OpenLegislation

Section 84 Application of Part 1: generalI1

United Kingdom

F1This Part applies to building societies (within the meaning of section 119 of the Building Societies Act 1986) as it applies to banks, subject to—

(a)

the provisions of the Table, and

(b)

sections F284ZA to 84D (which relate to the F3second and fourth stabilisation options ).

SectionTopicModification or note
F4. . .. . .. . .
13Temporary public ownershipThe procedure provided by section 85 has effect in place of share transfer orders.
14 to 32Transfer of securities

The procedure provided by section 85 has effect in place of share transfer orders; and—

  1. sections 28 and 30 do not apply, and

  2. section 27 applies following an order under section 85 as following a share transfer order.

33Property transfer instrument: nature

A property transfer instrument in respect of a building society may—

  1. cancel shares in the building society;

  2. confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank).

33 and 36Property transfer instrument: continuityA property transfer instrument in respect of a bank which provides for transfer to a building society may confer rights and impose liabilities by way of actual or deemed shares in the building society.
34Property transfer instrument: effectA property transfer instrument may, in particular, have effect without causing sections 93 to 102D of the Building Societies Act 1986 (mergers and transfers) to apply.
42Supplemental property transfer instrument

A supplemental property transfer instrument in respect of a building society may—

  1. cancel shares in the building society;

  2. confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank).

45Temporary public ownership: property transfer
(a)

Section 45 applies following an order under section 85 as following a share transfer order.

(b)

A property transfer order in respect of a building society may cancel shares in the building society.

49 to 62Compensation
(a)

A reference to a share transfer order includes a reference to an order under section 85.

(b)

A resolution fund order may not be made under section 51(2)(b).

(c)

If and in so far as an order under section 85 provides for the issue of new deferred shares, section 51(2) shall not apply F5but the Treasury may make a third party compensation order.

63 to 75Incidental functionsA reference to a share transfer order includes a reference to an order under section 85.

Annotations

Textual amendments

F1

Words in s. 84 substituted (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 2(2)

F2

Word in s. 84(b) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 20(a)

F3

Words in s. 84(b) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 20(b)

F4

Words in s. 84 omitted (1.1.2015) by virtue of The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 100(1)

F5

Words in s. 84 inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(5), 26(1)(f)

Commencement

I1

S. 84 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1