The Building Societies (Designation of Relevant Estate Agencies) Order 1988

• Citation: S.I. 1988/23
• Sections: 2

Section 1 Title and commencement

This Order may be cited as the Building Societies (Designation of Relevant Estate Agencies) Order 1988 and shall come into force on 8th February 1988.

Section 2 Designation of relevant estate agencies

(1) Subject to paragraph (2) below, a body corporate which is a relevant estate agency is designated for the purposes of section 18 of the Building Societies Act 1986 (power to invest in associated bodies) as a body corporate suitable for investment and support by a building society.

(2) The power to invest in and support a body corporate which is a relevant estate agency is not available to a building society except where that body corporate is, or by virtue of that investment becomes, a subsidiary of that building society.

(3) For the purposes of this article a body corporate is a relevant estate agency if—

(a) it does not come within section 18(2)(a) or (b) of the Building Societies Act 1986, but

(b) subject to that, it is a body corporate (formed in a relevant British overseas territory) as regards which, and the business of which, the conditions set out in paragraph 12 of Part III (restrictions in relation to certain services) of Schedule 8 to the Building Societies Act 1986 are fulfilled.