63 General continuity obligation: property transfers
Banking Act 2009 (2009 c 1) | Legislation

Incidental functions

63  General continuity obligation: property transfers

(1)     In this section and section 64—

(a)     “residual bank” means a bank all or part of whose business has been transferred in accordance with section 11(2)(b)[, 12(2)[, 12ZA(3)][, 41A(2) or 44D(2)]],

(b)     “group company” means anything which is, or was immediately before the transfer, a group undertaking in relation to a residual bank,

(c)     “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006 (interpretation),

(d)     “the transferred business” means the part of the bank's business that has been transferred, and

(e)     “transferee” means a commercial purchaser or [resolution company]

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