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Paragraph 32 Multiple transfers

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In section 152 of the 2009 Act (property transfer from temporary public ownership), in subsection (1)—

(a)

for paragraph (a) substitute—

“(a)

make an order under section 85 (temporary public ownership) in respect of a building society, and”;

(b)

in paragraph (b) for “(or from another bank which is or was in the same group as the bank)” substitute “(or from a bank which is or was in the same group as the building society”).

(2)

Where the Treasury make an order under section 85 in respect of a building society, and later make a property transfer order from a bank which was in the same group as the building society, Part 3 of the 2009 Act, and any subordinate legislation made under that Part, applies to the transferor bank without the modifications made by section 90C of the Building Societies Act 1986 and this Order.