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Banking Act 2009

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Changes over time for: Section 84

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Status:

Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Section 84 is up to date with all changes known to be in force on or before 14 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

84Application of Part 1: generalU.K.
This section has no associated Explanatory Notes

[F1This Part applies to building societies (within the meaning of section 119 of the Building Societies Act 1986) as it applies to banks, subject to—

(a)the provisions of the Table, and

(b)sections [F284ZA] to 84D (which relate to the [F3second and fourth stabilisation options] ).]

SectionTopicModification or note
F4. . .F4. . .F4. . .
13Temporary public ownershipThe procedure provided by section 85 has effect in place of share transfer orders.
14 to 32Transfer of securities

The procedure provided by section 85 has effect in place of share transfer orders; and—

(a)

sections 28 and 30 do not apply, and

(b)

section 27 applies following an order under section 85 as following a share transfer order.

33Property transfer instrument: nature

A property transfer instrument in respect of a building society may—

(a)

cancel shares in the building society;

(b)

confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank).

33 and 36Property transfer instrument: continuityA property transfer instrument in respect of a bank which provides for transfer to a building society may confer rights and impose liabilities by way of actual or deemed shares in the building society.
34Property transfer instrument: effectA property transfer instrument may, in particular, have effect without causing sections 93 to 102D of the Building Societies Act 1986 (mergers and transfers) to apply.
42Supplemental property transfer instrument

A supplemental property transfer instrument in respect of a building society may—

(a)

cancel shares in the building society;

(b)

confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank).

45Temporary public ownership: property transfer

(a)Section 45 applies following an order under section 85 as following a share transfer order.

(b)A property transfer order in respect of a building society may cancel shares in the building society.

49 to 62Compensation

(a)A reference to a share transfer order includes a reference to an order under section 85.

(b)A resolution fund order may not be made under section 51(2)(b).

(c)If and in so far as an order under section 85 provides for the issue of new deferred shares, section 51(2) shall not apply [F5but the Treasury may make a third party compensation order].

63 to 75Incidental functionsA reference to a share transfer order includes a reference to an order under section 85.

Textual Amendments

F5Words in s. 84 inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(5), 26(1)(f)

Commencement Information

I1S. 84 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1

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