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The Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015
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There are currently no known outstanding effects for The Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015, SCHEDULE 2.
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Article 5(2)
SCHEDULE 2U.K.Modifications of Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007
This schedule has no associated Explanatory Memorandum
1. The modifications of Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 referred to in article 5(2) are as follows.U.K.
Commencement Information
I1Sch. 2 para. 1 in force at 26.3.2015, see art. 1
2. References to a company include a reference to a building society.U.K.
Commencement Information
I2Sch. 2 para. 2 in force at 26.3.2015, see art. 1
3. Section 38 (creation of floating charges) has effect as if for subsections (3) and (3A) there were substituted—U.K.
“(3) A floating charge is created only when the document granting the floating charge is executed by the building society granting the charge.”.
Commencement Information
I3Sch. 2 para. 3 in force at 26.3.2015, see art. 1
4. Section 39 (advance notice of floating charges) does not apply to building societies.U.K.
Commencement Information
I4Sch. 2 para. 4 in force at 26.3.2015, see art. 1
5. Section 41 (ranking clauses) has effect as if subsection (5) were omitted.U.K.
Commencement Information
I5Sch. 2 para. 5 in force at 26.3.2015, see art. 1
6. Section 42 (assignation of floating charges) has effect as if—U.K.
(a)in subsection (1) the words “the registration in the Register of Floating Charges of” were omitted; and
(b)subsection (4) were omitted.
Commencement Information
I6Sch. 2 para. 6 in force at 26.3.2015, see art. 1
7. Section 43 (alteration of floating charges) has effect as if subsections (3)(b) and (4A) were omitted.U.K.
Commencement Information
I7Sch. 2 para. 7 in force at 26.3.2015, see art. 1
8. Section 44 (discharge of floating charges) has effect as if—U.K.
(a)in subsection (1) the words “the registration in the Register of Floating Charges of” were omitted; and
(b)subsection (4) were omitted.
Commencement Information
I8Sch. 2 para. 8 in force at 26.3.2015, see art. 1
9. Section 45 (effect of floating charges on winding up) has effect as if—U.K.
(a)subsections (2) F1... and (8) were omitted; and
(b)for subsection (7) there were substituted—
“(7) For the purposes of this section a building society goes into liquidation if—
(a)it goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986; or
(b)the court makes a building society insolvency order in relation to it under section 94 of the Banking Act 2009 (as applied by section 90C of the Building Societies Act 1986) at a time when it has not already gone into liquidation by passing a special resolution for voluntary winding up under section 88 of the Building Societies Act 1986).”.
Textual Amendments
F1Word in Sch. 2 para. 9(a) omitted (28.6.2016) by virtue of The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 7(b) (with art. 1(4))
Commencement Information
I9Sch. 2 para. 9 in force at 26.3.2015, see art. 1
10. Section 47 (interpretation) has effect as if the definition of “company” were omitted.U.K.
Commencement Information
I10Sch. 2 para. 10 in force at 26.3.2015, see art. 1
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