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The Building Societies (Financial Assistance) Order 2010

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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Building Societies (Financial Assistance) Order 2010 No. 1188

Floating charges

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7.  (1)  Section 9B(1) of the 1986 Act (restriction on creation of floating charges)(1) shall not apply to a relevant building society in relation to any relevant floating charge.

(2) Section 9B(2) shall not apply to any relevant floating charge.

(3) In this article a “relevant floating charge” is a floating charge created by a relevant building society in favour of a qualifying institution in connection with any financial assistance the society receives from that qualifying institution.

(1)

Section 9B was inserted by the Building Societies Act 1997, section 11.

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