The Building Societies (Aggregation) (Amendment) Rules 1994

• Citation: S.I. 1994/2458
• Sections: 2

Section 1 Title and commencement

These Rules may be cited as the Building Societies (Aggregation) (Amendment) Rules 1994 and shall come into force on 1st November 1994.

Section 2 Amendment of principal Rules

The Building Societies (Aggregation) Rules 1993 shall be amended as follows:

(a) in rule 2(1)(b) (definition of “attributable assets”) there shall be inserted at the end—

save that a loan shall be treated as falling within section 16 notwithstanding—

(i) that it is not made to an individual; or

(ii) that making it would cause any limit in that section to be exceeded;

(b) in rule 2(1)(e) (definition of excluded assets) in paragraph (ii) after the words “section 28(1)(b) of that Act” there shall be inserted the words “(or under any equivalent requirement imposed on the company by any law in force in the country or territory where it is incorporated)”; and

(c) in rule 7 (aggregation of assets)—

(i) in paragraph (2) for the words “paragraph (3)” there shall be substituted the words “paragraphs (3) and (3A)”; and

(ii) after paragraph (3) there shall be inserted the following paragraph—

(3A) A loan falling to be attributed may be attributed as a class 3 asset of the society notwithstanding that it is not made to an individual or that if it were made by the society any limit in section 16 would be exceeded.