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Statutory Instruments

2008 No. 2546

Banks And Banking

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

Made

at 7.40 a.m. on 29th September 2008

Laid before Parliament

at 11.00 a.m. on 29th September 2008

Coming into force

at 8.00 a.m. on 29th September 2008

Contents

Go to Preamble

  1. PART 1

    GENERAL

    1. 1.Citation and commencement

    2. 2.Interpretation: general

  2. 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

  3. 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

  4. PART 4

    DE-LISTING, APPROVAL ETC.

    1. 14.De-listing

    2. 15.Approved persons

  5. 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

  6. 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

  7. 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

  8. 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

  9. SCHEDULE 1

    SHADOW DIRECTORSHIP

  10. SCHEDULE 2

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

  11. SCHEDULE 3

    PENSIONS

Go to Explanatory Note

It appears to the Treasury to be desirable to make this Order for the following purpose:

maintaining the stability of the UK financial system in circumstances where the Treasury consider that there would be a serious threat to its stability if the Order were not made.

The Treasury, in exercise of the powers conferred by sections 3, 4, 8, 12 and 13(2) of, and Schedule 1 to, the Banking (Special Provisions) Act 2008(1), make the following Order:

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