(1) The second stabilisation option is to transfer all or part of the business of the bank to a company which meets the requirements of subsection (1A) (a "bridge bank").

(1A) Those requirements are that the company -

(a) is wholly or partially owned by the Bank of England,

(b) is controlled by the Bank, and

(c) is created for the purposes of receiving a transfer by virtue of this section with a view to maintaining access to critical functions and (in due course) selling the bank or its business.

(2) For the purpose of subsection (1) the Bank of England may make -

(a) one or more share transfer instruments;

(b) one or more property transfer instruments.

(3) The code of practice under section 5 must include provision about the management and control of bridge banks including, in particular, provision about -

(a) setting objectives,

(b) the content of the articles of association,

(c) the content of reports under section 80(1),