Central Bank and Credit Institutions (Resolution) Act 2011

29.

Proposed transfer order — contents.

29.— (1) A proposed transfer order shall set out—

( a) the consideration for the proposed transfer, and any other terms and conditions of the proposed transfer, including any specification of a date by which or a period within which the transferor is required to comply with any such term or condition, and, where the transfer order or any term of it is to have immediate effect, the reasons why it should have that effect,

( b) any incidental, consequential and supplemental provisions for implementing the transfer and securing that it is 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

( c) any provision for transitional matters, including the sharing of assets and other contracts.

(2) A proposed transfer order may propose that the transferee be a bridge-bank if the Bank is of the opinion that—

( a) the circumstances of the authorised credit institution concerned require the immediate transfer of assets or liabilities out of that credit institution, and

( b) no suitable transferee can be found willing to take such a transfer on terms and conditions (including consideration) that the Bank considers appropriate.

(3) A proposed transfer order shall not propose that a person (other than a bridge-bank) be the transferee unless that person has agreed to accept the transfer on the terms set out in the order.

(4) Notwithstanding any provision of any enactment, agreement or rule of law, the Bank may, for the purposes of obtaining the agreement of a person under subsection (3), disclose to the person concerned any information in its possession in relation to the transferor or a proposed transfer order.