Section 42A Private sector purchaser: reverse property transferF1

(1)

This section applies where the Bank of England has made a property transfer instrument in accordance with section 11(2) (“the original instrument”) providing for the transfer of property, rights or liabilities of a bank to a person (“the original transferee”).

(2)

The Bank of England may make one or more private sector reverse property transfer instruments in respect of property, rights or liabilities of the original transferee.

(3)

A private sector reverse property transfer instrument is a property transfer instrument which—

(a)

provides for transfer to the transferor under the original instrument;

(b)

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).

(4)

The Bank of England must not make a private sector reverse property transfer instrument without the written consent of the original transferee.

(5)

Sections 7, 8 and 50 do not apply to a private sector reverse property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Part).

(6)

Before making a private sector reverse property transfer instrument the Bank of England must consult—

(a)

the PRA,

(b)

the FCA, and

(c)

the Treasury.

(7)

Section 42 applies where the Bank of England has made a private sector reverse property transfer instrument.

Annotations

Textual amendments

F1: S. 42A inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 97(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Notes on Part 1

Modifications

C1: Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2: Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

Notes on Chapter 3

Textual amendments

F1: Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7