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Statutory Instrument 1993 No. 985

The Building Societies (Designation of Qualifying Bodies) Order 1993

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1993 No. 985

BUILDING SOCIETIES

The Building Societies (Designation of Qualifying Bodies) Order 1993

Made1st April 1993
Laid before Parliament2nd April 1993
Coming into force1st May 1993

    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 1993 and shall come into force on 1st May 1993.
    Interpretation
        2.    In this Order, except where the context otherwise requires—
      "the Act" means the Building Societies Act 1986;
      "body" means a body corporate of the description specified in column 1 of Part I of Schedule 1 to this Order;
      "the relevant power", in relation to a body, means the power for the exercise of which, as specified in column 3 of Part I of Schedule 1 to this Order, that body is designated as suitable, and
      "society" means a building society.
    Designation of bodies corporate
        3.—(1)  Each body corporate of the description specified in column 1 of Part I of Schedule 1 to this Order 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 body corporate comes within the description so specified, the meaning of that description for the purposes of this Order;
       (b) the corresponding item in column 3 specifies that the body is designated as suitable for investment and support (but not for support only);
       (c) the corresponding item 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 body, and
       (d) the corresponding item in column 5 specifies the condition subject to which the exercise of the relevant power by a society is permitted in relation to that body.

        (2)  Part II of Schedule 1 to this Order shall have effect—
       (a) so as to supplement Part I thereof, and
       (b) in respect of interpretation of that Schedule.

    Amendments of previous Orders
        4.    The following Orders shall have effect subject to the amendments set out in Schedule 2 to this Order: the Building Societies (Designation of Qualifying Bodies) Order 1990[2]; the Building Societies (Designation of Qualifying Bodies) Order 1991[3]; the Building Societies (Designation of Qualifying Bodies) (No. 2) Order 1991[4]; the Building Societies (Designation of Qualifying Bodies) Order 1992[5]; the Building Societies (Designation of Qualifying Bodies) (No. 2) Order 1992[6]; the Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1992[7], and the Building Societies (Designation of Qualifying Bodies) (No. 4) Order 1992[8].


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
1st April 1993.


Norman Digance

Secretary to the Commission

We consent to this Order,

Irvine Patnick

Tim Wood

Two of the Lords Commissioners of Her Majesty's Treasury

1st April 1993




Notes:

[1] 1986 c. 53.

[2] S.I. 1990/1434.

[3] S.I. 1991/357.

[4] S.I. 1991/2581.

[5] S.I. 1992/649.

[6] S.I. 1992/650.

[7] S.I. 1992/651.

[8] S.I. 1992/652.

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