Banking Act 2009

30 Bridge bank: share transfers

(1) This section applies where the Bank of England has made a property transfer instrument in respect of a bridge bank in accordance with section 12(2) (“the original instrument”).

(2) The Bank of England may make one or more bridge bank share transfer instruments.

(3) A bridge bank share transfer instrument is a share transfer instrument which—

(a) provides for securities issued by the bridge bank to be transferred;

(b) makes other provision for the purposes of, or in connection with, the transfer of securities issued by the bridge bank (whether the transfer has been or is to be effected by that instrument, by another share transfer instrument or otherwise).

(4) Sections 7 and 8 do not apply to a bridge bank share transfer instrument (but it is to be treated in the same way as any other share transfer instrument for all other purposes, including for the purposes of the application of a power under this Part).

(5) Before making a bridge bank share transfer instrument the Bank of England must consult—

(a) the FSA, and

(b) the Treasury.

(6) Section 26 applies where the Bank of England has made a bridge bank share transfer instrument.