Explanatory Notes

Banking Act 2009

2009 CHAPTER 1

12 February 2009

Commentary on Sections

Part 1: Special Resolution Regime.

Transfer of property

Section 34: Effect

90.A transfer of property, rights or liabilities is effected through a property transfer instrument (section 33). Subsections (3) and (4) make provision for the transfer to take effect regardless of any legislative or contractual restriction, including requirements for consent (or any other restrictions which might render property not transferable).

91.Subsections (5) and (6) provide that a transfer may be made conditional on events occurring or not occurring, and may provide for the consequences should such a condition be breached. Subsection (7) makes provision about trusts.