only to transfers—
(a)of a specified kind, or
(b)made or applying in specified circumstances.
(5)An order—
(a)shall be made by statutory instrument, and
(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
Textual Amendments
F1S. 47(1A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 47
F2S. 47(3) substituted (1.1.2015) by Financial Services Act 2012 (c. 21), ss. 96(5), 122(3) (with Sch. 20); S.I. 2014/3323, art. 2
Commencement Information
I1S. 47 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2S. 47 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