The Building Societies (Commercial Assets and Services) Order 1988

Transitional provision

6.—(1) Nothing in this Order shall—

(a) require a society to dispose of any property or rights held by it immediately before this Order came into force,

(b) take away the power of a society to complete, or do such things as are reasonably necessary to enable it to complete, the performance of existing obligations, or

(c) take away—

(i) the power of a society which, at the time when this Order comes into force, has a qualifying asset holding to continue to invest in or continue to support any body corporate, or

(ii) the power of a society which, at the time when this Order comes into force, does not have a qualifying asset holding to continue to invest in or continue to support any body corporate other than a subsidiary formed for the purpose of exercising the power in paragraph 9 (establishment and management of unit trust schemes for the provision of pensions) of Part I of Schedule 8 to the Act as it was before this Order came into force.

(2) Nothing in this Order shall take away the power of a society, the memorandum of which empowered it before this Order came into force to provide estate agency services as specified in paragraph 13 (estate agency services) of that Part of that Schedule, to provide those services as so specified, pending the taking effect of the first alteration of the powers of the society under paragraph 4 (requirements for alteration of purpose, powers and rules) of Schedule 2 to the Act.