---

Banking Bill

Clause 34: Effect Amendment 8 8: Clause 34, page 17, line 5, at end insert— ““( ) A property transfer instrument may provide for a transfer to be conditional upon a specified event or situation— (a) occurring or arising, or (b) not occurring or arising. ( ) A property transfer instrument may include provision dealing with the consequences of breach of a condition imposed under subsection (5); and the consequences may include— (a) automatic vesting in the original transferor; (b) an obligation to effect a transfer back to the original transferor, with specified consequences for failure to comply (which may include provision conferring a discretion on a court or tribunal); (c) provision making a transfer or anything done in connection with a transfer void or voidable.”” Amendment 8 agreed.