(1) The second stabilisation option is to transfer all or part of the business of the bank to a company which meets the requirements of subsection (1A) (a "bridge bank").
(1A) Those requirements are that the company -
(a) is wholly or partially owned by the Bank of England,
(b) is controlled by the Bank, and
(c) is created for the purposes of receiving a transfer by virtue of this section with a view to maintaining access to critical functions and (in due course) selling the bank or its business.
(2) For the purpose of subsection (1) the Bank of England may make -
(a) one or more share transfer instruments;
(b) one or more property transfer instruments.
(3) The code of practice under section 5 must include provision about the management and control of bridge banks including, in particular, provision about -
(a) setting objectives,
(b) the content of the articles of association,
(c) the content of reports under section 80(1),
(d) different arrangements for management and control at diff
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