SCHEDULES
SCHEDULE 2

Transitionals and savings
Part 12

Manufactured payments and repos

Powers to modify repo provisions
124
1
This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 612) there is a repo in respect of the securities.
2
This paragraph also applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 613) the case involves redemption arrangements.
3
Section 569 applies with these modifications.
4
It applies as if for subsection (2) there were substituted—
2
Condition A is that a person (“the original owner”) has sold the securities to another person (“the interim owner”) under an agreement.
5
It applies as if for subsection (4) there were substituted—
4
Condition C is that the original owner or a person connected with the original owner—
a
is required to buy back the securities by the agreement or a related agreement, or
b
acquires, under the agreement or a related agreement, an option to buy back the securities.