(1) The Treasury may by order make provision for or in connection with, or in consequence of, the transfer of property, rights and liabilities of an authorised UK deposit-taker to either (or each) of the following -

(a) a company wholly owned by the Bank of England or the Treasury;

(b) a body corporate not within paragraph (a).

(2) An order under this section may define the property, rights and liabilities to be transferred in one or more of the following ways -

(a) by specifying or describing the property, rights and liabilities in question;

(b) by referring to all the property, rights and liabilities comprised in the whole or a specified part of the deposit-taker's business;

(c) by identifying the manner in which the property, rights and liabilities to be transferred are to be determined.

(3) Schedule 2 specifies particular kinds of provisions that may be included in an order under this section.