Banking (Special Provisions) Bill — Independent audits — 21 Feb 2008 at 14:01
The Banking (Special Provisions) Bill enables the Treasury to transfer the property, rights and liabilities of a bank, building society or any other "authorised UK deposit-taker" to a corporate body of its choosing.[1]
The majority (in the House of Lords) voted to require that an independent audit be completed within three months of the transfer, and at least annually thereafter.[2]
- [1] Transfer of property, rights and liabilities, Clause 6 of Banking (Special Provisions) Bill, House of Lords version.
- [1] Lord Oakeshott of Seagrove Bay, House of Lords, 21 February 2008.
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