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Section 52 Transfer to resolution companyF3I1I2

United Kingdom

F1(1)

This section applies if the Bank of England makes—

(a)

a share transfer instrument or a property transfer instrument under section 12(2), or

(b)

a property transfer instrument under section 12ZA(3).

(2)

The Treasury shall make a resolution fund order.

(3)

An order made by virtue of subsection (2) may include—

(a)

a compensation scheme order;

(b)

a third party compensation order (which may, in particular, make provision, in respect of F2persons of a specified description, for rights in addition to any rights they may have by virtue of the resolution fund order).

(4)

In the case of a partial property transfer, the resolution fund order must include a third party compensation order.

Annotations

Textual amendments

F1

S. 52(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 63(1)

F2

Words in s. 52(3)(b) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(2); S.I. 2014/3160, art. 2(1)(b)

F3

Words in s. 52 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 63(2)

Commencement

I1

S. 52 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2

S. 52 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1

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