(1) This section applies where the Treasury -
(a) make a share transfer order, in respect of securities issued by a bank (or a bank's holding company), in accordance with section 13(2), and
(b) later make a property transfer order from the bank (or from another bank which is or was in the same group as the bank) under section 45(2).
(2) This Part applies to the transferor under the property transfer order as to the transferor under a property transfer instrument.
(3) For that purpose this Part applies with any modifications specified by the Treasury in regulations; and the regulations -
(a) shall be made by statutory instrument, and
(b) may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.