This section has no associated Explanatory Notes
120(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 607) there is a repo in respect of the securities.U.K.
(2)Section 569 has effect as if for subsection (4) there were substituted—
“(4)Condition C is that the original owner or a person connected with the original owner—
(a)is required to buy back the securities by the agreement or a related agreement, or
(b)is required to buy back the securities under an obligation imposed as a result of the exercise of an option acquired under the agreement or a related agreement.”