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Changes over time for: Section 42A
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 31/12/2020.
Changes to legislation:
Banking Act 2009, Section 42A is up to date with all changes known to be in force on or before 18 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[42APrivate sector purchaser: reverse property transferU.K.
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adran has no associated
Nodiadau Esboniadol
(1)This section applies where the Bank of England has made a property transfer instrument in accordance with section 11(2) (“the original instrument”) providing for the transfer of property, rights or liabilities of a bank to a person (“the original transferee”).
(2)The Bank of England may make one or more private sector reverse property transfer instruments in respect of property, rights or liabilities of the original transferee.
(3)A private sector reverse property transfer instrument is a property transfer instrument which—
(a)provides for transfer to the transferor under the original instrument;
(b)makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).
(4)The Bank of England must not make a private sector reverse property transfer instrument without the written consent of the original transferee.
(5)Sections 7, 8 and 50 do not apply to a private sector reverse 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 Part).
(6)Before making a private sector reverse property transfer instrument the Bank of England must consult—
(a)the PRA,
(b)the FCA, and
(c)the Treasury.
(7)Section 42 applies where the Bank of England has made a private sector reverse property transfer instrument.]
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