Statutory Instrument 1994 No. 655

The Building Societies (EFTA States) Order 1994

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© Crown Copyright 1994

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1994 No. 655

BUILDING SOCIETIES

The Building Societies (EFTA States) Order 1994

The Treasury, in exercise of the powers conferred on them by section 14 of the Building Societies Act 1986^[1] and all other powers enabling them in that behalf, hereby make the following Order, a draft of which has been laid before and approved by each House of Parliament:

Citation and commencement
    1.    —This Order may be cited as the Building Societies (EFTA States) Order 1994 and shall come into force on the day after the day on which it is made.

Interpretation
    2.—(1)  In this Order, except where the context otherwise requires—

"the Act" means the Building Societies Act 1986;


"EFTA State" means any of Austria, Finland, Iceland, Liechtenstein, Norway, Sweden and Switzerland.;


"relevant provision" means a provision of the Act which applies in relation to advances secured on land;


"society" means a building society;


"specified advance" means an advance which a society may make by virtue of this Order;


"specified country" means an EFTA State, and "specified countrie" shall be construed accordingly; and


"specified security" means the form of security to which paragraph 1 of Schedule 1 to this Order refers.

    (2)  For the purposes of this Order, a provision of the Act which applies in relation to advances fully secured on land shall be treated as one which applies in relation to advances secured on land.

Designation of specified countries
    3.—(1)  Subject to paragraph (2) below, the specified countries are designated as countries as respects which advances under section 14 of the Act (power to make advances secured on land overseas) may be secured on land.

    (2)  Schedule 1 to this Order shall have effect in respect of—
 (a) the forms of security on land which may be taken for such advances,
 (b) the circumstances in, and the conditions subject to which, such forms of security may be taken, and
 (c) the classification of specified advances as class 1 advances or class 2 advances for the purposes of the requirements of Part III of the Act for the structure of commercial assets,
in relation to the specified countries.

Availability of power
    4.    The power conferred by this Order is not available to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability does not require the disposal of any property or rights.

Other security
    5.    Nothing in this Order is to be taken as precluding a society from taking security for an advance in addition to the form of security required by Schedule 1 to this Order, but the value of the other security shall be disregarded for the purpose of that Schedule.

Application of relevant provisions
    6.    Subject to Schedule 2 to this Order, the relevant provisions shall apply in relation to specified advances as they apply in relation to other advances secured on land and in any relevant provision—
 (a) any reference to a mortgage shall include reference to the specified security, and
 (b) any reference to a mortgage debt shall be construed accordingly.

Tim Wood

Timothy Kirkhope

Two of the Lords Commissioners of Her Majesty's Treasury

8th March 1994

[1] 1986 c. 53. back

Explanatory Note