(1) This article applies to a partial property transfer to which this Order applies which is made -

(a) by the Bank under section 44, 44A or 44E of the Act; or

(b) by the Treasury under section 46 of the Act.

(2) Subject to paragraph (3), a partial property transfer to which this article applies may not provide for the transfer of -

(a) any property, rights or liabilities which were not transferred under the original instrument or order;

(b) any liability which was not, at the time immediately before the original instrument or order was made, a liability owed by the banking institution; or

(c) rights or liabilities under a relevant financial instrument.

(3) Paragraph (2) does not apply to -

(a) a transfer of property, rights or liabilities which have accrued, become or ceased to become payable, changed or lapsed as a result of the application of a default event provision which applies by virtue of the original instrument or order;