Part 1

Special Resolution Regime
Chapter 3

Special resolution action

Transfer of securities

Effect
17
1
In this section “transfer” means a transfer provided for by a share transfer instrument or order, by a mandatory reduction instrument or by a resolution instrument.
2
A transfer takes effect by virtue of the instrument or order (and in accordance with its provisions as to timing or other ancillary matters).
3
A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way.
4
In subsection (3) “restriction” includes—
a
any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person), and
b
a requirement for consent (by any name).
5
A share transfer instrument or order, a mandatory reduction instrument or a resolution instrument may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment).
6
A share transfer instrument or order, a mandatory reduction instrument or a resolution instrument may extinguish rights to acquire securities falling within Class 1 or 2 in section 14.
S. 17 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
S. 17 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
Words in s. 17(1) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 14(a); S.I. 2014/3160, art. 2(1)(b)
Words in s. 17(5) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 14(b); S.I. 2014/3160, art. 2(1)(b)
Words in s. 17(6) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 14(c); S.I. 2014/3160, art. 2(1)(b)
Words in s. 17(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 24(2)
Words in s. 17(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 24(3)
Words in s. 17(6) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 24(4)
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7