The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
185 Stay of legal proceedings
(1) Where— (a) the Bank has made a mandatory reduction instrument or exercised a stabilisation power in relation to any bank, building society, investment firm or banking group company (“institution under resolution”), (b) the institution under resolution is a party to legal proceedings before any court in the United Kingdom, and (c) the Bank reasonably considers that a stay of those proceedings is necessary for an effective application of the resolution tools or the stabilisation powers, the Bank may apply to that court for a stay of the proceedings. (2) In this article— “bank” has the meaning given by section 2 of the Banking Act 2009 ; “banking group company” has the meaning given in section 81D of the Banking Act 2009 ; “building society” has the meaning given in section 119 of the Building Societies Act 1986; “mandatory reduction instrument” has the meaning given in section 6B(1) of the Banking Act 2009 ; and “stabilisation powers” has the meaning given in section 1(4) of the Banking Act 2009 .
185 Stay of legal proceedings
(1) Where— (a) the Bank has made a mandatory reduction instrument or exercised a stabilisation power in relation to any bank, building society, investment firm or banking group company (“institution under resolution”), (b) the institution under resolution is a party to legal proceedings before any court in the United Kingdom, and (c) the Bank reasonably considers that a stay of those proceedings is necessary for an effective application of the resolution tools or the stabilisation powers, the Bank may apply to that court for a stay of the proceedings. (2) In this article— “bank” has the meaning given by section 2 of the Banking Act 2009 ; “banking group company” has the meaning given in section 81D of the Banking Act 2009 ; “building society” has the meaning given in section 119 of the Building Societies Act 1986; “mandatory reduction instrument” has the meaning given in section 6B(1) of the Banking Act 2009 ; and “stabilisation powers” has the meaning given in section 1(4) of the Banking Act 2009 .
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