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The Heritable Bank plc (Determination of Compensation) Order 2008

S.I. 2008/3251 · Made 18 December 2008

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Banks And Banking

Made 18th December 2008

Coming into force in accordance with article 1(2)

This Order is made in exercise of the powers conferred by section 7(1)(a) of the Banking (Special Provisions) Act 2008f1.

A draft of this Order has been laid before Parliament in accordance with section 13(3) of that Act and approved by a resolution of each House of Parliament.

Accordingly, the Treasury make the following Order:

Annotations to the whole text

Footnotes

f1

2008 c. 2.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

(1)

This Order may be cited as the Heritable Bank plc (Determination of Compensation) Order 2008.

(2)

This Order comes into force on the day after the day on which it is made.

2

(1)

The amount of any compensation payable by the Treasury to Heritable in respect of the rights and liabilities transferred by the Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008f1 is determined as nil.

(2)

In paragraph (1) “Heritable” means Heritable Bank plc, company registered in Scotland number SC000717.

Signature

Frank Roy

Dave Watts

Two of the Lords Commissioners of Her Majesty’s Treasury

18th December 2008

Explanatory note

(This note is not part of the Order)

This Order is made under the Banking (Special Provisions) Act 2008 (c. 2).

It provides that no compensation is payable by the Treasury to Heritable Bank plc in respect of the rights and liabilities transferred by the Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008.

A Regulatory Impact Assessment has not been prepared for this instrument, as it has no impact on business, charities or voluntary bodies.