Part 1 U.K. Special Resolution Regime

Modifications etc. (not altering text)

C1 Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

C2 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

[F1 Chapter 5 U.K. Special cases]

Textual Amendments

F1 Pt. 1 Ch. 5 formed from ss. 83A-89G (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 98

Building societies, &c. U.K.

[F2 84C. Further provision: transfer of business of building society to company U.K.

(1) A transfer under section 84A(5)(b) must be to a company which immediately before the transfer is wholly owned by—

(a) the Bank of England,

(b) a resolution administrator appointed under section 62B(1),

(c) a person nominated by the Bank of England, or

(d) a company which is itself wholly owned by a person within paragraphs (a) to (c).

(2) Where a resolution instrument has made provision under section 84A(5)(b), the building society is dissolved at such time as may be specified in or determined in accordance with the instrument.

(3) In this section, “company” means a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares.]

Textual Amendments

F2 Ss. 84A-84D inserted (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 2(3)