Regulation 4 Circumstances in which Board assumes responsibility for eligible schemesI1

(1)

Sections 127 (duty to assume responsibility for schemes following insolvency event) and 128 (duty to assume responsibility for schemes following application or notification) of the Act apply as if, in subsection (2) of each section—

(a)

for the words “responsibility for the scheme” there were substituted the words “ responsibility for the unsecured part ”; and

(b)

in paragraph (a), after the words “protected liabilities” there were inserted the words “ of that part ”.

(2)

Section 129 of the Act (applications and notifications for the purposes of section 128) applies as if, in subsection (1), for the words “responsibility for the scheme” there were substituted the words “ responsibility for the unsecured part ”.

Annotations

Commencement

I1: Reg. 4 partly in force; reg. 4 not in force at made date; reg. 4(2) in force at 8.3.2005 for certain purposes and reg. 4 in force at 6.4.2005 in so far as not already in force see reg. 1(1)