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Statutory Instrument 1988 No. 1196

The Building Societies (Designation of Qualifying Bodies) Order 1988

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1988 No. 1196

BUILDING SOCIETIES

The Building Societies (Designation of Qualifying Bodies) Order 1988

Made8th July 1988
Laid before Parliament12th July 1988
Coming into force30th August 1988

    The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by section 18(2)(c) of the Building Societies Act 1986[1], and of all other powers enabling it in that behalf, hereby makes the following Order:
    Title and commencement
        1.    This Order may be cited as the Building Societies (Designation of Qualifying Bodies) Order 1988 and shall come into force on 30th August 1988.
    Interpretation
        2.    In this Order, except where the context otherwise requires—
      "the Act" means the Building Societies Act 1986;
      "appropriate vehicle" means a body corporate individually specified or of a description specified in column 1 of Part I of the Schedule to this Order;
      "the relevant power", in relation to an appropriate vehicle, means the power for the exercise of which, as specified in column 3 of Part I of the Schedule to this Order, that appropriate vehicle is designated as suitable; and
      "society" means a building society.

    Designation of bodies corporate
        3.—(1)  Each appropriate vehicle individually specified or of a description specified in an item in column 1 of Part I of the Schedule hereto is designated for the purposes of section 18 of the Act (power to invest in subsidiaries and other associated bodies) and within that Part of that Schedule—
       (a) the corresponding item in column 2 specifies, where that appropriate vehicle is individually so specified, the number under which it is registered under the Companies Act 1985[2] or, where that appropriate vehicle comes within a description so specified, the meaning of that description for the purposes of this Order,
       (b) the corresponding item in column 3 specifies, subject to article 4 below, whether that appropriate vehicle is designated—
         (i) as suitable for investment and support or support, or
         (ii) as suitable for investment and support (and accordingly not for support in the absence of investment),
       (c) the corresponding item (if any) in column 4 specifies the purposes for which (in addition to the purposes permitted by section 18(4) of the Act) the exercise of the relevant power by a society is permitted in relation to that appropriate vehicle, and
       (d) the corresponding item (if any) in column 5 specifies the provision (if any) for different descriptions of societies in relation to which, the limits (if any) on the extent to which, and the conditions (if any) subject to which, the exercise of the relevant power by a society is permitted in relation to that appropriate vehicle.

        (2)  Part II of the Schedule to this Order shall have effect—
       (a) so as to supplement Part I thereof, and
       (b) in respect of the interpretation of that Schedule.

    Transitional provision
        4.    Nothing in this Order shall take away the power of a society to continue to support, in consequence of a resolution under section 18(9) of the Act (linking by resolution) in force at the time when this Order comes into force, any body corporate designated by any of the Orders revoked in article 5 below.
    Revocation of previous Orders
        5.    The Building Societies (Designation of Qualifying Bodies) Order 1986[3], the Building Societies (Designation of Pension Companies) Order 1987[4], the Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987[5] and the Building Societies (Designation of Relevant Estate Agencies) Order 1988[6] are hereby revoked. 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 7th July 1988.





P. H. Gevers

Secretary to the Commission

We consent to this Order

Peter Lloyd

Tony Durant

Two of the Lords Commissioners of Her Majesty's Treasury

8th July 1988




Notes:

[1] 1986 c. 53.

[2] 1985 c. 6.

[3] S.I. 1986/1715, amended by S.I. 1987/2018.

[4] S.I. 1987/1871.

[5] S.I. 1987/2018.

[6] S.I. 1988/23.

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