Statutory Instruments
Building Societies
Made
7th July 2009
Coming into force in accordance with article 1(2)
This Order is made in exercise of the powers conferred by section 75 (as applied by section 84) and section 259(1) of the Banking Act 2009.(1)
This Order is made for the purpose of enabling the powers of Part 1 of that Act to be used effectively, by amending provisions of the Dunfermline Building Society Property Transfer Instrument 2009(2) (“the Property Transfer Instrument”) made by the Bank of England in connection with the resolution of Dunfermline Building Society.
In accordance with section 75(1) of that Act, the Treasury have had regard to the special resolution objectives.(3)
In accordance with section 75(3) of that Act, the Treasury consider it necessary and desirable to make this Order with retrospective effect such that the amendments have effect from the time the Property Transfer Instrument came into force, and in so doing the Treasury have had regard to the fact that it is in the public interest to avoid retrospective legislation.
Accordingly, the Treasury make the following Order:
Section 75(4)(c) provides that an order under section 75 may, amongst other things, amend instruments made in exercise of stabilisation powers, such as property transfer instruments.
Provided in section 4 of the Banking Act 2009.