Section 83(2)

Where the Treasury take a bank's holding company into temporary public ownership in reliance on section 82— section 20(2) applies to (i) directors of the holding company, (ii) directors of the bank, and (iii) directors of a bank in the same group, section 25(2) applies as if references to a bank were references to a holding company, sections 27 to 29 apply as if references to a bank were references to a holding company, a share transfer may be made in respect of securities which were issued by the bank or by another bank which is or was in the same group; and a transfer— shall be made by onward share transfer order under section 28 or by reverse share transfer order under section 29 (in addition to any that may be made under those sections as applied by paragraph (c) above), may be made under section 28 only in respect of securities held by (or for the benefit of) the holding company or a subsidiary undertaking of the holding company, is not subject to section 28(4), and is not subject to the restriction in section 29(3) that the securities issued by the bank were transferred under the original order (as defined in section 29(1)). section 45 applies as if— the reference to a bank in subsection (1) were a reference to a holding company, and a reference to the bank in subsection (3) were a reference to the holding company, the bank and any other bank which is or was in the same group, sections 65 to 68 apply, with— references to the bank or the transferred bank taken as references to the bank, the holding company and any other bank which is or was in the same group, and references to securities of the bank taken as including references to securities of the holding company (so that, in particular, sections 65(1)(a)(ii) and 68(1)(a) include references to the earlier transfer of securities issued by the holding company), other provisions of this Act about share transfer orders apply with any necessary modifications, section 214B of the Financial Services and Markets Act 2000 applies (contribution to costs of special resolution regime...), and the reference in section 214B(1)(b) to the bank, and later references in the section, are treated as including references to any other bank which is also a subsidiary undertaking of the holding company (but not to the holding company itself).

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