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4.—(1) By virtue of this Order any right or other entitlement granted by—
(a)a relevant undertaking; or
(b)a person not within sub-paragraph (a), by reason of or in connection with—
(i)any individual’s office or employment with a relevant undertaking; or
(ii)the services provided by any individual to a relevant undertaking,
to receive shares in Northern Rock (whether by subscription, conversion or otherwise) is extinguished with effect from the effective time.
(2) This article shall not apply to any right or entitlement to which article 5 applies.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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