The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009.

(2) These Regulations come into force on 21st February 2009.

(3) In these Regulations—

“the Act” means the Banking Act 2009;

“the Bank” means the Bank of England;

“banking institution” means—

(a)

a bank (within the meaning of Part 1 of the Act(1));

(b)

a building society (within the meaning of section 119 of the Building Societies Act 1986(2)); or

(c)

a holding company(3);

“relevant time” means—

(a)

in relation to Case 1 (as specified in regulation 2(2)), the time at which the partial property transfer(4) took effect;

(b)

in relation to Case 2 (as specified in regulation 2(3)), the time at which the property transfer instrument made in accordance with section 11(2) or 12(2) of the Act took effect;

(c)

in relation to Case 3 (as specified in regulation 2(4)), the time at which the share transfer order made in accordance with section 13(2) of the Act (including that section as applied by section 82 of the Act) took effect;

“third party compensation order in relation to a partial property transfer” has the meaning given in regulation 3(2).

(1)

See section 2 of the Act.

(2)

1986 c.53.

(3)

“Holding company” is defined in section 82(1) of the Act. By virtue of section 11 of the Interpretation Act 1978 (c.30), expressions used in these Regulations have, unless the contrary intention appears, the meaning which they bear in the Banking Act 2009.

(4)

“Partial property transfer” is defined in section 47(1) of the Act. See also section 42 (supplemental instruments), section 43 (onward transfer), section 44 (reverse property transfer), 45 (temporary public ownership: property transfer) and sections 82 and 83 (temporary public ownership of holding companies.