Regulation 2 Application following transfer of bank etc to temporary public ownership

(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)^f1.

(2)

Regulations 3 and 4 make general modifications.

(3)

The Tables in the Schedule make modifications to the specific provisions listed within them.

Annotations

Footnotes

f1: 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).