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Statutory Instruments

2008 No. 2644

Banks And Banking

The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008

Made

at 9.27 a.m. on 7th October 2008

Laid before Parliament

at 12.30 p.m. on 7th October 2008

Coming into force

at 9.30 a.m. on 7th October 2008

Contents

Go to Preamble

  1. PART 1

    GENERAL

    1. 1.Citation and commencement

    2. 2.Interpretation

  2. PART 2

    THE TRANSFER

    1. 3.Transfer

    2. 4.No consent or concurrence required

    3. 5.Associated liability and interference

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

    5. 7.Payment of transferred liabilities

    6. 8.Construction of documents etc.

    7. 9.Validity of acts done by Deposits Management (Heritable)

    8. 10.Exemption of Deposits Management (Heritable) Limited

    9. 11.Provision of information and assistance

  3. PART 3

    FINANCIAL SERVICES COMPENSATION SCHEME

    1. 12.Application of Part 3

    2. 13.Sums to be paid to Deposits Management (Heritable) following the transfer

    3. 14.Payment to Deposits Management (Heritable) to constitute payment of compensation for the purposes of the Financial Services Compensation Scheme

    4. 15.Liability of Heritable to the FSCS and the Treasury

    5. 16.FSCS’s power to require information

    6. 17.Statutory immunity

  4. PART 4

    THE ADMINISTRATOR AND TRANSITIONAL PROVISIONS

    1. 18.Application of this Part

    2. 19.The administration

    3. 20.Objectives etc. of the administrator

    4. 21.Insolvency rules etc.

    5. 22.Use of the Heritable brand

    6. 23.Compensation payable to Heritable

    7. 24.Continuity

    8. 25.Financial Ombudsman Scheme

  5. PART 5

    MISCELLANEOUS

    1. 26.Shadow directorship

    2. 27.Modification to Authority’s rule-making power

    3. 28.Modification to Authority’s duty to consult on rule changes

    4. 29.Freedom of information

    5. 30.Proceedings against directors

    6. 31.Notification requirement

    7. 32.Transfer of data

  6. SCHEDULE 1

    SERVICES AND FACILITIES

  7. SCHEDULE 2

    SHADOW DIRECTORSHIP

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 6, 12, 13(2) of and Schedule 2 to the Banking (Special Provisions) Act 2008(1), make the following Order:

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