The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009

EXPLANATORY NOTE

(This note is not part of the Order)

This Order is made for the purpose of enabling Part 1 of the Banking Act 2009 to be used effectively in connection with the transfer of Dunfermline Building Society to Nationwide and the Dunfermline Bridge Bank.

Article 3 makes provision in the relation of the transfer of shares by the Dunfermline Building Society Property Transfer Instrument 2009.

Article 4 makes provision in relation to the transfer of employees.

Article 5 disapplies certain provisions of the Pensions Act 2004 in relation to the Bank of England and a subsidiary of Dunfermline Building Society in connection with the transfer.

Articles 6 to 8 make provision in relation to the Dunfermline Bridge Bank, in relation to proceedings against directors during the existence of the Dunfermline Bridge Bank, disapplying certain provisions relating to shadow directorship in relation to the Dunfermline Bridge Bank, and providing that the Dunfermline Bridge Bank is not amongst other things a public authority for the purposes of the Freedom of Information Act 2000 (c. 36).

Articles 9 and 10 modify the FSA’s rule making powers in relation to the Dunfermline Building Society.

Article 11 provides for the treatment of liabilities arising for the purposes of, in connection with and in consequence of the transfer in insolvency proceedings.