[84A Bail-in option: building societies]
Banking Act 2009 (2009 c 1) | Legislation

[84A  Bail-in option: building societies]

[(1)     This section applies for the purpose of the exercise of the fourth stabilisation option (bail-in) in relation to a building society.

(2)     Subsection (2A) of section 12A (bail-in option) is to be read as if the provision referred to included provision under this section.

(3)     Subsection (1) of section 12AA (bail-in: sequence of write-down and conversion of capital instruments and liabilities) is to be read as if the powers referred to included the powers conferred by this section, sections 84B and 84C and the provisions modified by section 84D.

(4)     A resolution instrument with respect to a building society may make—

(a)     provision of the kind mentioned in subsection (5);

(b)     other provision for the purposes of, or in connection with, provision of the kind mentioned in subsection (5) made by that or another instrument.

(5)     A resolution instrument may—

(a)     convert the building society into a company, or

(b)     transfer all the property, rights and liabilities

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