(1) Where the Treasury make one or more share transfer orders under section 13(2) in respect of a bank, the Treasury must lay before Parliament a report about the activities of the bank.
(2) The first report must be made as soon as is reasonably practicable after the end of one year beginning with the date of the first share transfer order.
(3) A report must be made as soon as is reasonably practicable after the end of each subsequent year.
(4) The obligation to produce reports continues to apply in respect of each year until the first during which no securities issued by the bank are owned by -
(a) a company wholly owned by the Treasury, or
(b) a nominee of the Treasury.