Statutory Instrument 1990 No. 1434

The Building Societies (Designation of Qualifying Bodies) Order 1990

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© Crown Copyright 1990

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1990 No. 1434

BUILDING SOCIETIES

The Building Societies (Designation of Qualifying Bodies) Order 1990

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) Order 1990 and shall come into force on 1st September 1990.

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 individually specified or of a description specified in column 1 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, as 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 individually specified or of a description specified in an 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 specifies, where that appropriate vehicle is individually so specified, the number under which it is registered under the Companies Act 1985^[2] or the state in which it is registered or incorporated together with (if any) its number of registration or incorporation in that state or, 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, subject to article 4 below, whether that appropriate vehicle is designated—
 (i) as suitable for investment and support or support, or
 (ii) as suitable for investment and support (and accordingly not for support in the absence of investment),
 (c) the corresponding item (if any) 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 (if any) in column 5 specifies the provision (if any) for different descriptions of societies in relation to which, the limits (if any) on the extent to which, and the condition (if any) 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.

Transitional provision
    4.    Nothing in this Order shall take away the power of a society to continue to support, in consequence of a resolution under section 18(9) of the Act (linking by resolution) in force at the time when this Order comes into force, any body corporate designated by any of the Orders revoked in article 5 below.

Revocation and savings
    5.—(1)  The Building Societies (Designation of Qualifying Bodies) Order 1988^[3], the Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1988^[4], The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1989^[5], The Building Societies (Designation of Qualifying Bodies) (Amendment) (No. 2) Order 1989^[6], The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1990^[7], The Building Societies (Designation of Qualifying Bodies) (Amendment) (No. 2) Order 1990^[8], The Building Societies (Designation of Qualifying Bodies) (Amendment) (No. 3) Order 1990^[9] and the Building Societies (Designation of Qualifying Bodies) (Amendment) (No. 4) Order 1990^[10] are hereby revoked.

    (2)  Anything begun under or for the purposes of any Order revoked by this Order may be continued under, or as the case may be, for the purpose of the corresponding provision of this Order.

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 1 to the Building Societies Act 1986, on 28th June 1990.


Norman Digance

Secretary to the Commission

We consent to this Order

David Lightbown

Thomas Sackville

Two of the Lords Commissioners of Her Majesty's Treasury

2nd July 1990

[1] 1986 c. 53. back

[2] 1985 c. 6. back

[3] S.I. 1988/1196. back

[4] S.I. 1988/1393. back

[5] S.I. 1989/215. back

[6] SI.. 1989/1816. back

[7] S.I. 1990/351. back

[8] S.I. 1990/352. back

[9] S.I. 1990/514. back

[10] S.I. 1990/1089. back

Explanatory Note