Companies etc.
Special administration regimesI14
1
Article 3 shall have no effect in relation to—
a
a licence company within the meaning of section 26 of the Transport Act 2000 (c. 38) (air traffic services), or
b
a building society within the meaning of section 119 of the Building Societies Act 1986 (c. 53) (interpretation).
2
A reference in an Act listed in paragraph (1) to a provision of Part III of the 1989 Order (or to a provision which has effect in relation to a provision of that Part of that Order) shall, in so far as it relates to a licence company or a building society, continue to have effect as if it referred to Part III as it had effect immediately before the coming into operation of Article 3.
3
But the effect of paragraph (2) in respect of a particular class of licence company or building society may be modified by order of—
a
the Department, in the case of a licence company, or
b
the Treasury, in the case of a building society.
4
An order under paragraph (3) may make consequential amendment of a statutory provision.
5
An order under paragraph (3) shall—
a
where it is made by the Department, be subject to negative resolution, and
b
where it is made by the Treasury, be subject to annulment in like manner as a statutory instrument and section 5 of the Statutory Instruments Act 1946 (c. 36) shall apply accordingly.
6
An amendment of the 1989 Order made by this Order is without prejudice to any power conferred by Part V of the Companies (No. 2) (Northern Ireland) Order 1990 (NI 10) (financial markets) to modify the law of insolvency.