The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987

• Citation: S.I. 1987/2018
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987 and shall come into force on 18th December 1987.

Section 2 Amendment of previous Order

This article amends the Building Societies (Designation of Qualifying Bodies) Order 1986 as follows —

(a) in the heading to article 7, and in article 7(1), for “Part II” there shall be substituted “Parts II and III ”;

(b) after article 7 there shall be inserted the following article —

Bodies corporate listed in Parts III, IV and V of The Schedule

(7A)

(1) The companies listed in Part III and IV, and the oversea company listed in Part V, of the Schedule to this Order shall, subject to article 9 below, be qualifying bodies suitable for —

(a) investment and support, or

(b) support, by a society for the purposes set out in paragraph (2) below.

(2) The purposes referred to in paragraph (1) above are those of enabling or facilitating the operation of facility accounts by the society or by an associated body of the society.

(3) In this article —

“facility account” has the meaning which it has in the Building Societies (Limited Credit Facilities) Order 1987 , and

“oversea company” has the meaning which it has in the Companies Act 1985 .

(c) for article 9 there shall be substituted the following article —

Restriction on investment and support power

(9)

(1) No power to invest in or support any qualifying body —

(a) of a description designated in article 4 or 5 above, or

(b) listed in Part IV or V of the Schedule to this Order,

is available to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability by virtue of this article does not require the disposal of any property or rights.

(2) No power to invest in or support the qualifying body listed in Part III of the Schedule to this Order is available, except for the purposes set out in article 7(2) above, to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability by virtue of this article does not require the disposal of any property or rights.

(d) in the Schedule, on the line on which “SCHEDULE” appears, for “Articles 6 and 7” there shall be substituted “Articles 6, 7, 7A and 9”;

(e) in the heading to the first column of the Schedule, after “COMPANY” there shall be inserted “OR OVERSEA COMPANY”;

(f) in Part II of the Schedule, “EFT-POS Administration Limited” and “1952127” shall be deleted; and

(g) at the end of the Schedule the following Parts shall be added —