Search Legislation

Advanced Search

The Building Societies (Business Premises) Order 1987

Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Business Premises

3.—(1) Where at a relevant time premises are held under section 6 of the Act (which gives a society the power to hold land for the purposes of its business or that of a subsidiary or other associated body) by virtue of subsection (5) of that section, those premises shall be treated at that time in their entirety as land held under section 17 of the Act (which gives a society the power to hold and develop land as a commercial asset) for the purposes of the requirements of Part III of the Act for the structure of commercial assets unless—

(a)at that time the society holds, or is treated by paragraph (2) below as holding, a current valuer’s certificate which states, in relation to those premises as at a date specified in the certificate, either—

(i)that the society’s business area is not less than 30 per cent of the total area, or

(ii)that, following calculations in accordance with the Schedule below, the open market value of the society’s business area is not less than 30 per cent of the open market value of the entirety of the premises, and

(b)if at the relevant time no part of the premises is or has been occupied by a group member, the society acquired the premises no more than two years before the relevant time.

(2) For the purposes of paragraph (1) above a valuer’s certificate, received by the society within two months after the relevant time and which relates to the premises as at a date specified in the certificate (being no later than the relevant time), shall be treated as held by the society at the relevant time.

(3) For the purposes of paragraph (1) above, a valuer’s certicate shall no longer be current where either—

(a)the society’s business area has decreased, or

(b)in the case of a certificate given under paragraph (1)(a)(ii) above, the use (or, where the premises are not yet occupied, the intended use) of the premises, or of any part of the premises, has changed,

since the date specified for the purposes of paragraph (1)(a) above in the certificate.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources