(1) This section applies where the Treasury have made a property transfer order in accordance with section 45(2) ("the original order").

(2) The Treasury may make one or more reverse property transfer orders in respect of property, rights or liabilities of the transferee under the original order.

(3) A reverse property transfer order is a property transfer order which -

(a) provides for transfer to the transferor under the original order;

(b) makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities which are, could be or could have been transferred.

(3A) The Treasury must not make a reverse property transfer order unless -

(a) the transferee under the original order is -

(i) a company wholly owned by the Bank of England,

(ii) a company wholly owned by the Treasury, or

(iii) a nominee of the Treasury, or

(b) the reverse property transfer order is made with the written consent of the transferee under the original order.