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Change 1
As published
46 Temporary public ownership: reverse property transfer
(1) This section applies where the Treasury have made a property transfer order in accordance with section 45(2) (“the original order”) ....
(2) The Treasury may make one or more reverse property transfer orders in respect of property, rights or liabilities of the transferee under the original order.
(3) A reverse property transfer order is a property transfer order which—
(a) provides for transfer to the transferor under the original order;
(b) makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities which are, could be or could have been transferred.
(3A) The Treasury must not make a reverse property transfer order unless—
(a) the transferee under the original order is—
(i) a company wholly owned by the Bank of England,
(ii) a company wholly owned by the Treasury, or
(iii) a nominee of the Treasury, or
(b) the reverse property transfer order is made with the written consent of the transferee under the original order.
(4) Sections 7, 8 and 9 do not apply to a reverse property transfer order.
(5) A reverse property transfer order is to be treated—
(a) in the same way as a share transfer order for the procedural purposes of section 25, but
(b) as a property transfer instrument for all other purposes (including for the purposes of the application of a power under this Part).
(5A) In the application of section 34(8) by virtue of subsection (5)(b) above, the reference to the Bank of England is to be treated as a reference to the Treasury.
(6) In the application of section 39 by virtue of subsection (5)(b) above, the power to give directions under section 39(7) vests in the Treasury (instead of the Bank of England).
(7) Before making a reverse property transfer order the Treasury must consult—
(a) the PRA,
(aa) the FCA, and
(b) the Bank of England.
(8) Section 42 applies where the Treasury have made a reverse property transfer order.
Your change, as a redline
46 Temporary public ownership: reverse property transfer
(1) This section applies where the Treasury have made a property transfer order in accordance with section 45(2) (“the original order”) ....
(2) The Treasury may make one or more reverse property transfer orders in respect of property, rights or liabilities of the transferee under the original order.
(3) A reverse property transfer order is a property transfer order which—
(a) provides for transfer to the transferor under the original order;
(b) makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities which are, could be or could have been transferred.
(3A) The Treasury must not make a reverse property transfer order unless—
(a) the transferee under the original order is—
(i) a company wholly owned by the Bank of England,
(ii) a company wholly owned by the Treasury, or
(iii) a nominee of the Treasury, or
(b) the reverse property transfer order is made with the written consent of the transferee under the original order.
(4) Sections 7, 8 and 9 do not apply to a reverse property transfer order.
(5) A reverse property transfer order is to be treated—
(a) in the same way as a share transfer order for the procedural purposes of section 25, but
(b) as a property transfer instrument for all other purposes (including for the purposes of the application of a power under this Part).
(5A) In the application of section 34(8) by virtue of subsection (5)(b) above, the reference to the Bank of England is to be treated as a reference to the Treasury.
(6) In the application of section 39 by virtue of subsection (5)(b) above, the power to give directions under section 39(7) vests in the Treasury (instead of the Bank of England).
(7) Before making a reverse property transfer order the Treasury must consult—
(a) the PRA,
(aa) the FCA, and
(b) the Bank of England.
(8) Section 42 applies where the Treasury have made a reverse property transfer order.
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