Section 48F Power to amend definition of “excluded liabilities”

(1)

F1The Treasury may by order amend section 48B(8) by—

(a)

adding to the list of excluded liabilities;

(b)

amending or omitting any paragraph of that subsection, other than paragraphs (a) to (c).

(2)

The Treasury may by order amend section 48C or 48D.

(3)

The powers conferred by subsections (1) and (2) include power to make consequential and transitional provision.

(4)

An order under this section—

(a)

is to be made by statutory instrument, and

(b)

may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

(5)

The Treasury must consult before laying a draft order under this section before Parliament.

Annotations

F1: Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)