Commentary on Sections Transfer of securities Section 28: Onward transfer
76.Where the Treasury has made a share transfer order to bring a bank into temporary public ownership in accordance with section 13, it may make onward share transfer orders. These may provide for two things: first, for the transfer of securities meeting the description specified in subsection (3)(a); and, second, for any provision in relation to the relevant securities. Subsection (4) stipulates that the transferee may not be the transferor under the original order.
77.The general and specific conditions (sections 7 and 9, respectively) do not apply to onward transfers. Subsection (6) provides that the Treasury must consult the Bank of England and the FSA before making the order.
78.Subsection (7) provides that the Treasury may make a supplemental share transfer order (as described in section 27) following the making of an onward share transfer order.