Statutory Instrument 1987 No. 2131
The Building Societies (Limit on Non-Retail Funds and Deposits) Order 1987
(The document as of February, 2008)
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STATUTORY INSTRUMENTS
1987 No. 2131
BUILDING SOCIETIES
The Building Societies (Limit on Non-Retail Funds and Deposits) Order 1987
| Laid before Parliament | 10th December 1987 |
| Coming into force | 1st January 1988 |
The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by section 7(15) of the Building Societies Act 1986[1] hereby makes the following Order:
Citation and commencement
1. This Order may be cited as the Building Societies (Limit on Non-Retail Funds and Deposits) Order 1987 and shall come into force on 1st January 1988.
Limit on liabilities in respect of non-retail funds and deposits
2. The prescribed percentage for the purposes of section 7(3) of the Building Societies Act 1986 (which requires that the liabilities of a building society in respect of its non-retail funds and deposits shall not exceed at any time the prescribed percentage of the society's total liabilities at that time in respect of shares in or money deposited with it) shall be 40 per cent.
In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on
D. B. Severn
Secretary to the Commission
7th December 1987.
We consent to this Order.
Tony Durant
David Lightbown
Two of the Lords Commissioners of Her Majesty's Treasury
8th December 1987
EXPLANATORY NOTE
(This note is not part of the Order)This Order prescribes 40% in place of 20% as the maximum percentage of a building society's share and deposit liabilities which may be represented by non-retail funds and deposits. Liabilities in respect of non-retail funds and deposits are described in section 7(4) of the Building Societies Act 1986 as amended by the Building Societies (Non-Retail Funds and Deposits) Order 1987 (S.I. 1987/378) and the Building Societies (Banking Institutions) Order 1987 (S.I. 1987/1670).
ISBN 0 11 078131 7
Notes:[1] 1986 c. 53.
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