Paragraph 3 Transfer of Northern Rock shares

(1)

The amount of any compensation payable by the Treasury to persons who held shares in Northern Rock immediately before they were transferred by the Transfer Order shall be determined in accordance with this paragraph.

(2)

The amount of compensation payable to a person shall be an amount equal to the value immediately before the transfer time of all shares in Northern Rock held immediately before the transfer time by that person.

(3)

For the purposes of this Scheme, the holders of shares in Northern Rock, and the class and number of shares held by them, shall be identified by reference to—

(a)

the Operator register of members of Northern Rock; and

(b)

the issuer register of members of Northern Rock,

following the reconciliation required by article 3(4) of the Transfer Order.

(4)

In sub-paragraph (3) “issuer register of members” and “Operator register of members” have the meanings given in the Uncertificated Securities Regulations 2001^f1.

Annotations

Footnotes

f1: S.I. 2001/3755; there are amending instruments but none is relevant.