Section 59 Third party compensation: discretionary provisionI1 I2

United Kingdom

(1)

A power or duty in this Part to make a third party compensation order is a power or duty to make provision establishing a scheme for paying compensation to persons other than a transferor.

(2)

A third party compensation order may—

(a)

form part of a compensation scheme order or resolution fund order, or

(b)

be a separate order.

(3)

A third party compensation order may include provision for—

(a)

an independent valuer (in which case sections 54 to 56 shall apply);

(b)

valuation principles (in which case section 57(2) to (5) shall apply).

Annotations

Commencement

I1: S. 59 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2: S. 59 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

Section 59 Third party compensation: discretionary provisionI1I2