Section 70 Continuity obligations: terminationI1

(1)

The continuity authority may by notice terminate an obligation arising under section 63 or 66.

(2)

The power under subsection (1) is exerciseable by giving a notice to each person—

(a)

on whom the obligation is imposed, or

(b)

who has benefited or might have expected to benefit from the obligation.

(3)

In this section “continuity authority”—

(a)

in relation to section 63, means the Bank of England, and

(b)

in relation to section 66, has the same meaning as in that section.

(4)

A reference in subsection (1) to obligations under a section includes a reference to obligations under that section as applied under section 65 or 68.

Annotations

Commencement

I1: S. 70 in force at 21.2.2009 by S.I. 2009/296, art. 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