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1. Member States shall ensure that, subject to Article 31(5) and (6), and Article 67, resolution authorities have the power to use the asset and liability separation tool, the sale-of-business tool and the bridge undertaking tool without obtaining the consent of the shareholders of the undertaking under resolution or any third party, other than the purchaser or the bridge undertaking, and without complying with any procedural requirements under company or securities law, other than those laid down in Article 29.

2. Subject to Article 26(2) and (5), any consideration paid by the purchaser or the bridge undertaking shall benefit:

(a) the owners of the shares or of other instruments of ownership, where such shares or such other instruments of ownership issued by the undertaking under resolution have been transferred from the holders of those shares or instruments to the purchaser or the bridge undertaking;

(b) the undertaking under resolution, where some or all of the assets or liabilities of the undertaking under resolution have been transferred to the purchaser or the bridge undertaking.

3. Subject to Article 26(2) and (5), any consideration paid by an asset and liability management vehicle as referred to in Article 30(2) in respect of the assets, rights or liabilities acquired directly from the undertaking under resolution shall benefit the undertaking under resolution. Consideration may be paid in the form of debt issued by the asset and liability management vehicle.

4. Transfers made by using the asset and liability separation tool, the sale-of-business tool or the bridge undertaking tool shall be subject to the safeguards referred to in Title III, Chapter V.

5. Resolution authorities may use the asset and liability separation tool, the sale-of-business tool and the bridge undertaking tool more than once to make supplemental transfers where necessary to achieve the resolution objectives.

6. Member States shall ensure that a purchaser or bridge undertaking as referred to in paragraph 1 may continue to exercise the rights of membership and access to, where relevant, payment, clearing and settlement systems, stock exchanges and insurance guarantee schemes of the undertaking under resolution, provided that that purchaser or bridge undertaking meets the membership and participation criteria for participation in such systems. In cases where not all criteria listed in the first subparagraph are met, Member States shall ensure that, where relevant:

(a) membership or participation in payment, clearing and settlement systems, stock exchanges and insurance guarantee schemes is not denied on the grounds that the purchaser or the bridge undertaking does not possess a rating from a credit rating agency, or that such rating is not commensurate with the rating levels required to be granted access to such systems;

(b) where the purchaser or the bridge undertaking does not meet the membership or participation criteria of a payment, clearing or settlement system, stock exchange or insurance guarantee scheme, the rights referred to in the first subparagraph are exercised for a period specified by the resolution authorities, not exceeding 24 months, and renewable on application by the purchaser or the bridge undertaking to the resolution authority.

7. Without prejudice to Title III, Chapter V, shareholders or creditors of the undertaking under resolution and other third parties whose assets, rights or liabilities are not transferred by using the asset and liability separation tool, the sale-of-business tool or the bridge undertaking tool, shall not have any rights or claims over or in relation to the assets, rights or liabilities transferred or over or in relation to the administrative, management or supervisory body or senior management of the bridge undertaking or the assets and liabilities management vehicle.