Section 34(8)

Provision under subsection (7)(a) may remove or alter the terms of the trust on which the property is held only to the extent that the Bank of England thinks it necessary or expedient for the purpose of transferring— the legal or beneficial interest of the transferor in the property; any powers, rights or obligations of the transferor in respect of the property.

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Source: legislation.gov.uk · retrieved 2026-09-04