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Article 104 Grounds for applying

Original text. Later amendments are not shown.

(1)

Section 96 (grounds for applying) is amended as follows.

(2)

In subsection (2)—

(i)

in paragraph (a) for “Conditions 1 and 2 in section 7 are met” substitute “Condition 1 in section 7 is met”,

(ii)

in paragraph (b), before subparagraph (i) insert—

“(ai)

that Condition 2 in section 7 is met,”;

(3)

In subsection (3)—

(a)

for paragraph (a), substitute—

“(a)

the Bank of England has—

(i)

informed the PRA that it is satisfied that Condition 2 in section 7 is met, and

(ii)

has consented to the application,”, and

(b)

in paragraph (b)(i) for “Conditions 1 and 2 in section 7 are met” substitute “Condition 1 in section 7 is met”.