The Building Societies (Designation of Qualifying Bodies) Order 1990

Other definitions

10.  In this Schedule, except where the context otherwise requires—

• “banking services” has the meaning which it bears in Schedule 8 to the Act;

• “company limited by shares” has the meaning which it bears for the purposes of the Companies Act 1985(1) or the Companies (Northern Ireland) Order 1986(2);

• “equity share capital” has the meaning which it bears for the purposes of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986;

• “estate agency work” has the meaning which it bears in the Estate Agents Act 1979(3) “facility account”, “facility agreement” and “facility limit” have the meanings which they respectively bear in the Building Societies (Limited Credit Facilities) Order (1987(4);

• “insurance services” has the meaning which it bears in Schedule 8 to the Act;

• “investment”, in respect of the expressions “the subscription for or the purchase or sale of investments”, “investment business” and “relevant investment business”, and in the definition of the last expression and of “market maker”, has the meaning which it bears in section 1 (investment business) of the Financial Services Act 1986(5);

• “investment services” has the meaning which it bears in Schedule 8 to the Act;

• “land services” has the meaning which it bears in Schedule 8 to the Act;

• “local authority in Great Britain” has the meaning which it bears in Schedule 8 to the Act;

• “market maker” means—

  (a)

  in relation to the United Kingdom, a market maker in securities of a particular kind,

  (b)

  in relation to any country or territory outside the United Kingdom, a person who holds himself out at all normal times as willing to buy and sell at a price specified by him investments of a particular kind which are traded on any exchange in that country or territory;

• “market maker in securities of a particular kind” means a person who, for the purposes of subsection (4) of section 67 (depositary receipts) of the Finance Act 1986(6), is so described in section 68(7) (depositary receipts: supplementary) of that Act;

• “pension scheme” means—

  (a)

  a retirement benefits scheme within the meaning of, and which is approved or a candidate for approval by the Commissioners of Inland Revenue for the purposes of, Chapter I of Part XIV of the Income and Corporation Taxes Act 1988(7) (retirement benefit schemes), or

  (b)

  a personal pension scheme within the meaning of, and which is approved or a candidate for approval by the Commissioners of Inland Revenue under, Chapter IV (personal pension schemes) of that Part of that Act;

• “relevant investment business” means investment business relating to investments falling within—

  (a)

  any paragraph other than paragraph 10 (long term insurance contracts) or 11 (rights and interests in investments) of Part I of Schedule 1 to the Financial Services Act 1986, or

  (b)

  paragraph 11 of that Part of that Schedule so far as it is not related to paragraph 10 of that Part of that Schedule; and

• “the specified territory” means in relation to an appropriate territorial corporation that one of the British overseas territories, designated by the Building Societies (Isle of Man) Order 1987(8) the Building Societies (Jersey) Order 1987(9) or the Building Societies (Guernsey and Alderney) Order 1988(10) in which it is incorporated;

• “subordinate organisation” means, in relation to a body corporate, another body corporate of which the first owns directly or indirectly 5 per cent or more of the ordinary share capital, and for this purpose—

  (a)

  “ordinary share capital” shall have the meaning which it has in section 832 (interpretation) of the Income and Corporation Taxes Act 1988, and

  (b)

  direct and indirect ownership shall be determined in accordance with methods the same as those set out in section 838 (subsidiaries) of that Act for determining whether a body corporate is a class of subsidiary of another.

(1)

1985 c. 6.

(2)

S.I. 1986/1032 (N.I.6).

(3)

1979 c. 38; section 1 was amended by the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c. 73), Schedule 1, Part I, paragraph 40.

(4)

S.I. 1987/1975, amended by S.I. 1988/1141.

(5)

1986 c. 60.

(6)

1986 c. 41.

(7)

1988 c. 1.

(8)

S.I. 1987/1498.

(9)

S.I. 1987/1872.

(10)

S.I. 1988/1394.