Commentary on Sections Incidental functions Section 64: Special continuity obligations: property transfers
172.This section provides for the Bank of England, through a property transfer instrument, to create or vary rights and obligations between a transferee, a residual bank and group companies. It applies following the exercise of property transfer powers.
173.Subsection (2) describes the particular provision which the Bank of England can make in a property transfer instrument in this connection.
174.Subsection (3) provides that the Bank of England shall aim, so far as is reasonably practicable, to preserve or include provision for reasonable consideration and terms.
175.Subsection (4) provides that the powers under subsection (2) may be exercised only in so far as the Bank of England thinks it necessary to ensure the provision of such services and facilities as are required to operate the transferred business effectively. The power may be exercised only with the consent of the Treasury.