(1) The Bank of England may suspend obligations to make a payment, or delivery, under a contract where one of the parties to the contract is a bank in respect of which the Bank is exercising a stabilisation power.
(2) A suspension imposed under subsection (1) does not apply to -
(a) payments of eligible deposits or eligible claims, or
(b) payments or deliveries to excluded persons.
(3) A suspension imposed under subsection (1) -
(a) begins when the instrument providing for the suspension is first published,
(b) must end no later than midnight at the end of the first business day following the day on which the instrument providing for the suspension is published, and
(c) subject to subsection (2), suspends all obligations to make a payment or delivery under the contract in question, whether the obligation concerned is that of the bank under resolution or of any other party to the contract.
(4) Where a payment or delivery under the contract concerned first fell due within the period of t
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