102 Transfer regulations.U.K.
(1)The [F1Treasury] may, by transfer regulations under this section, make provision regulating transfers of business under section 97.
(2)Transfer regulations may, in particular—
(a)make provision for and in connection with the transition from regulation by and under this Act to regulation by and under the Companies Act 1985 or, as regards Northern Ireland, the Companies (Northern Ireland) Order 1986 [F2 and the Banking Act 1987]
(b)make provision for the treatment, in the hands of companies taking such transfers, of the property, rights and liabilities transferred and for the modification of any enactment in its application to property, rights and liabilities so transferred;
(c)make provision for the purposes of and incidental to section 100 [F3and sections 101, 102B, 102C and 102D].
(3)The power to make transfer regulations is exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(4)Any terms of a transfer of business to which transfer regulations apply are regulated terms for the purposes of section 97.
Textual Amendments
F1Words in s. 102(1) substituted (17.8.2001 for specified purposes and otherwiseprosp.) by S.I. 2001/2617, art. 13(1), Sch. 3 Pt. II, para. 185(a) (with art. 13(3), Sch. 5)
F2Words in s. 102(2)(a) omitted (17.8.2001 for specified purposes and otherwiseprosp.) by S.I. 2001/2617, arts. 2(a), 13(1), Sch. 3 Pt. II para. 185(b) (with art. 13(3), Sch. 5) and repealed (prosp.) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4
F3Words in s. 102(2)(c) substituted (21.3.1997 with application as mentioned in s. 2(2) of the amending Act) by 1997 c. 41, s. 1(3)