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Proceeding contribution from Lord Davies of Oldham (Labour) in the House of Lords on Wednesday, 14 January 2009. It occurred during Committee of the Whole House (HL) and Debate on bill on Banking Bill.

Banking Bill

Amendment 43 43: Clause 22, page 10, line 27, at end insert— ““(1B) A Type 2 default event provision is a provision of a contract or other agreement that has the effect that a provision of the contract or agreement— (a) takes effect only if a specified event occurs or does not occur, (b) takes effect only if a specified situation arises or does not arise, (c) has effect only for so long as a specified event does not occur, (d) has effect only while a specified situation lasts, (e) applies differently if a specified event occurs, (f) applies differently if a specified situation arises, or (g) applies differently while a specified situation lasts. (1C) For the purposes of subsections (1A) and (1B) it is the effect of a provision that matters, not how it is described (nor, for example, whether it is presented in a positive or a negative form).””

Secondary information

Type
Proceeding contribution
Reference
706 c1299 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Contracts Codes of practice Accountability Directors Assets Bank services Banks Competition Delegated legislation Bank of England Employment Liability EU law Financial institutions Insolvency Private sector Protection Pay Public appointments Property transfer Public sector Parliamentary scrutiny Staff Nationalisation Shares Taxation Shareholders Treasury
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk