§ 104 — Order to give effect to foreign resolution

104.—(1) If the Minister approves a determination that a foreign resolution should be recognised in whole or in part, the Minister must, as soon as practicable, by order in the Gazette, declare that the foreign resolution is to be recognised.(2) The order may make provision for any of the following matters, to take effect from a date specified in the order:(a)

matters that may be set out in a certificate of transfer pursuant to section 67(3);

(b)

matters that may be set out in a certificate of transfer of shares pursuant to section 76(3);

(c)

matters that may be set out in a certificate of restructuring of share capital pursuant to section 79(3);

(d)

matters that may be set out in a bail-in certificate pursuant to section 84(3).

(3) The matters mentioned in subsection (2)(a), (b), (c) and (d) may be modified for the purposes of giving effect to the foreign resolution.

(4) To avoid doubt, provision may be made in the order for matters mentioned in subsection (2)(d) affecting instruments or liabilities entered into or accruing before the effective date of the order.

(5) With effect from the effective date of the order, sections 67(8) to (20) and 68, 76(6) to (13), 79(6) to (14), or 85 to 89 (as the case may be), together with the regulations that are made under section 135 for the purpose of implementing those provisions, apply in relation to an order that provides for the matters mentioned in paragraph (a), (b), (c) or (d) of subsection (2), as they apply in relation to the certificate mentioned in that paragraph.

(6) The provisions of this Act mentioned in subsection (5) apply subject to such modifications as the order may prescribe.

—(1) If the Minister approves a determination that a foreign resolution should be recognised in whole or in part, the Minister must, as soon as practicable, by order in the Gazette, declare that the foreign resolution is to be recognised.

(2) The order may make provision for any of the following matters, to take effect from a date specified in the order:(a)

matters that may be set out in a certificate of transfer pursuant to section 67(3);

(b)

matters that may be set out in a certificate of transfer of shares pursuant to section 76(3);

(c)

matters that may be set out in a certificate of restructuring of share capital pursuant to section 79(3);

(d)

matters that may be set out in a bail-in certificate pursuant to section 84(3).

(3) The matters mentioned in subsection (2)(a), (b), (c) and (d) may be modified for the purposes of giving effect to the foreign resolution.

(4) To avoid doubt, provision may be made in the order for matters mentioned in subsection (2)(d) affecting instruments or liabilities entered into or accruing before the effective date of the order.

(5) With effect from the effective date of the order, sections 67(8) to (20) and 68, 76(6) to (13), 79(6) to (14), or 85 to 89 (as the case may be), together with the regulations that are made under section 135 for the purpose of implementing those provisions, apply in relation to an order that provides for the matters mentioned in paragraph (a), (b), (c) or (d) of subsection (2), as they apply in relation to the certificate mentioned in that paragraph.

(6) The provisions of this Act mentioned in subsection (5) apply subject to such modifications as the order may prescribe.