Statutory Instrument 1991 No. 2581

The Building Societies (Designation of Qualifying Bodies) (No.2) Order 1991

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© Crown Copyright 1991

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1991 No. 2581

BUILDING SOCIETIES

The Building Societies (Designation of Qualifying Bodies) (No.2) Order 1991

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) (No.2) Order 1991 and shall come into force on 16th December 1991.

Interpretation
    2.    In this Order, except where the context otherwise requires—
"the Act" means the Building Societies Act 1986;
"appropriate vehicle" means a body corporate of a description specified in column I of Part I of the Schedule to this Order;
"the relevant power", in relation to an appropriate vehicle, means the power for the exercise of which, is specified in column 3 of Part I of the Schedule to this Order, that appropriate vehicle is designated as suitable; and
"society" means a building society.

Designation of bodies corporate
    3.—(1)  Each appropriate vehicle of a description specified in the item in column 1 of Part I of the Schedule hereto 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 specifics, where that appropriate vehicle comes within a description so specified, the meaning of that description for the purposes of this Order,
 (b) the corresponding item in column 3 specifies that the appropriate vehicle is designated as suitable for investment and support or support,
 (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 appropriate vehicle, 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 appropriate vehicle.

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

Amendment of previous Order
    4.    The Building Societies (Designation of Qualifying Bodies) Order 1991^[2] shall be amended in paragraph 3(1) of Part II of the Schedule thereto as follows—
 (i) in paragraph (a) by inserting the words "payments services" after the word "appropriate" in each place that word appears; and
 (ii) in paragraph (b) by inserting after the words "where a society" the words "holds 2% or more of shares or corresponding membership rights in an appropriate payment services vehicle and by virtue of an investment in that vehicle".

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 I to the Building Societies Act 1986, on
1st November 1991.

Norman Digance

Secretary to the Commission

We consent to this Order,

Irvine Patnick

Gregory Knight

Two of the Lords Commissioners of Her Majesty's Treasury

11th November 1991

[1] 1986 c. 53. back

[2] S.I. 1991/357. back

Explanatory Note