60 Third party compensation: mandatory provision
Banking Act 2009 (2009 c 1) | Legislation

60  Third party compensation: mandatory provision

(1)     The Treasury may make regulations about third party compensation arrangements in the case of partial property transfers.

(2)     In making regulations the Treasury shall, in particular, have regard to the desirability of ensuring that if a residual bank enters insolvency after transfer, pre-transfer [shareholders or] creditors do not receive less favourable treatment than they would have received had it entered insolvency immediately before transfer.

(3)     In subsection (2)—

(a)     “residual bank” means a bank that is a transferor under a property transfer instrument,

(b)

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