12Bridge bankU.K.
(1)The second stabilisation option is to transfer all or part of the business of the bank to a company which is wholly owned by the Bank of England (a “bridge bank”).
(2)For that purpose the Bank of England may make one or more property transfer instruments.
(3)The code of practice under section 5 must include provision about the management and control of bridge banks including, in particular, provision about—
(a)setting objectives,
(b)the content of the articles of association,
(c)the content of reports under section 80(1),
(d)different arrangements for management and control at different stages, and
(e)eventual disposal.
(4)Where property, rights or liabilities are first transferred by property transfer instrument to a bridge bank and later transferred (whether or not by the exercise of a power under this Part) to another company which is wholly owned by the Bank of England, that other company is an “onward bridge bank”.
(5)An onward bridge bank—
(a)is a bridge bank for the purposes of—
(i)subsection (3),
(ii)section 77,
(iii)section 79, and
(iv)section 80(5), but
(b)is not a bridge bank for the purposes of—
(i)section 30(1),
(ii)section 43(1), or
(iii)section 80(1).
Commencement Information
I1S. 12 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2S. 12 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1