Article 7A TrustsF1

A partial property transfer to which this Order applies which makes provision under section 34(7)(a) of the Act may remove or alter the terms of the trust (howsoever arising) only to the extent necessary or expedient for the purpose of transferring from the banking institution to the transferee—

(a)

the legal or beneficial interest of the banking institution in the property held on trust;

(b)

any powers, rights or obligations of the banking institution in respect of the property held on trust.

Annotations

Textual amendments

F1: Art. 7A inserted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 6