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Transfer Regulations

Volume 98: debated on Wednesday 4 June 1986

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' .—(1) The Commission, with the consent of the Treasury, may by transfer regulations under this section, make provision regulating transfers of business under section (Transfer of business to commercial company).

(2) Transfer regulations may, in particular—

  • (a) make provision for and in connection with the transition from regulation by and under this Act to regulation by and under the Companies Act 1985 and the Banking Act 1979;
  • (b) make provision for the treatment, in the hands of companies taking such transfers, of the property, rights and liabilities transferred and for the modification of any enactment in its application to property, rights and liabilities so transferred;
  • (c) make provision for the purposes of and incidental to section (Regulated terms etc: distribution and share rights) and section (Protective provisions for specially formed successors).
  • (3) The power to make transfer regulations is exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

    (4) Any terms of a transfer of business to which transfer regulations apply are regulated terms for the purposes of section (Transfer of business to commercial company).'.— [Mr. Ian Stewart.]

    Brought up, read the First and Second time, and added to the Bill.