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| Thursday 30th October 2008 |
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| For other Amendment(s) see the following page(s):
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| Banking Bill Committee 51-59 |
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| Clause 2, page 2, line 28, at end insert— |
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| | ‘( ) | Where a stabilisation power is exercised in respect of a bank, it does not cease to |
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| | be a bank for the purposes of this Part if it later loses the permission referred to |
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| Clause 3, page 3, line 1, leave out from ‘assistance”’ to end of line 2 and insert ‘has |
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| the meaning given by section [“Financial assistance”].’. |
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| Clause 5, page 3, line 39, leave out paragraph (f). |
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| Clause 12, page 7, leave out line 4. |
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| Clause 12, page 7, line 5, leave out ‘transferees under share transfer orders’ and |
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| insert ‘banks taken into temporary public ownership under this section’. |
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| Clause 25, page 11, line 23, at end insert ‘— |
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| | (a) | provides for the transfer of securities which were issued by the bank |
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| | before the original instrument and have not been transferred by the |
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| | original instrument or another supplemental share transfer instrument; |
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| Clause 26, page 12, line 2, leave out paragraph (a) and insert— |
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| | ‘(a) | provides for the transfer of securities which were issued by the bank |
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| | before the original order and have not been transferred by the original |
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| | order or another supplemental share transfer order;’. |
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| Clause 26, page 12, line 18, leave out ‘10(2)’ and insert ‘12(2)’. |
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| Clause 27, page 12, line 25, leave out paragraph (a) and insert— |
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| | ‘(a) | provides for the transfer of— |
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| | (i) | securities which were issued by the bank before the original |
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| | order and have been transferred by the original order or a |
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| | supplemental share transfer order, or |
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| | (ii) | securities which were issued by the bank after the original |
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| Clause 39, page 17, line 39, leave out subsection (5). |
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| Clause 41, page 19, line 4, leave out subsection (4). |
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| Clause 44, page 21, line 6, leave out ‘establishing a scheme for’. |
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| Clause 44, page 21, line 7, leave out ‘determining’ and insert ‘establishing a |
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| Clause 44, page 21, line 7, after ‘compensation,’, insert ‘or providing for |
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| transferors to be paid compensation,’. |
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| Clause 44, page 21, line 8, at beginning insert ‘establising a scheme for’. |
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| Clause 48, page 22, line 13, at end insert— |
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| | ‘(aa) | the Treasury makes a reverse share transfer order under section [Reverse |
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| Clause 48, page 22, line 15, at end insert— |
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| | ‘(ba) | the Bank of England makes a bridge bank reverse share transfer |
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| | instrument under section [Bridge bank: reverse share transfer],’. |
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| Clause 48, page 22, line 17, leave out ‘or’ and insert— |
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| | ‘(ca) | the Bank of England makes a reverse property transfer instrument under |
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| | section [Reverse property transfer],’. |
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| Clause 48, page 22, line 18, at end insert— |
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| | (da) | the Treasury make a reverse property transfer order under section |
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| | [Temporary public ownership: reverse property transfer],’. |
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| Clause 49, page 22, line 23, leave out ‘must’ and insert ‘may’. |
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| Clause 49, page 22, line 25, at end insert ‘; and subsections (2) to (5) apply to an |
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| order which includes provision for an independent valuer.’. |
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| Clause 51, page 23, line 38, leave out ‘and’. |
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| Clause 51, page 23, line 39, at end insert ‘, and— |
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| Clause 53, page 25, line 8, at end insert— |
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| | ‘(2A) | A resolution fund order may include provision for— |
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| | (a) | an independent valuer to make a determination under the order (in which |
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| | case sections 49(2) to (5), 50 and 51 shall apply); |
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| | (b) | valuation principles to be applied in making a determination (in which |
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| | case section 52(2) shall apply).’. |
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| Clause 54, page 25, line 40, leave out ‘and 50’ and insert ‘to 51’. |
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| Clause 56, page 27, line 6, after ‘order’, insert— |
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| | ‘(a) | shall be made by statutory instrument, and |
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| To move the following Clause:— |
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| | ‘(1) | The Treasury shall make arrangements for a panel to advise the Treasury about |
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| | the exercise of powers to make statutory instruments under or by virtue of this |
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| | Part, Part 2 or Part 3 (excluding the stabilisation powers, compensation scheme |
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| | orders, resolution fund orders and third party compensation orders). |
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| | (2) | The Treasury shall ensure that the panel includes— |
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| | (a) | a member appointed by the Treasury, |
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| | (b) | a member appointed by the Bank of England, |
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| | (c) | a member appointed by the FSA, |
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| | (d) | a member appointed by the scheme manager of the Financial Services |
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| | (e) | one or more persons who in the Treasury’s opinion represent the interests |
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| | (f) | one or more persons who in the Treasury’s opinion have expertise in law |
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| | relating to the financial systems of the United Kingdom, and |
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| | (g) | one or more persons who in the Treasury’s opinion have expertise in |
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| | insolvency law and practice.’. |
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| To move the following Clause:— |
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| | ‘(1) | In this Act “financial assistance” includes giving guarantees or indemnities and |
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| | any other kind of financial assistance (actual or contingent). |
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| | (2) | The Treasury may by order provide that a specified activity or transaction, or |
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| | class of activity or transaction, is to be or not to be treated as financial assistance |
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| | for a specified purpose of this Act; and subsection (1) is subject to this subsection. |
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| | (a) | shall be made by statutory instrument, and |
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| | (b) | shall be subject to annulment in pursuance of a resolution of either House |
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| To move the following Clause:— |
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| | ‘(1) | This section applies where the Treasury have made a share transfer order in |
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| | accordance with section 12(2) (“the original order”) providing for the transfer of |
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| | securities issued by a bank to a person (“the original transferee”). |
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| | (2) | The Treasury may make one or more reverse share transfer orders in respect of |
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| | securities issued by the bank and held by the original transferee (whether or not |
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| | they were transferred by the original order). |
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| | (3) | If the Treasury makes an onward share transfer order in respect of securities |
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| | transferred by the original order, the Treasury may make one or more reverse |
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| | share transfer orders in respect of securities— |
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| | (a) | issued by the bank, and |
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| | (b) | held by a transferee under the onward share transfer order of any of the |
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| | (i) | a company wholly owned by the Bank of England, |
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| | (ii) | a company wholly owned by the Treasury, or |
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| | (iii) | a nominee of the Treasury. |
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| | (4) | A reverse share transfer order is a share transfer order which— |
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| | (a) | provides for transfer to the transferor under the original order (where |
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| | (b) | provides for transfer to the original transferee (where subsection (3) |
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| | (c) | makes other provision for the purposes of, or in connection with, the |
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| | transfer of securities which are, could be or could have been transferred |
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| | under paragraph (a) or (b). |
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| | (5) | Sections 7, 9 and 47 do not apply to a reverse share transfer order (but it is to be |
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| | treated in the same way as any other share transfer order for all other purposes |
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| | including for the purposes of the application of a power under this Part). |
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| | (6) | Before making a reverse share transfer order the Treasury must consult— |
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| | (7) | Section 26 applies where the Treasury have made a reverse share transfer order.’. |
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| | Bridge bank: reverse share transfer |
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| To move the following Clause:— |
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| | ‘(1) | This section applies where the Bank of England has made a bridge bank share |
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| | transfer instrument in accordance with section 28(2) (“the original instrument”) |
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| | providing for the transfer of securities to— |
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| | (a) | a company wholly owned by the Bank of England, |
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| | (b) | a company wholly owned by the Treasury, or |
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| | (c) | a nominee of the Treasury. |
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| | (2) | The Bank of England may make one or more bridge bank reverse share transfer |
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| | instruments in respect of securities issued by the bridge bank and held by a person |
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| | within subsection (1)(a) to (c). |
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| | (3) | A bridge bank reverse share transfer instrument is a share transfer instrument |
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| | (a) | provides for transfer to the transferor under the original instrument; |
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| | (b) | makes other provision for the purposes of, or in connection with, the |
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| | transfer of securities which are, could be or could have been transferred |
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| | (4) | Sections 7, 8 and 47 do not apply to a bridge bank reverse share transfer |
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| | instrument (but it is to be treated in the same way as any other share transfer |
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| | instrument for all other purposes including for the purposes of the application of |
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| | a power under this Part). |
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| | (5) | Before making a bridge bank reverse share transfer instrument the Bank of |
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| | (6) | Section 25 applies where the Bank of England has made a bridge bank reverse |
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| | share transfer instrument.’. |
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| | Reverse property transfer |
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| To move the following Clause:— |
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| | ‘(1) | This section applies where the Bank of England has made a property transfer |
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| | instrument in accordance with section 11(2) (“the original instrument”) providing |
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| | for the transfer of property, rights or liabilities to a bridge bank. |
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| | (2) | The Bank of England may make one or more reverse property transfer |
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| | instruments in respect of property, rights or liabilities of the bridge bank. |
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| | (3) | If the Bank of England makes an onward property transfer instrument under |
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| | section 40 the Bank may make one or more reverse property transfer instruments |
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| | in respect of property, rights or liabilities of a transferee of any of the following |
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| | kinds under the onward property transfer instrument—— |
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| | (a) | a company wholly owned by the Bank of England, |
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| | (b) | a company wholly owned by the Treasury, or |
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| | (c) | a company wholly owned by a nominee of the Treasury. |
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| | (4) | A reverse property transfer instrument is a property transfer instrument which— |
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| | (a) | provides for transfer to the transferor under the original instrument |
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| | (where subsection (2) applies); |
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| | (b) | provides for transfer to the bridge bank (where subsection (3) applies); |
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| | (c) | makes other provision for the purposes of, or in connection with, the |
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| | transfer of property, rights or liabilities that are, could be or could have |
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| | been transferred under paragraph (a) or (b) (whether the transfer has been |
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| | or is to be effected by that instrument or otherwise). |
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| | (5) | Sections 7, 8 and 46 do not apply to a reverse property transfer instrument (but it |
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| | is to be treated in the same way as any other property transfer instrument for all |
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| | other purposes including for the purposes of the application of a power under this |
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| | (6) | Before making a reverse property transfer instrument the Bank of England must |
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| | (7) | Section 39 applies where the Bank of England has made a reverse property |
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| | Temporary public ownership: reverse property transfer |
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| To move the following Clause:— |
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| | ‘(1) | This section applies where the Treasury have made a property transfer order in |
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| | accordance with section 41(2) (“the original order”) providing for the transfer of |
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| | property, rights or liabilities to a company wholly owned by— |
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| | (c) | a nominee of the Treasury. |
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| | (2) | The Treasury may make one or more reverse property transfer orders in respect |
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| | of property, rights or liabilities of the transferee under the original order. |
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| | (3) | A reverse property transfer order is a property transfer order which— |
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| | (a) | provides for transfer to the transferor under the original order; |
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| | (b) | makes other provision for the purposes of, or in connection with, the |
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| | transfer of property, rights or liabilities which are, could be or could have |
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| | (4) | Sections 7, 8 and 9 do not apply to a reverse property transfer order. |
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| | (5) | A reverse property transfer order is to be treated— |
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| | (a) | in the same way as a share transfer order for the procedural purposes of |
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| | (b) | as a property transfer instrument for all other purposes (including for the |
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| | purposes of the application of a power under this Part). |
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| | (6) | In the application of section 36 by virtue of subsection (5)(b) above, the power to |
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| | give directions under section 36(7) vests in the Treasury (instead of the Bank of |
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| | (7) | Before making a reverse property transfer order the Treasury must consult— |
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