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Banking (Special Provisions) Bill


Banking (Special Provisions) Bill
Schedule 2 — Transfer orders under section 6

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Supplementary provisions

7     (1)  

An order under section 6 may make provision—

(a)   

for the transferee to be treated for any purpose connected with the

transfer as the same person in law as the relevant deposit-taker;

(b)   

for agreements made or other things done by or in relation to any

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relevant deposit-taker to be treated as made or done by or in relation

to the transferee;

(c)   

for references in instruments or documents to the relevant deposit-

taker, to any combination of bodies that includes that deposit-taker,

or to any officer or employee of that deposit-taker, to have effect with

10

specified modifications;

(d)   

for securing continuity of employment in the case of contracts of

employment transferred by or under the order;

(e)   

for anything (including legal proceedings) that relates to anything

transferred by or under the order, and is in the process of being done

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by or in relation to the relevant deposit-taker immediately before it

is transferred, to be continued by or in relation to the transferee.

      (2)  

In sub-paragraph (1)(b), (c) and (e) any reference to the relevant deposit-

taker includes a reference to any of its group undertakings.

      (3)  

An order under section 6 may require the relevant deposit-taker to provide

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the transferee with such information and other assistance as is specified.

      (4)  

An order under section 6 may make provision for disputes as to specified

matters arising under or by virtue of an order under that section to be

determined in the specified manner.

Interpretation

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8     (1)  

In this Schedule—

“the relevant deposit-taker”, in relation to an order under section 6,

means the authorised UK deposit-taker in relation to which the order

is made;

“specified purposes” include the purposes of any specified statutory

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provision;

“the transferee” means the person to whom property, rights or

liabilities are transferred by or under an order under section 6;

“the transfer date” means (subject to sub-paragraph (2)) the date on

which such a transfer takes place.

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      (2)  

If provision is made by or under an order under section 6 for any transfer to

take place at a particular time on a particular date, then in relation to that

transfer—

(a)   

references to the transfer date are to that time on that date; and

(b)   

references to things occurring before or on or after the transfer date

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are references to things occurring before or at or after that time on

that date.

      (3)  

In this Schedule any reference to anything transferred by or under a

particular order under section 6 includes a reference to anything transferred

by or under any other order under that section.

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