Section 64(2)

The Bank of England may— cancel a contract or other arrangement between the residual bank and a third party (whether or not rights or obligations under it have been transferred to a transferee); modify the terms of a contract or other arrangement between the residual bank and a third party (whether or not rights or obligations under it have been transferred to a transferee); add or substitute a transferee as a party to a contract or other arrangement between the residual bank and a third party; confer and impose rights and obligations on a group company and a transferee, which shall have effect as if created by contract between them; confer and impose rights and obligations on the residual bank and a transferee which shall have effect as if created by contract between them.

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