http://www.legislation.gov.uk/ukpga/2009/1/section/37/2020-12-31Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-18Expert Participation2020-12-31 Part 1Special Resolution RegimeChapter 3 <Addition ChangeId="key-66128f0e1311ca44b09df6cb3e25b25a-1582893808011" CommentaryRef="key-66128f0e1311ca44b09df6cb3e25b25a"> Special resolution action</Addition> <Emphasis>Transfer of property</Emphasis>Licences371A licence in respect of anything transferred by property transfer instrument shall continue to have effect despite the transfer.2A property transfer instrument may disapply subsection (1) to a specified extent.3Where a licence imposes rights or obligations, a property transfer instrument may apportion responsibility for exercise or compliance between transferor and transferee.4In this section “licence” includes permission and approval and any other permissive document in respect of anything transferred.Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7S. 37 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
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<Strong>Part 1</Strong>
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<Title>Special Resolution Regime</Title>
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<Addition ChangeId="key-66128f0e1311ca44b09df6cb3e25b25a-1582893808011" CommentaryRef="key-66128f0e1311ca44b09df6cb3e25b25a"> Special resolution action</Addition>
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<Title>
<Emphasis>Transfer of property</Emphasis>
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<Title>Licences</Title>
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37
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<Pnumber>1</Pnumber>
<P2para>
<Text>A licence in respect of anything transferred by property transfer instrument shall continue to have effect despite the transfer.</Text>
</P2para>
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<Pnumber>2</Pnumber>
<P2para>
<Text>A property transfer instrument may disapply subsection (1) to a specified extent.</Text>
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<Text>Where a licence imposes rights or obligations, a property transfer instrument may apportion responsibility for exercise or compliance between transferor and transferee.</Text>
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<Text>
In this section “
<Term id="term-licence">licence</Term>
” includes permission and approval and any other permissive document in respect of anything transferred.
</Text>
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<Text>
Pt. 1 restricted (7.1.2010) by
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,
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,
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<Text>
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by
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,
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,
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<Text>
S. 37 in force at 21.2.2009 by
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,
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,
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<Text>
Pt. 1: power to amend conferred (1.3.2014) by
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,
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,
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;
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,
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,
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</Text>
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