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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2015 - onwards
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52. Transfer to resolution company

(1) This section applies if the Bank of England makes -

(a) a share transfer instrument or a property transfer instrument under section 12(2), or

(b) a property transfer instrument under section 12ZA(3).

(2) The Treasury shall make a resolution fund order.

(3) An order made by virtue of subsection (2) may include -

(a) a compensation scheme order;

(b) a third party compensation order (which may, in particular, make provision, in respect of persons of a specified description, for rights in addition to any rights they may have by virtue of the resolution fund order).

(4) In the case of a partial property transfer, the resolution fund order must include a third party compensation order.

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