Article 5 Amendment to the Building Societies (Insolvency and Special Administration) Order 2009I1

In Schedule 1 to the Building Societies (Insolvency and Special Administration) Order 2009^f1 (modified application of Parts 2 and 3 of the Banking Act 2009 to building societies), after paragraph 32 insert—

“Property transfer from transferred institution

32ZA.

Where a resolution instrument makes provision under section 84A of the 2009 Act in respect of a building society, in section 152A of the 2009 Act^f2 (property transfer from transferred institution)—

(a)

the first reference in paragraphs (a) and (b) of subsection (1) to a bank (which would otherwise apply as mentioned in section 90C(2)(a) of the 1986 Act) is to be read as a reference—

(i)

to the successor company (defined in section 84D(8) of the 2009 Act), or

(ii)

in a case within section 84D(1)(b) of the 2009 Act, to the successor company or its specified parent undertaking (defined in section 84D(8) of the 2009 Act);

(b)

in paragraph (a) of subsection (1) ignore the reference to a bank’s parent undertaking;

(c)

in paragraph (b) of subsection (1) ignore “or from another a bank which is or was in the same group as the bank”; and

(d)

the reference in subsection (1) to sections 12A(2) and 41A(2) of the 2009 Act and the reference in subsection (2) to section 41A(2) is to those section as applied and modified by section 84D(2) of the 2009 Act.”.