The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008

1. Introductory Text

2. PART 1 GENERAL

   1. 1. Citation and commencement

   2. 2. Interpretation: general

3. PART 2 THE FIRST TRANSFER AND RELATED PROVISIONS

   1. 3. The first transfer

   2. 4. Registration of shares and issue of certificates

   3. 5. Extinguishment of rights in relation to shares in Bradford & Bingley

   4. 6. Modification of interests, rights and liabilities associated with the dated subordinated notes

   5. 7. Modification of rights in relevant instruments

4. PART 3 MEMBERS, MEETINGS, DIRECTORS AND PROCEEDINGS

   1. 8. Minimum membership for carrying on business

   2. 9. Resolutions and meetings

   3. 10. Removal of directors

   4. 11. Appointment of directors

   5. 12. Proceedings against directors

   6. 13. Shadow directorship

5. PART 4 DE-LISTING, APPROVAL ETC.

   1. 14. De-listing

   2. 15. Approved persons

6. PART 5 THE SECOND TRANSFER

   1. 16. The second transfer

   2. 17. Isle of Man deposits

   3. 18. No consent or concurrence required

   4. 19. Associated liability and interference

   5. 20. Termination etc. of interest or right

   6. 21. Interests, rights and liabilities of third parties relating to property, rights and liabilities transferred

   7. 22. Modification of rights and liabilities transferred

   8. 23. Foreign property etc.

   9. 24. Subsequent transactions

   10. 25. Construction of documents etc.

   11. 26. Pensions

   12. 27. Employees

7. PART 6 FINANCIAL SERVICES COMPENSATION SCHEME

   1. 28. Sums to be paid to Abbey following the second transfer

   2. 29. Payment to Abbey to constitute payment of compensation for the purposes of the Financial Services Compensation Scheme

   3. 30. Liability of Bradford & Bingley to the FSCS and the Treasury

   4. 31. Co-operation with the FSCS

   5. 32. Statutory immunity

8. PART 7 TRANSITIONAL PROVISIONS

   1. 33. Services and facilities

   2. 34. Use of the Bradford & Bingley brand by Abbey

   3. 35. Termination etc. of interest or right

   4. 36. Provision of information

9. PART 8 SUPPLEMENTARY

   1. 37. Modification to Authority’s rule-making power

   2. 38. Modification to Authority’s duty to consult on rule changes

   3. 39. Modification of provision on liability in relation to operator’s functions

   4. 40. Enterprise Act 2002

   5. 41. Freedom of information

   6. 42. Notification requirement

10. Signature

11. 1. SCHEDULE 1

       SHADOW DIRECTORSHIP

       1. 1. The following provisions of the 1985 Act—

       2. 2. The following provisions of the 2006 Act—

       3. 3. The following provisions of the Insolvency Act 1986—

       4. 4. The following provisions of the 2000 Act—

    2. SCHEDULE 2

       PROPERTY, RIGHTS AND LIABILITIES OF BRADFORD & BINGLEY TRANSFERRED TO ABBEY

       1. 1. Subject to paragraph 2, all rights and liabilities in respect...

       2. 2. The liabilities referred to in paragraph 1 shall not include...

       3. 3. All freehold and leasehold real property of a relevant undertaking...

       4. 4. All contracts, agreements and other arrangements of Bradford & Bingley...

       5. 5. Any personal property of a relevant undertaking—

       6. 6. All intellectual property which relate to the operation of the...

    3. SCHEDULE 3

       PENSIONS

       1. 1. With effect from the segregation time the provisions of the...

       2. 2. The liabilities of the international section shall be—

       3. 3. At the segregation time, the following assets shall be allocated...

       4. 4. The proportion shall be— (a) comprised of a selection of...

       5. 5. For the purposes of paragraph 4(b)— (a) any liabilities or...

       6. 6. At the segregation time— (a) Bradford & Bingley International shall...

       7. 7. (1) Following the segregation time Bradford & Bingley International shall...

       8. 8. Subject to this Schedule, the provisions of the international section...

       9. 9. No provision of the pension scheme shall apply if it...

       10. 10. The Treasury shall give a guarantee or make other arrangements...

       11. 11. Unless otherwise stated or provided in the guarantee or arrangements...

       12. 12. Except as expressly provided in this Schedule, or to the...

       13. 13. In this Schedule— “the actuary” means the actuary appointed for...

12. Explanatory Note