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New Clause 18

Banking Bill – in a Public Bill Committee at 11:45 am on 18th November 2008.

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Continuity obligations: termination

‘(1) The continuity authority may by notice terminate an obligation arising under section 57 or 59.

(2) The power under subsection (1) is exerciseable by giving a notice to each person—

(a) on whom the obligation is imposed, or

(b) who has benefited or might have expected to benefit from the obligation.

(3) In this section “continuity authority”—

(a) in relation to section 57, means the Bank of England, and

(b) in relation to section 59, has the same meaning as in that section.’.—[Ian Pearson.]

Brought up, read the First and Second time, and added to the Bill.