Part 1

Special Resolution Regime
Chapter 3

Special resolution action

Transfer of property

Licences
37
1
A licence in respect of anything transferred by property transfer instrument shall continue to have effect despite the transfer.
2
A property transfer instrument may disapply subsection (1) to a specified extent.
3
Where a licence imposes rights or obligations, a property transfer instrument may apportion responsibility for exercise or compliance between transferor and transferee.
4
In this section “licence” includes permission and approval and any other permissive document in respect of anything transferred.
S. 37 in force at 21.2.2009 by S.I. 2009/296, art. 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
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
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