Part 7Miscellaneous
Central banks
I4I1251Financial assistance to building societies
1
The Treasury may by order modify the Building Societies Act 1986 for the purpose of facilitating, or in connection with, the provision of financial assistance to building societies by—
a
the Treasury, F2or
b
the Bank of England,
F3c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3d
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
An order may affect any provision of the Building Societies Act 1986 which appears to the Treasury otherwise capable of preventing, impeding or affecting the provision of financial assistance; including, in particular, provision—
a
about the establishment, constitution or powers of building societies,
b
restricting or otherwise dealing with raising funds or borrowing,
c
restricting or otherwise dealing with what may be done by or in relation to building societies,
d
about security, or
e
about the application of insolvency law or other legislation relating to companies.
3
An order—
a
may disapply or modify a provision;
b
may (but need not) take the form of textual amendment.
4
Incidental provision of an order (included in reliance on section 259(1)(c)) may, in particular—
a
impose conditions, limits or other restrictions on what may be done in reliance on a provision of the order;
b
confer a discretion on the Treasury, the Bank of England or another person or class of person.
5
Incidental or consequential provision of an order (included in reliance on section 259(1)(c)) may disapply or modify an enactment, whether by textual amendment or otherwise.
6
An order—
a
shall be made by statutory instrument, and
b
may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
F17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
In this section, “financial assistance” has the meaning given by section 257.
I2252Registration of charges
1
Part 25 of the Companies Act 2006 (registration of charges) does not apply to a charge if the person interested in it is—
a
the Bank of England,
b
the central bank of a country or territory outside the United Kingdom, or
c
the European Central Bank.
2
The reference in subsection (1) to Part 25 of the Companies Act 2006 includes a reference to—
a
Part 12 of the Companies Act 1985 (which has effect until the commencement of Part 25 of the 2006 Act),
b
Part 13 of the Companies (Northern Ireland) Order 1986 (which has effect until the commencement of Part 25 of the 2006 Act), and
c
any provision about registration of charges made under section 1052 of the Companies Act 2006 (overseas companies).
I3253Registration of charges: Scotland
1
The Bankruptcy and Diligence etc. (Scotland) Act 2007 is amended as follows.
2
In section 38 (creation of floating charges)—
a
in subsection (3), after “to” insert “
subsection (3A) and
”
, and
b
after that subsection insert—
3A
If a floating charge is granted in favour of a central institution, it is created only when the document granting the floating charge is executed by the company granting the charge.
3
In section 39 (advance notice of floating charges), after subsection (3) add—
4
This section does not apply where a company proposes to grant a floating charge in favour of a central institution.
4
In section 42 (assignation of floating charges), after subsection (3) add—
4
This section does not apply where a floating charge is assigned (whether in whole or to a specified extent) to or by a central institution.
5
In section 43 (alteration of floating charges)—
a
in subsection (4), for “But paragraph” substitute “
Paragraph
”
, and
b
after that subsection insert—
4A
Paragraph (b) of subsection (3) above does not apply in respect of an alteration if—
a
the holder of the floating charge is a central institution, or
b
the holder of the floating charge is not a central institution but the alteration is to be made in connection with a floating charge which is held (or which has been or is to be held) by a central institution.
6
In section 44 (discharge of floating charges), after subsection (3) add—
4
This section does not apply where the floating charge to be discharged (whether in whole or to a specified extent) is or has been held by a central institution.
7
In section 47 (interpretation), after “Part—” insert—
“central institution” means—
- a
the Bank of England,
- b
the central bank of a country or territory outside the United Kingdom, or
- c
the European Central Bank;