Credit Institutions (Stabilisation) Act 2010

37.

Content of transfer order.

37.— (1) A transfer order shall specify the following:

( a) the name of the transferee;

( b) any term or condition imposed on the transfer, or to which the transfer is subject;

( c) the assets and liabilities or the classes or kinds of assets and liabilities to be transferred,

( d) any consideration to be paid by the transferee, or a means of determining that consideration.

(2) For the purposes of paragraph (1) (c) , a class or kind may be specified by means of any common characteristic of the class or kind.

(3) For the purposes of paragraph (1) (d) , a transfer order may specify that a named person or a person in a class of persons is to determine the consideration.

(4) A transfer order shall not name a person as transferee unless that person has agreed to accept the transfer on the terms set out in the order.

(5) F45 [ ]

(6) A transfer order may relate to the transfer of—

( a) all or any specified part of the assets of the transferor,

( b) all, or any specified part of the liabilities of the transferor, or

( c) any combination of some or all of the assets and liabilities of the transferor.

(7) Where a transfer order transfers a netting agreement (within the meaning of the Netting of Financial Contracts Act 1995) or a F46 [ financial collateral arrangement (within the meaning of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 5 on financial collateral arrangements, as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 6 , and of the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010 )) ], the transfer order shall transfer the whole of that agreement or arrangement.

(8) Notwithstanding any enactment or rule of law, a cause of action capable of being exercised by the transferor may be transferred to the transferee by a transfer order.

(9) A transfer order may include such incidental, consequential and supplemental provisions as the Court considers appropriate for implementing the transfer and securing that it be fully and effectively carried out, including provisions for substituting the name of the transferee for that of the transferor or otherwise adapting references to the transferor in any instrument made under an Act, and may provide for such transitional matters, including the sharing of assets and other contracts, as the Court considers appropriate.