(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 [F2the Companies Acts] F3. . .
(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 [F4and 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 otherwise 1.12.2001) by S.I. 2001/2617, art. 13(1), Sch. 3 Pt. II, para. 185(a) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)
F2Words in s. 102(2)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 87(6) (with art. 10)
F3Words in s. 102(2)(a) repealed (1.12.2001) by S.I. 2001/2617, art. 13(2), Sch. 4 ; S.I. 2001/3538, art. 2(a)
F4Words 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)
Modifications etc. (not altering text)
C1Ss. 97-102D: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2
C2Ss. 97-102D applied (with modifications) (5.3.2009) by The Mutual Societies (Transfers) Order 2009 (S.I. 2009/509), arts. 1(2), 3-18
C3Ss. 97-102D excluded by 2009 c. 1, s. 84D(6) (as inserted (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 2(3))
C4S. 102(1)(2): Functions of the Building Societies Commission transferred (1.12.2001) to the Treasury by S.I. 2001/2617, art. 4(1), Sch. 1 Pt. III (with art. 5); S.I. 2001/3538, art. 2(a)