SCHEDULES

SCHEDULE 2Transitionals and savings

Part 12Manufactured payments and repos

Powers to modify repo provisions

124

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 612) there is a repo in respect of the securities.

2

This paragraph also applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 613) the case involves redemption arrangements.

3

Section 569 applies with these modifications.

4

It applies as if for subsection (2) there were substituted—

2

Condition A is that a person (“the original owner”) has sold the securities to another person (“the interim owner”) under an agreement.

5

It applies 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

acquires, under the agreement or a related agreement, an option to buy back the securities.