{
  "url": "https://openlegislation.uk/bradford-bingley-plc-transfer-of-securities-and-property-etc-order-2008/article-17",
  "json_url": "https://openlegislation.uk/bradford-bingley-plc-transfer-of-securities-and-property-etc-order-2008/article-17.json",
  "legislation": "uksi/2008/2546",
  "legislation_title": "The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008",
  "legislation_url": "https://openlegislation.uk/bradford-bingley-plc-transfer-of-securities-and-property-etc-order-2008",
  "path": "article/17",
  "kind": "article",
  "number": "17",
  "heading": "Isle of Man deposits",
  "text": "(1) Subject to the prior approval of the Financial Services Commission of the Isle of Man of the proposed change of control of Bradford & Bingley International, as soon as practicable after the second transfer time, Bradford & Bingley shall—\n(a) transfer the Bradford & Bingley International shares to Abbey; and\n(b) take such steps as are reasonably necessary to ensure that—\n(i) the transfer in sub-paragraph (a) is effective under Manx law (including but not limited to duly executing requisite transfers, paying related Manx taxes such as stamp duty and delivering the relevant share certificates to Abbey);\n(ii) the Bradford & Bingley International shares are transferred to Abbey free from all trusts, liabilities and incumbrances;\n(iii) any right or other entitlement to receive shares in Bradford & Bingley International (whether by subscription, conversion or otherwise) is extinguished with effect from the relevant time; and\n(iv) Abbey is entered in the register of members of Bradford & Bingley International.\n(2) By virtue of this Order—\n(a) the intercompany undertaking is terminated from the relevant time, except in relation to liabilities arising from or in respect of a breach of contract or other duty or of any legal or regulatory requirement occurring before the relevant time; and\n(b) subject to sub-paragraph (a) any interests, rights, entitlements or claims that have accrued in connection with the intercompany undertaking are extinguished.\n(3) Articles 18 to 22 apply to any transfer made under this article as they apply to the second transfer.\n(4) In this article—\n“the Bradford & Bingley International shares” means all shares in Bradford & Bingley International held by or on behalf of Bradford & Bingley at the relevant time;\n“the intercompany undertaking” means the undertaking by Bradford & Bingley, dated 4 December 2000, to discharge the liabilities of Bradford & Bingley International;\n“the relevant time” means the time at which the transfer under paragraph (1) is effected.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/2546/article/17",
    "retrieved_at": "2026-10-29T03:24:14.861293+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}