Transitional provision3.

(1)

Anything done, or treated as done, by or in relation to the Bank of England, or any officer of the Bank of England, under any transferred function before the commencement day shall continue to have effect on and after that day, but as if it had been done by or in relation to the Registrar of Government Stock.

(2)

Paragraph (1) is without prejudice to the application of the Interpretation Act 19782 and is subject to paragraph (3).

(3)

Nothing in this article shall have the effect of transferring any liability from the Bank of England, or an officer of the Bank of England, to the Registrar of Government Stock.

(4)

In this article—

“commencement day” means the day on which this Order comes into force;

“Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 19423 (see regulation 3 of the Government Stock Regulations 20044);

“transferred function” means any function which—

(a)

before the commencement day was a function of the Bank of England or of an officer of the Bank of England, but

(b)

on that day becomes a function of the Registrar of Government Stock by virtue of any amendment made by the Schedule.

(5)

Where the effect of any amendment made by the Schedule is to replace, with modifications, a function of the Bank of England, or of an officer of the Bank of England, with a function of the Registrar of Government Stock, the functions shall be regarded for the purposes of this article as one and the same function and that function shall accordingly be regarded for these purposes as a transferred function.