Section 84C Further provision: transfer of business of building society to companyF1
A transfer under section 84A(5)(b) must be to a company which immediately before the transfer is wholly owned by—
the Bank of England,
a resolution administrator appointed under section 62B(1),
a person nominated by the Bank of England, or
a company which is itself wholly owned by a person within paragraphs (a) to (c).
Where a resolution instrument has made provision under section 84A(5)(b), the building society is dissolved at such time as may be specified in or determined in accordance with the instrument.
In this section, “company” means a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares.
Annotations
Textual amendments
- F1
Ss. 84A-84D inserted (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 2(3)
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 5
Textual amendments
- F1
Pt. 1 Ch. 5 formed from ss. 83A-89G (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 98