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Banking Act 2009
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59Third party compensation: discretionary provision
This section has no associated Explanatory Notes
(1)A power or duty in this Part to make a third party compensation order is a power or duty to make provision establishing a scheme for paying compensation to persons other than a transferor.
(2)A third party compensation order may—
(a)form part of a compensation scheme order or resolution fund order, or
(b)be a separate order.
(3)A third party compensation order may include provision for—
(a)an independent valuer (in which case sections 54 to 56 shall apply);
(b)valuation principles (in which case section 57(2) to (5) shall apply).
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