OpenLegislation

Paragraph 67 Supplemental instrumentsI1I2

United Kingdom

(1)

This paragraph applies where the Bank has made a property transfer instrument in accordance with paragraph 27(2) or 29(3) (“the original instrument”).

(2)

The Bank may make one or more supplemental property transfer instruments.

(3)

A supplemental property transfer instrument is a property transfer instrument which—

(a)

provides for property, rights or liabilities to be transferred from the transferor under the original instrument (whether accruing or arising before or after the original instrument);

(b)

makes other provision of a kind that an original property transfer instrument may make under paragraph 54(1)(b) (whether in connection with a transfer under the original instrument or in connection with a transfer under that or another supplemental instrument).

(4)

Paragraphs 17 and 19 do not apply to a supplemental property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes, including for the purposes of the application of a power under this Schedule).

(5)

Before making a supplemental property transfer instrument the Bank must consult—

(a)

if the CCP is a PRA-authorised person, the PRA,

(b)

the FCA, and

(c)

the Treasury.

(6)

The possibility of making a supplemental property transfer instrument in reliance on sub-paragraph (2) is without prejudice to the possibility of making a new instrument in accordance with paragraph 27(2) or 29(3) (and not in reliance on sub-paragraph (2) above).

(7)

Paragraph 64 applies where the Bank has made a supplemental property transfer instrument.

Annotations

Commencement

I1

Sch. 11 para. 67 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 67 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)