The Building Societies (Banking Institutions) Order 1987

• Citation: S.I. 1987/1670
• Sections: 3

Section 1 Citation and commencement

This Order shall be cited as the Building Societies (Banking Institutions) Order 1987 and shall come into force on 1st October 1987.

Section 2 Amendment of provisions of the Building Societies Act 1986

The Building Societies Act 1986 shall be amended as follows:

(a) in section 7(4) (which identifies non-retail funds and deposits), for paragraph (bb) there shall be substituted the following paragraph:

(bb) sums deposited otherwise than in excepting circumstances with the society by, or by a trustee for, an institution which is —

(i) an authorised institution, for the purposes of, or

(ii) an overseas institution for the purposes of Part IV of,

the Banking Act 1987 ;

(b) in Schedule 8 (services), in paragraph 7(a) of Part III, for the words “recognised bank or licensed institution” there shall be substituted the words “authorised institution”.

Section 3 Amendment of the Building Societies (Mobile Home Loans) Order 1986

The Building Societies (Mobile Home Loans) Order 1986 shall be amended as follows:

(a) in article 2 (interpretation) —

(i) after the definition of “the Act” there shall be inserted the following definition:

“authorised institution” means an institution which is an authorised institution for the purposes of the Banking Act 1987;

(ii) the definitions of “licensed deposit taker” and “recognised bank” and the word “and” immediately before the latter definition shall be omitted; and

(b) in article 3 (security for mobile home loans) —

(i) in paragraph (c)(ii), for the words “society, recognised bank or licensed deposit taker” there shall be substituted the words “society or authorised institution”; and

(ii) in paragraph (d), for the words “a recognised bank or licensed deposit taker” there shall be substituted the words “an authorised institution”.