Skip to main content
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 February 2009 - onwards
Version 3 of 3

69. Continuity obligations: consideration and terms

(1) The Treasury may by order specify matters which are to be or not to be considered in determining -

(a) what amounts to reasonable consideration for the purpose of sections 63 to 68;

(b) what provisions to include in accordance with section 64(3)(b) or 67(3)(b).

(2) An order -

(a) shall be made by statutory instrument, and

(b) shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(3) A continuity authority may give guarantees or indemnities in respect of consideration for services or facilities provided or to be provided in pursuance of a continuity obligation.

(4) In this section "continuity authority" -

(a) in relation to sections 63 and 64, means the Bank of England, and

(b) in relation to sections 65 to 68, has the same meaning as in those sections.