LegalizeThe Amendments to Law (Resolution of Dunfermline Building Society) (No. 2) Order 2009
Made: 7th July 2009
Coming into force in accordance with article 1(2)
Accordingly, the Treasury make the following Order:
Citation, commencement, retrospective effect and interpretation
1
- (1) This Order may be cited as the Amendments to Law (Resolution of Dunfermline Building Society) (No. 2) Order 2009.
- (2) This Order comes into force immediately on it being made, but the amendments made by article 2 (including the Schedule introduced by article 2(5)) have effect from 8 a.m. on 30th March 2009 (being the time at which the Property Transfer Instrument came into force4).
- (3) In this Order, “the Property Transfer Instrument” means the Dunfermline Building Society Property Transfer Instrument 2009.5
Amendments to Property Transfer Instrument
2
- (1) The Property Transfer Instrument is amended as follows.
- (2) In paragraph 26 (interpretation: general) for the definition of “commercial loan” substitute—
“commercial loan” means— (a) a loan, including a mortgage loan, made or agreed to be made by or on behalf of Dunfermline and which at the transfer time is designated in Dunfermline’s books and records with one of the reference numbers set out in the Schedule; (b) the loans acquired by Dunfermline on 15th April 2004 from DB UK Bank Limited (company registered number 00315841) and Morgan Grenfell (Local Authority Finance) Limited (company registered number 01672903) and identified in Dunfermline’s books and records as “Dortmund” loans;
- (3) In paragraph 2 omit the definition of “commercial mortgage loan”.
- (4) In paragraph 3(3)(e) omit “or commercial mortgage loans” and omit “and commercial mortgage loans” (in both places where it occurs).
- (5) At the end insert the Schedule set out in the Schedule to this Order.
SCHEDULE — Schedule inserted by article 2(5)
Signed
Tony Cunningham — Frank Roy — Two of the Lords Commissioners of Her Majesty’s Treasury — 7th July 2009
Explanatory note
(This note is not part of the Order)
EXPLANATORY NOTE
This Order amends the Dunfermline Building Society Property Transfer Instrument 2009 (“the Property Transfer Instrument”), by providing a new definition of “commercial loan” (in place of the definitions of “commercial loan” and “commercial mortgage loan”). This definition is used to exclude property, rights and liabilities that would otherwise have been transferred to Nationwide Building Society by paragraph 3 of the Property Transfer Instrument.
The amendments are made with retrospective effect from the time at which the Property Transfer Instrument came into force (which was 8 a.m. on 30th March 2009: Property Transfer Instrument, paragraph 1(2)). The Property Transfer Instrument will accordingly be treated as having contained the new definition of commercial loan at the time at which it operated to transfer part of Dunfermline Building Society’s business to Nationwide Building Society under paragraph 3.
Footnotes
Section 75(4)(c) provides that an order under section 75 may, amongst other things, amend instruments made in exercise of stabilisation powers, such as property transfer instruments.
Provided in section 4 of the Banking Act 2009.
The commencement provision of the Property Transfer Instrument is paragraph 1(2), and “transfer time” is defined in paragraph 2.
Which was made by the Bank of England (in accordance with sections 11(2)(b) and 12(2) of the Banking Act 2009 as applied by section 84) and which is published on the Bank of England’s internet website (www.bankofengland.co.uk) and which was laid before Parliament by the Treasury (in accordance with section 41 of that Act as applied by section 84).
The Property Transfer Instrument refers to its first divisions as paragraphs (i.e. what would be articles in an order).
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