The Amendments to Law (Resolution of Dunfermline Building Society) (No. 2) Order 2009
Draft 2009, ISBN 9780111480328
Draft Order laid before Parliament under section 75(7)(b) of the Banking Act 2009, for approval by resolution of each House of Parliament.
Building Societies
Made ***
Coming into force in accordance with article 1(2)
This Order is made in exercise of the powers conferred by section 75 (as applied by section 84) and section 259(1) of the Banking Act 2009.f1
This Order is made for the purpose of enabling the powers of Part 1 of that Act to be used effectively, by amending provisions of the Dunfermline Building Society Property Transfer Instrument 2009f2 (“the Property Transfer Instrument”) made by the Bank of England in connection with the resolution of Dunfermline Building Society.
In accordance with section 75(1) of that Act, the Treasury have had regard to the special resolution objectives.f3
In accordance with section 75(3) of that Act, the Treasury consider it necessary and desirable to make this Order with retrospective effect such that the amendments have effect from the time the Property Transfer Instrument came into force, and in so doing the Treasury have had regard to the fact that it is in the public interest to avoid retrospective legislation.
Accordingly, the Treasury make the following Order:
Annotations to the whole text
Footnotes
- f1
- f2
-
Section 75(4)(c) provides that an order under section 75 may, amongst other things, amend instruments made in exercise of stabilisation powers, such as property transfer instruments.
- f3
-
Provided in section 4 of the Banking Act 2009.
Contents
- 1Citation, commencement, retrospective effect and interpretation
- 2Amendments to Property Transfer Instrument
- Signature
- Schedule Schedule inserted by article 2(5)
- Explanatory note
1Citation, commencement, retrospective effect and interpretation
This Order may be cited as the Amendments to Law (Resolution of Dunfermline Building Society) (No. 2) Order 2009.
This Order comes into force immediately on it being made, but the amendments made by article 2 (including the Schedule introduced by article 2(5)) have effect from 8 a.m. on 30th March 2009 (being the time at which the Property Transfer Instrument came into forcef1).
In this Order, “the Property Transfer Instrument” means the Dunfermline Building Society Property Transfer Instrument 2009.f2
2Amendments to Property Transfer Instrument
The Property Transfer Instrument is amended as follows.
In paragraph 2f1 (interpretation: general) for the definition of “commercial loan” substitute—
““commercial loan” means—
(a)a loan, including a mortgage loan, made or agreed to be made by or on behalf of Dunfermline and which at the transfer time is designated in Dunfermline’s books and records with one of the reference numbers set out in the Schedule;
(b)the loans acquired by Dunfermline on 15th April 2004 from DB UK Bank Limited (company registered number 00315841) and Morgan Grenfell (Local Authority Finance) Limited (company registered number 01672903) and identified in Dunfermline’s books and records as “Dortmund” loans;”.
In paragraph 2 omit the definition of “commercial mortgage loan”.
In paragraph 3(3)(e) omit “or commercial mortgage loans” and omit “and commercial mortgage loans” (in both places where it occurs).
At the end insert the Schedule set out in the Schedule to this Order.
Signature
Name
Name
Two of the Lords Commissioners of Her Majesty’s Treasury
*Date
Schedule inserted by article 2(5)
“SCHEDULE
COMMERCIAL LOANS: REFERENCE NUMBERS
Paragraph 2
Reference no.
Reference no.
Reference no.
Reference no.
Reference no.
20346 522341 797065 842052 892998 25844 525294 797073 842648 893552 26158 525481 797081 845817 893749 36323 527351 797090 846473 895482 87254 659703 797448 846589 895563 93068 661341 801470 849502 895954 93416 688541 802361 850641 896233 96270 700037 802930 852414 896845 105694 702714 803871 852716 897060 147923 703214 804649 852741 897736 155942 723151 805572 853208 898074 177270 726737 805874 854727 899950 178152 726818 805882 855073 900532 185051 730416 806641 874477 900966 187551 737712 807303 874647 901491 211401 738280 807656 876518 901709 227684 739405 807800 877778 902144 229504 745227 808431 878669 902306 234087 758183 816795 879673 904163 250180 763918 817007 880973 904465 274089 768693 818551 881023 904562 277142 776661 818950 882372 904571 277151 780201 819042 882402 905178 310689 780707 819221 886378 905828 313874 783935 819361 886998 905925 318213 784087 819654 887552 906867 358819 787281 819671 887633 907901 360805 788481 820172 888150 909238 364690 789861 824836 888532 909246 365734 789887 825751 889083 909998 368709 790842 826839 889105 910139 383945 790869 828246 889121 910341 427292 790877 828769 889431 910821 428205 790893 829854 889806 910899 456586 791458 832251 889814 910911 475203 793621 832693 890111 911186 477681 796301 839876 891193 912344 487511 797014 840564 891312 912671 513962 797022 840858 892505 912689 518069 797031 841188 892661 913120 913341 928135 940356 948284 956333 916706 928143 940917 948420 956422 917231 928364 940925 948837 957101 919209 928691 941484 948985 957518 919802 928941 941565 949175 957941 920401 929735 942251 949329 958867 920479 931179 942260 949663 958972 920711 931543 942413 949752 960349 921564 931781 944025 949787 960381 924032 932213 944084 949795 960756 924156 933368 944114 950319 960934 924326 933503 944602 950785 960951 924385 933619 944611 951056 961329 924393 933627 944645 951153 961701 924598 933635 944742 952346 961914 924768 936715 944751 952630 962929 926833 936723 944858 952729 967327 926841 937517 944891 953326 967335 927139 937835 944904 953946 967343 927449 939188 945463 953954 967840 927759 939480 946770 955124 970476 ”
Explanatory note
(This note is not part of the Order)
This Order amends the Dunfermline Building Society Property Transfer Instrument 2009 (“the Property Transfer Instrument”), by providing a new definition of “commercial loan” (in place of the definitions of “commercial loan” and “commercial mortgage loan”). This definition is used to exclude property, rights and liabilities that would otherwise have been transferred to Nationwide Building Society by paragraph 3 of the Property Transfer Instrument.
The amendments are made with retrospective effect from the time at which the Property Transfer Instrument came into force (which was 8 a.m. on 30th March 2009: Property Transfer Instrument, paragraph 1(2)). The Property Transfer Instrument will accordingly be treated as having contained the new definition of commercial loan at the time at which it operated to transfer part of Dunfermline Building Society’s business to Nationwide Building Society under paragraph 3.