Application following transfer of bank etc to temporary public ownership
2.—(1) These Regulations make modifications to Part 3 of the Act (bank administration) as applied by section 152(2) of the Act (which applies Part 3 to banks where the Treasury has made a share transfer order to transfer the securities of a bank or a bank’s holding company into temporary public ownership, and makes a property transfer order in respect of that bank to transfer property from the bank to another person)(1).
(2) Regulations 3 and 4 make general modifications.
(3) The Tables in the Schedule make modifications to the specific provisions listed within them.
Section 152 applies bank administration where the Treasury make a share transfer order, in respect of securities issued by a bank (or a bank’s holding company), in accordance with section 13(2) (temporary public ownership), and later make a property transfer order from the bank (or another bank which is or was in the same group as the bank) under section 45(2) of the Act (temporary public ownership: property transfer).