The Heritable Bank plc Transfer of Certain Rights and Liabilities (Amendment) Order 2009

• Citation: S.I. 2009/310
• Sections: 4

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Heritable Bank plc Transfer of Certain Rights and Liabilities (Amendment) Order 2009.

(2) This Order comes into force on 20th February 2009.

(3) In this Order—

“the first transfer order” means the Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 ;

“the second transfer order” means the Transfer of Rights and Liabilities to ING Order 2008 .

(4) Terms used in this Order which are defined by the first or second transfer order have the meanings given in that order.

Section 2 Balancing payments

If the Treasury, the FSCS , Heritable and ING agree that it is not appropriate or reasonable to make (or to continue to make) the revisions specified in article 13(5)(a) and (b) of the first transfer order, no revision (or no further revision) may be made under those provisions.

Section 3 Costs and expenses of administrator

In article 23(1) of the first transfer order, the reference to the Treasury shall, from the effective time (within the meaning of the second transfer order), have effect as if it was a reference to ING.

Section 4 Amendments to the first transfer order

(1) The first transfer order is amended as follows—

(a) in article 15(1), for “effective date” substitute “effective time”;

(b) in article 23(1), for “article 20(1)” substitute “article 20”.

(2) The amendment made in paragraph (1)(b) has effect from the time at which the first transfer order came into force.