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Bank of England Act 1998
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Bank of England Act 1998, Paragraph 3 is up to date with all changes known to be in force on or before 02 February 2025. 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.
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3(1)The Bank shall make a scheme under this paragraph for the transfer to the Authority of such of the Bank’s property, rights and liabilities as appear to the Bank appropriate to be so transferred in consequence of the transfer of functions by this Part.U.K.
(2)A scheme under this paragraph made by the Bank shall not be capable of coming into force unless it is approved by the Treasury.
(3)The Bank may not submit a scheme under this paragraph to the Treasury for their approval without the consent of the Authority.
(4)Where a scheme under this paragraph is submitted to the Treasury for their approval, they may, before approving it, make such modifications to it as appear to them to be appropriate.
(5)Where this sub-paragraph applies, the Treasury may, after consultation with the Bank and the Authority, make a scheme under this paragraph for the transfer to the Authority of such of the Bank’s property, rights and liabilities as appear to them appropriate to be so transferred in consequence of the transfer of functions by this Part.
(6)Sub-paragraph (5) applies if—
(a)the Bank fails, before such time as may be notified to it by the Treasury as the latest time for submission of a scheme under this paragraph, to submit such a scheme to them for their approval, or
(b)the Treasury decide not to approve a scheme that has been submitted to them by the Bank (either with or without modifications).
(7)A scheme under this paragraph shall come into force on such day as the Treasury may by order appoint.
(8)When a scheme under this paragraph comes into force, the property, rights and liabilities of the Bank to which the scheme relates shall, by virtue of this paragraph and without further assurance, be transferred to and vested in the Authority in accordance with the provisions of the scheme.
(9)The Bank shall provide the Treasury with all such information and other assistance as they may reasonably require for the purposes of, or otherwise in connection with, the exercise of any power conferred on them by this paragraph.
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