(This note is not part of the Order)
This Order amends the Dunfermline Building Society Property Transfer Instrument 2009 (“the Property Transfer Instrument”), by providing a new definition of “commercial loan” (in place of the definitions of “commercial loan” and “commercial mortgage loan”). This definition is used to exclude property, rights and liabilities that would otherwise have been transferred to Nationwide Building Society by paragraph 3 of the Property Transfer Instrument.
The amendments are made with retrospective effect from the time at which the Property Transfer Instrument came into force (which was 8 a.m. on 30th March 2009: Property Transfer Instrument, paragraph 1(2)). The Property Transfer Instrument will accordingly be treated as having contained the new definition of commercial loan at the time at which it operated to transfer part of Dunfermline Building Society’s business to Nationwide Building Society under paragraph 3.