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AI Summary of 21. Preconditions for making a proposed transfer order.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 October 2011 - onwards
Version 2 of 2

21. Preconditions for making a proposed transfer order.

(1) The Bank may make a proposed transfer order in relation to an authorised credit institution, or a subsidiary or holding company of an authorised credit institution, if it decides that -

(a) the intervention conditions are fulfilled in relation to that credit institution, and

(b) having regard to any adverse consequences that may arise as a result of the transfer order, in relation to the interests generally of the creditors of the transferor or, where the transferor is a subsidiary or holding company, in relation to the interests generally of the creditors of the transferor or the authorised credit institution concerned, a transfer order is necessary in all the circumstances to address one or more of the reasons for those intervention conditions being fulfilled.

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