Section 84D(2)

For the purpose of the making of provision as mentioned in subsection (A1)(a) or (b) or provision or proposals as mentioned in subsection (1)(a) or (b)— as they apply in relation to a bank, but subject to the modifications in the third column of the Table. the Table in section 84 does not apply, and the provisions in the first column of the following Table apply where relevant — in relation to the successor company, or in a case within subsection (A1)(b) or (1)(b), in relation to the successor company or its specified parent undertaking, Treat references in subsection (4) to securities issued by a specified bank as references to securities issued by the building society, or by the successor company or its specified parent undertaking. For subsection (8) substitute— Subsection (8ZA) applies where— the Bank of England has exercised the power in subsection (4) to transfer securities to a resolution administrator; or by virtue of section 84A, 84B or 84C securities of a successor company or a specified parent undertaking are held by— the resolution administrator, the Bank of England, a subscriber to the memorandum of association of a company into which the building society is converted in accordance with section 84B, or a person nominated for the purposes of section 84C(1)(c). The Bank of England must exercise its functions under this Part (see, in particular, section 48V) with a view to ensuring that any securities— held by a person in the capacity of a resolution administrator, held by the Bank of England, held by a person as a result of being a subscriber to the memorandum of association of a company into which the building society is converted in accordance with section 84B, held by a person as a result of being nominated by the Bank of England for the purposes of section 84C(1)(c), are so held only for so long as is, in the Bank of England’s opinion, appropriate having regard to the special resolution objectives. Treat references to a director or senior manager of a specified bank as references to a director or senior manager of the building society or of the successor company or its specified parent undertaking. In subsection (1A) treat the reference to a specified bank as a reference to the building society or its successor company. Treat the reference in subsection (4) to a bank as a reference to the building society. Treat the reference in subsection (5) to a transferor as including a reference to a shareholding member of the building society. Treat references to pre-resolution shareholders and creditors of a bank as references to persons who were shareholding members of, or creditors of, the building society, immediately before the coming into effect of the first resolution instrument to be made in respect of the building society. Treat references to the bank as references to the building society.

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