152AProperty transfer from transferred institution

1

This section applies where the Bank of England—

a

makes a resolution instrument that transfers securities issued by a bank (or a bank's parent undertaking), in accordance with section 12A(2), and

b

later makes a property transfer instrument from the bank or from another bank which is or was in the same group as the bank, in accordance with section 41A(2).

2

This Part applies to the transferor under the property transfer instrument made in accordance with section 41A(2) as to the transferor under a property transfer instrument made in accordance with section 12(2).

3

For that purpose this Part applies with any modifications specified by the Treasury in regulations; and any regulations—

a

are to be made by statutory instrument, and

b

may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.