Legislation

UK Legislation

Building Societies Act 1986

Part XI Miscellaneous and Supplementary and Conveyancing Services

Miscellaneous and supplementary

119 Interpretation

(1)	In this Act, except where the context otherwise requires—

[“annual accounts” has the meaning given in section 81B(1)];

“the annual business statement” has the meaning given by section 74(1);

“the applicable winding up legislation” and “the companies winding up legislation” have the meanings given by section 90;

[“the appropriate authority” means—

in relation to a building society which is a PRA–authorised person, the PRA; and

in relation to a building society which is not a PRA–authorised person, the FCA;]

[“associated undertaking” has the meaning given by section 119A;]

[“ballot” means an electronic ballot or a postal ballot, as the case may be;]

[“borrowing members' resolution” has the meaning given by paragraph 29(1) of Schedule 2 to this Act and, subject to paragraph 29(2), “borrowing member” has the meaning given by paragraph 5 of that Schedule;]

[“Building Societies Act accounts” means Building Societies Act individual accounts and, where required, any Building Societies Act group accounts;

“Building Societies Act group accounts” has the meaning given by section 72E(3)(a);

“Building Societies Act individual accounts” has the meaning given by section 72A(2)(a)]

“building society” means a building society incorporated (or deemed to be incorporated) under this Act;

[“building society insolvency”, “building society insolvency order” and “building society liquidator” shall be construed in accordance with Part 2 of the Banking Act 2009 as applied with modifications by section 90C above;

“building society special administration”, “building society special administration order” and “building society special administrator” shall be construed in accordance with Part 3 of the Banking Act 2009 as applied with modifications by section 90C above;]

[“the Companies Acts” has the meaning given by section 2(1) of the Companies Act 2006;]

[“connected undertaking” means a subsidiary undertaking or an associated undertaking;]

[“the court”, in relation to a building society, means the court which has jurisdiction under the applicable winding up legislation to wind up the society;]

“deferred shares” means shares of a class defined by order of the [Treasury] in a statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament;

[“deposit” includes—

a subordinated deposit, that is to say, a deposit which, on a winding up, would fall to be repaid only after repayment in full had been made to the holders of shares in the society other than deferred shares,

and cognate expressions shall be construed accordingly;]

“dispose”, in relation to any property, includes the granting of any interest in or right over it;

[“electronic address” includes any number or address used for the purposes of receiving electronic communications which are sent electronically;”;

“electronic ballot”, in relation to an election or resolution of a building society, means the electronic ballot taking place, in accordance with paragraph 33A of Schedule 2 to this Act, in the case of the election or resolution;”;

“electronic communication” means an electronic communication within the meaning of the Electronic Communications Act 2000 the processing of which on receipt is intended to produce writing;]

“executive”, in relation to a director, means a person who holds office as a director and also as chief executive, secretary or manager;

[“the FCA” means the Financial Conduct Authority;]

“financial year” is to be construed in accordance with section 117;

[“group accounts” has the meaning given by section 72E(1);]

“heritable security” means a security capable of being constituted over any land by disposition or assignation of that interest in security of any debt and of being recorded in the Register of Sasines or, as the case may be, in the Land Register of Scotland and includes a security constituted by a standard security and any other charge enforceable in the same manner as a standard security;

[“IAS accounts” means IAS individual accounts or IAS group accounts;

“IAS group accounts” has the meaning given by section 72E(3)(b);

“IAS individual accounts” has the meaning given by section 72A(2)(b);

“individual accounts” has the meaning given by section 72A(1);]

[“interest”, in relation to shares, includes dividends;]

[“land”, in the expression “loan secured on land”, has the meaning given by section 6A(8);]

[“loan secured on land” and “loan fully secured on land” shall be construed in accordance with sections 6A and 6B respectively;]

“manager”, in relation to a building society, means a person (other than the chief executive) employed by the society who, under the immediate authority of a director or the chief executive of the society exercises managerial functions or is responsible for maintaining accounts or other records of the society;

[“member” shall be construed in accordance with paragraph 5 of Schedule 2 to this Act;]

“memorandum” has the meaning given by paragraph 1 of Schedule 2 to the Act;

“mortgage” includes charge;

[“mortgage debt”, in relation to a loan secured on land and any time, means the total amount outstanding at that time in respect of—

the principal of the loan;

interest on the loan; and

any other sum which the borrower is obliged to pay the society under the terms of the loan;]

[“notice” means written notice but includes a notice in an electronic communication to the extent only that this Act provides for the manner in which the notice may be given electronically, and “notice to” and “notify” shall be construed accordingly;]

“officer”, in relation to a building society, means any director, chief executive, secretary or manager of the society; and, in relation to any offence, “officer” also includes any person who purports to act as an officer of the society; and in relation to any other body corporate means the corresponding officers of that body;

“officially notified”, in relation to the appointment or address of a director or the chief executive of a building society, means respectively notified to, and the last address notified to, the [FCA] under section 61(13) or 59(6), as the case may be;

[“ordinary resolution” means a resolution which will be effective without being passed as a special resolution, shareholding members' resolution or borrowing members' resolution;]

[“own funds” means own funds as defined in Article 4(1)(118) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;]

[“postal ballot”, in relation to an election or resolution of a building society, means any postal ballot taking place by virtue of any rules of the society made in accordance with paragraph 33 of Schedule 2 to this Act, in the case of the election or resolution;]

[“the PRA” means the Prudential Regulation Authority;]

[“PRA–authorised person” has the meaning in section 2B of the Financial Services and Markets Act 2000;]

“the public file”, in relation to a building society, means the file relating to the society which the [FCA] is required to maintain under section 106;

“registered address”, in relation to a member of a building society, has the meaning given by paragraph 13 of Schedule 2 to this Act;

“the repealed enactments” means the Building Societies Act 1962 or the Building Societies Act 1874 or, in relation to Northern Ireland, the Building Societies Act (Northern Ireland) 1967;

[“residential property” has the meaning given by section 5(10);]

[“share”, in relation to a building society, shall be construed in accordance with section 8;]

“shareholder and depositor” includes a potential shareholder or depositor;

[“shareholding member” has the meaning given by paragraph 5 of Schedule 2 to this Act;]

[“shareholding members' resolution” has the meaning given by paragraph 27A of that Schedule;]

“special resolution” has the meaning given by paragraph 27 of Schedule 2 to this Act;

“summary financial statement” has the meaning given by section 76(1);

[“undertaking” and “subsidiary undertaking” have the same meaning as in the Companies Acts (see sections 1161(1) and 1162 of, and Schedule 7 to, the Companies Act 2006)].

In this Act references to the Bank of England do not include the Bank acting in its capacity as the Prudential Regulation Authority.]

Any reference in this Act to the seal of the [FCA] is a reference to the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974 (and not to the [FCA's] common seal).]

(2)	In relation to [loans] secured on land in Scotland, “mortgage” means a heritable security, “mortgagor” and “mortgagee” mean respectively the debtor and creditor in a heritable security and connected expressions shall be construed accordingly.

(3)	For the purposes of any provision of this Act referring to the value of a person's shareholding in a building society—

the value of a person's shares shall be taken as the amount standing to his credit in respect of payments made < . . . > on the shares and interested credited . . . by way of capitalisation; and

shares held by a person to whom, as the holder of the share, the society has made [a loan], shall be disregarded.

Any reference in this Act (however expressed) to loans being owed to a building society or a subsidiary undertaking of a building society is a reference to their being so owed either at law or in equity.]

[(4)	Subject to [section 9A(7)], the value in sterling of—

any transaction effected by or with a building society or connected undertaking in another currency, or

any assets or liabilities of a building society or connected undertaking denominated in another currency,

shall be determined for any purpose of this Act in accordance with directions given by the [appropriate authority] under this subsection.]

Initial Commencement

To be appointed

To be appointed: see s 126(3).

Appointment

Appointment: 25 September 1986: see SI 1986/1560, art 3, Sch 1.

Sub–s (1): definitions “adopt”, “adopted”, “adoptable powers” repealed by the Building Societies Act 1997, ss 43, 46(2), Sch 7, para 53(1)(a), Sch 9.

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record: see SI 1997/2668, art 2, Schedule, Pt II(w), (y), (z)(xxxi), (cc)(xvi).

Sub–s (1): definitions “advance secured on land”, “advance fully secured on land” repealed by the Building Societies Act 1997, ss 43, 46(2), Sch 7, para 53(1)(a), Sch 9.

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record: see SI 1997/2668, art 2, Schedule, Pt II(w), (y), (z)(xxxi), (cc)(xvi).

Sub–s (1): definition “annual accounts” substituted, for definition “the annual accounts” as originally enacted, by SI 2004/3380, art 8, Schedule, paras 1, 7(1), (2)(a).

Date in force: this amendment has effect as respects building societies' financial years which begin on or after 1 January 2005: see SI 2004/3380, art 1(2).

Sub–s (1): definition “the appropriate authority” inserted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(d).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “associated undertaking” substituted by SI 2008/948, art 3(1)(b), Sch 1, Pt 2, para 108(1), (2).

Date in force: 6 April 2008: see SI 2008/948, art 2(2); for transitional provisions and savings see arts 11, 12 thereof.

Sub–s (1): definition “authorisation” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(i), Sch 4.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “the Authority” (omitted) inserted by SI 2001/2617, art 13(1), Sch 3, Pt II, paras 131, 197(a)(ii).

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “the Authority” (omitted) repealed by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(a).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “ballot” inserted by SI 2003/404, art 9(1), (2).

Date in force: 20 March 2003: see SI 2003/404, art 1(1).

Sub–s (1): definition “borrowing members' resolution” substituted for original definitions “borrowing members' resolution” and “borrowing member” by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(c).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definitions “Building Societies Act accounts”, “Building Societies Act group accounts” and “Building Societies Act individual accounts” inserted by SI 2004/3380, art 8, Schedule, paras 1, 7(1), (2)(b).

Date in force: this amendment has effect as respects building societies' financial years which begin on or after 1 January 2005: see SI 2004/3380, art 1(2).

Sub–s (1): definitions ““building society insolvency”, “building society insolvency order” and “building society liquidator”” and ““building society special administration”, “building society special administration order” and “building society special administrator”” inserted by SI 2009/805, art 11.

Date in force: 29 March 2009: see SI 2009/805, Prelims.

Sub–s (1): definition “the central office” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(iii), Sch 4; for savings see art 13(3), Sch 5, paras 17, 25(a) thereto.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “the Chief Registrar” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(iii), Sch 4.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “the Commission” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(iii), Sch 4; for savings see art 13(3), Sch 5, paras 17, 25(b) thereto.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “the Companies Acts” inserted by SI 2009/1941, art 2(1), Sch 1, para 87(1), (10).

Date in force: 1 October 2009: see SI 2009/1941, art 1(2).

Sub–s (1): definition “connected undertaking” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(d).

Date in force: 9 June 1997 (for certain purposes): see SI 1997/1427, art 2(k), (n)(xii).

Date in force: 1 December 1997 (for certain purposes): see SI 1997/2668, art 2, Schedule, Pt I(j), (l), (xiv).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “the court” substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(e).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “the criteria of prudent management” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(iii), Sch 4.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “currency” (omitted) inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(f).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “currency” (omitted) repealed by SI 2001/3649, art 199(1), (3).

Date in force: 1 December 2001: see SI 2001/3649, art 1.

Sub–s (1): in definition “deferred shares” word “Treasury” in square brackets substituted by SI 2001/2617, arts 4(1)(c), 13(1), Sch 1, Pt III, Sch 3, Pt II, paras 131, 197(a)(iv); for transitional provisions in relation to transferred functions see art 5 thereof.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “deposit” substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(g).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definitions “electronic address”, “electronic ballot” and “electronic communication” inserted by SI 2003/404, art 9(1), (2).

Date in force: 20 March 2003: see SI 2003/404, art 1(1).

Sub–s (1): definition “the FCA” inserted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(d).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “group accounts” inserted by SI 2004/3380, art 8, Schedule, paras 1, 7(1), (2)(b).

Date in force: this amendment has effect as respects building societies' financial years which begin on or after 1 January 2005: see SI 2004/3380, art 1(2).

Sub–s (1): definitions “IAS accounts”, “IAS group accounts”, “IAS individual accounts” and “individual accounts” inserted by SI 2004/3380, art 8, Schedule, paras 1, 7(1), (2)(b).

Date in force: this amendment has effect as respects building societies' financial years which begin on or after 1 January 2005: see SI 2004/3380, art 1(2).

Sub–s (1): definition “interest” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(h).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “Investor Protection Board” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(v), Sch 4.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “land” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(i).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “loan secured on land”, “loan fully secured on land” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(i).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “member” substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(j).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “mobile home loan” repealed by the Building Societies Act 1997, ss 43, 46(2), Sch 7, para 53(1)(a), Sch 9.

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record: see SI 1997/2668, art 2, Schedule, Pt II(w), (y), (z)(xxxi), (cc)(xvi).

Sub–s (1): definition “mortgage debt” substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(k).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “non–EEA laws” (omitted) inserted by SI 1996/1669, reg 6(5), for effect in relation to non–member EEA States not having implemented the Prudential Supervision Directive see reg 24 thereof.

Sub–s (1): definition “non–EEA laws” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(vi), Sch 4.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): definition “notice” substituted by SI 2003/404, art 9(1), (3).

Date in force: 20 March 2003: see SI 2003/404, art 1(1).

Sub–s (1): in definition “officially notified” reference to “FCA” in square brackets substituted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(b).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “ordinary resolution” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(l).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “own funds” (as inserted by SI 2001/3649, art 199(1), (2)) substituted by SI 2013/3115, reg 46(1), Sch 2, Pt 2, para 34(a).

Date in force: 1 January 2014: see SI 2013/3115, reg 1(2).

Sub–s (1): definition “postal ballot” inserted by SI 2003/404, art 9(1), (2).

Date in force: 20 March 2003: see SI 2003/404, art 1(1).

Sub–s (1): definition “the PRA” inserted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(d).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “PRA–authorised person” inserted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(d).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “prescribed” (omitted) repealed by SI 2001/2617, art 13(1), (2), Sch 3, Pt II, paras 131, 197(a)(viii), Sch 4.

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1): in definition “the public file” reference to “FCA” in square brackets substituted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (2)(c).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1): definition “qualifying asset holding” repealed by the Building Societies Act 1997, ss 43, 46(2), Sch 7, para 53(1)(a), Sch 9.

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record: see SI 1997/2668, art 2, Schedule, Pt II(w), (y), (z)(xxxi), (cc)(xvi).

Sub–s (1): definition “residential property” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(m).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “share” substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(n).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “shareholding member” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(o).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “shareholding members' resolution” inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(1)(o).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (1): definition “subsidiary” repealed by the Building Societies Act 1997, ss 43, 46(2), Sch 7, para 53(1)(a), Sch 9.

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record: see SI 1997/2668, art 2, Schedule, Pt II(w), (y), (z)(xxxi), (cc)(xvi).

Sub–s (1): definition “Subsidiary undertaking” (omitted) inserted by SI 1991/1729, art 5.

Sub–s (1): definition “Subsidiary undertaking” (omitted) repealed by SI 2008/948, art 3(1)(b), (2), Sch 1, Pt 2, para 108(1), (3), Sch 2.

Date in force: 6 April 2008: see SI 2008/948, art 2(2); for transitional provisions and savings see arts 11, 12 thereof.

Sub–s (1): definition “total commercial assets” (omitted) repealed by the Building Societies Act 1997, ss 43, 46(2), Sch 7, para 53(1)(a), Sch 9.

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record: see SI 1997/2668, art 2, Schedule, Pt II(w), (y), (z)(xxxi), (cc)(xvi).

Sub–s (1): definition ““undertaking” and “subsidiary undertaking”” inserted by SI 2008/948, arts 3(1)(b), 6, Sch 1, Pt 2, para 108(1), (4).

Date in force: 6 April 2008: see SI 2008/948, arts 2(2), 12.

Sub–s (1ZA): inserted by SI 2017/80, reg 2, Schedule, Pt 1, para 2.

Date in force: 1 March 2017: see SI 2017/80, reg 1.

Sub–s (1A): inserted by SI 2001/2617, art 13(1), Sch 3, Pt II, paras 131, 197(b).

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (1A): reference to “FCA” in square brackets substituted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (3)(a).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (1A): reference to “FCA's” in square brackets substituted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (3)(b).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (2): word “loans” in square brackets substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(2).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (2A): inserted by SI 1992/3218, reg 81.

Sub–s (2A): repealed by SI 2001/3649, art 199(1), (4).

Date in force: 1 December 2001: see SI 2001/3649, art 1.

Sub–ss (2B), (2C): inserted by SI 1996/1669, reg 23, Sch 5, para 5.

Sub–s (2B): substituted by SI 2006/3221, reg 29(2), Sch 4, para 3.

Date in force: 1 January 2007: see SI 2006/3221, reg 1(1).

Sub–s (2B): repealed by SI 2013/3115, reg 46(1), Sch 2, Pt 2, para 34(b).

Date in force: 1 January 2014: see SI 2013/3115, reg 1(2).

Sub–s (2C): repealed by SI 2001/3649, art 199(1), (4).

Date in force: 1 December 2001: see SI 2001/3649, art 1.

Sub–s (3): in para (a) words omitted repealed by the Building Societies Act 1997, ss 43, 46, Sch 7, para 53(3)(a), Sch 9.

Date in force: 9 June 1997: see SI 1997/1427, art 2(k), (n)(xiii).

Sub–s (3): in para (b) words “a loan” in square brackets substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(3).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (3A): inserted by the Building Societies Act 1997, s 43, Sch 7, para 53(4).

Date in force: 1 December 1997 (for certain purposes): see SI 1997/2668, art 2(1), Schedule, Pt I(j), (l)(xiv).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (4): substituted by the Building Societies Act 1997, s 43, Sch 7, para 53(5).

Date in force: 1 December 1997 (for certain purposes): see SI 1997/2668, art 2(1), Schedule, Pt I(j), (l)(xiv).

Date in force: 1 December 1997 or, in the case of an existing building society whose record of alterations takes effect or is registered after 1 December 1997, on the date specified in that record (for remaining purposes): see SI 1997/2668, art 2, Schedule, Pt II(w), (z)(xxxi).

Sub–s (4): words “section 9A(7)” in square brackets substituted by SI 2001/2617, art 13(1), Sch 3, Pt II, paras 131, 197(c)(i).

Date in force: 1 December 2001 (being the date on which the Financial Services and Markets Act 2000, s 19, came into force): see SI 2001/3538, art 2(1) and SI 2001/2617, art 2(b).

Sub–s (4): words “appropriate authority” in square brackets substituted by SI 2013/496, art 2(b), Sch 8, paras 1, 52(1), (4).

Date in force: 1 April 2013: see SI 2013/496, art 1; for transitional provisions see art 2(d), Sch 12 thereto.

Sub–s (5): repealed by the Statute Law (Repeals) Act 2004.

Date in force: 22 July 2004: (no specific commencement provision).

Subordinate Legislation

Building Societies (Deferred Shares) Order 1991, SI 1991/701 (made under sub–s (1)).

Licence and copyright

© 2018, LexisNexis Group a division of Reed Elsevier (UK) Ltd. All rights reserved.