Statutory Instrument 1989 No. 1817

The Building Societies (Gibraltar) Order 1989

(The document as of February, 2008)

-- Back --

STATUTORY INSTRUMENTS

1989 No. 1817

BUILDING SOCIETIES

The Building Societies (Gibraltar) Order 1989

Made	4th October 1989

Laid before Parliament

5th October 1989

Coming into force

15th November 1989

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by section 14 of the Building Societies Act 1986^[1], and of all other powers enabling it in that behalf, hereby makes the following Order:-

Citation and commencement
    1.    This Order may be cited as the Building Societies (Gibraltar) Order 1989 and shall come into force on 15th November 1989.

Interpretation
    2.—(1)  In this Order-
"the Act" means the Building Societies Act 1986;
"Gibraltar" means the City of Gibraltar;
"relevant form of security" means the form of security to which paragraph 1 of Schedule 1 to this Order refers;
"relevant provision" means a provision of the Act which applies or has effect in relation to advances secured on land;
"society" means a building society; and
"territory advance" means an advance which, by virtue of this Order, a society may make.


    (2)  For the purposes of this Order, a provision of the Act which applies or has effect in relation to advances fully secured on land shall be treated as one which applies or has effect in relation to advances secured on land.

Designation of Gibraltar
    3.—(1)  Subject to paragraph (2) below, Gibraltar is designated as a territory as respects which advances under section 14 of the Act (power to make advances secured on land overseas) may be made secured on land.

    (2)  Schedule 1 to this Order shall have effect in respect of-
 (a) the forms of security on land which may be taken for such advances,
 (b) the circumstances in which such forms of security may be taken,
 (c) the conditions subject to which such forms of security may be taken, and
 (d) the classification of territory advances (and accordingly of the mortgage debts) as class 1 advances or class 2 advances for the purposes of the requirements of Part III of the Act for the structure of commercial assets,
in relation to Gibraltar, and a society shall not have power to make advances secured on land in Gibraltar except in accordance with Schedule 1 to this Order.

Availability of power
    4.    The power conferred by this Order is not available to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability does not require the disposal of any property or rights.

Exercise of power without adoption
    5.    The power conferred by this Order shall not require adoption by a society in order to be exercisable by it.

Other security
    6.    Nothing in this Order is to be taken as precluding a society from taking other security for an advance classified as specified in article 3(2)(d) above, but the value of the other security shall be disregarded for the purpose of that classification.

Application of relevant provisions
    7.    Subject to Schedule 2 to this Order, the relevant provisions shall apply or, as the case may be, have effect in relation to territory advances as they apply or have effect in relation to other advances secured on land and in any relevant provision-
 (a) any reference to a mortgage shall be construed as including a reference to the relevant form of security, and
 (b) any reference to a mortgage debt shall be construed accordingly.

In witness whereof the common seal of the Building Societies Commission is hereto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on
28th September 1989.

P. H. Gevers

Secretary to the Commission

We consent to this Order.

David Lightbown

Stephen Dorrell

Two of the Lords Commissioners of Her Majesty's Treasury

4th October 1989

---

Notes:

[1] 1986 c. 53.

-- Back --