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Banking Act 2009

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Changes over time for: Section 44

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Status:

Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Section 44 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. Help about Changes to Legislation

44 [F1[F2Resolution company]: reverse] property transferU.K.
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(1)This section applies where the Bank of England has made a property transfer instrument in accordance with section 12(2) [F3or 12ZA(3)] (“the original instrument”) providing for the transfer of property, rights or liabilities to a [F4resolution company].

(2)The Bank of England may make one or more [F4resolution company] reverse property transfer instruments in respect of property, rights or liabilities of the [F4resolution company].

(3)If the Bank of England makes an onward property transfer instrument under section 43 the Bank may make one or more [F4resolution company] reverse property transfer instruments in respect of property, rights or liabilities [F5of a transferee under the onward property transfer instrument (“the onward transferee”).]

(4)[F6A [F4resolution company] reverse] property transfer instrument is a property transfer instrument which—

(a)provides for transfer to the transferor under the original instrument (where subsection (2) applies);

(b)provides for transfer to the [F4resolution company] (where subsection (3) applies);

(c)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) or (b) (whether the transfer has been or is to be effected by that instrument or otherwise).

[F7(4A)The Bank of England must not make a [F4resolution company] reverse property transfer instrument unless—

(a)the onward transferee is—

(i)a company wholly owned by the Bank of England,

(ii)a company wholly owned by the Treasury, or

(iii)a company wholly owned by a nominee of the Treasury, or

(b)[F8the [F4resolution company] reverse] property transfer instrument is made with the written consent of the onward transferee.]

(5)Sections 7, 8[F9, 8ZA] and 52 do not apply to [F10a [F4resolution company] 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 [F11a [F4resolution company] reverse] property transfer instrument the Bank of England must consult—

[F12(a)the PRA,

(aa)the FCA, and]

(b)the Treasury.

(7)Section 42 applies where the Bank of England has made [F13a [F4resolution company] reverse] property transfer instrument.

Textual Amendments

F2Words in s. 44 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 44(5)

F5Words in s. 44(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 97(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F12S. 44(6)(a)(aa) substituted for s. 44(6)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 23 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I1S. 44 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1

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