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The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1991
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- UK Statutory Instruments
- 1991 No. 1358
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order amends the Building Societies (Designation of Qualifying Bodies) Order 1990, which makes provision as to the corporate bodies which a building society may invest in or support under section 18 of the Building Societies Act 1986.
The definition of “subordinate organisation” which comes within a prescribed range for the purposes of paragraph 6C(2) of the 1990 Order is modified to include bodies which are designated under that and subsequent Orders.
The limited transitional periods during which the continuation of overdrafts in excess of £10,000 per individual remains an exception to the restrictions on the activities of Girobank plc for the purpose of holding shares in Girobank plc by a building society, is extended to up to and including 2nd July 1992.
Provisions are repealed which relate to the limited transitional periods during which other exceptions to the restrictions on the activities of Girobank plc were in force, such transitional periods having expired.
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