# Banking Act 2009, Section 59: Third party compensation: discretionary provision

Extent: E+W+S+N.I.

(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).

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Source: https://www.legislation.gov.uk/ukpga/2009/1/section/59 (the official version)
Page: https://openlegislation.uk/banking-act-2009/section-59
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.