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15.—(1) The disapplication of sections 15(1) and (2), 43 and 61 of theInsolvency Act 1986 by section 175(1)(b) and 175(3) of the Act shallcease to have effect in respect of a charge which is either a CGOService charge or a Talisman charge after the end of the second businessday after the day on which an administration order is made or, as thecase may be, an administrative receiver or a receiver is appointed, inrelation to the grantor of the charge, in relation to property subjectto it which—
(a)in the case of a CGO Service charge, is not, on the basis of avaluation in accordance with paragraph (2), required for the realisationof whichever is the less of the sum referred to in regulation 14(2)(a)and the amount referred to in regulation 14(2)(b) due to the settlementbank at the close of business on the second business day referred toabove; and
(b)in the case of a Talisman charge is not, on the basis of a valuationin accordance with paragraph (2), required to enable The Stock Exchangeto reimburse itself for any payment it has made of the kind referred toin regulation 10(3).
(2) For the purposes of paragraph (1) the value of property shall,except in a case falling within paragraph (3), be such as may be agreedbetween whichever is relevant of the administrator, administrativereceiver or receiver on the one hand and the settlement bank or TheStock Exchange on the other.
(3) For the purposes of paragraph (1), the value of any investment forwhich a price for the second business day referred to above is quoted inthe Daily Official List of The Stock Exchange shall—
(a)in a case in which two prices are so quoted, be an amount equal tothe average of those two prices, adjusted where appropriate to takeaccount of any accrued interest; and
(b)in a case in which one price is so quoted, be an amount equal tothat price, adjusted where appropriate to take account of any accruedinterest.
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