(1) This section applies where the Bank of England has made a resolution instrument ("the original instrument") providing for securities issued by a specified bank to be transferred to any person.
(2) The Bank of England may make one or more onward transfer resolution instruments.
(3) An onward transfer resolution instrument is a resolution instrument which -
(a) provides for the transfer of -
(i) securities which were issued by the bank before the original instrument and have been transferred by the original instrument or a supplemental resolution instrument, or
(ii) securities which were issued by the bank after the original instrument;
(b) makes other provision for the purposes of, or in connection with, the transfer of securities issued by the bank (whether the transfer has been or is to be effected by that instrument, by another instrument or otherwise).
(4) An onward transfer resolution instrument may not transfer securities to the transferor under the original instrument.
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