Banking Act 1987

28 (1) In Article 2(3) of the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986—

(a) after the definition of "articles" there shall be inserted—

• “"authorised institution" means a company which is an institution authorised under the Banking Act 1987;”

(b) the definition of "recognised bank" shall be omitted.

(2) In Article 217(5)(a)(i) of that Order for the words "a recognised bank or licensed institution within the meaning of the Banking Act 1979" there shall be substituted the words "an authorised institution".

(3) In Article 240(5) of that Order for the words "recognised banks" there shall be substituted the words "authorised institutions".

(4) In Article 242(1) of that Order for the words "a recognised bank", wherever they occur, there shall be substituted the words "an authorised institution".

(5) In Article 255(3)(c) of that Order for the words "a recognised bank or licensed institution within the meaning of the Banking Act 1979" there shall be substituted the words "an authorised institution".

(6) In Article 265(1) of that Order for paragraph (a) there shall be substituted—

“(a) "banking company" means a company which is an authorised institution”.

(7) In Articles 346(4), 347(4), 351(1)(a) and 352(2) of that Order for the words "a recognised bank", wherever they occur, there shall be substituted the words "an authorised institution".

(8) In Article 442(1)(f) and (1 A) of that Order for the words "the Banking Act 1979" there shall be substituted the words "the Banking Act 1987".

(9) In Schedule 6 to that Order, in paragraph 4 for the words "a recognised bank" and "that recognised bank" there shall be substituted respectively the words "an authorised institution" and "that authorised institution", in paragraphs 14(a) and 17(a) for "(7)" there shall be substituted "(6)" and in the heading to Part III for the words "RECOGNISED BANKS" there shall be substituted the words "AUTHORISED INSTITUTIONS".