The Building Societies (Designation of Qualifying Bodies) (No. 2) Order 1995

Title and commencement

1.  This Order may be cited as the Building Societies (Designation of Qualifying Bodies) (No. 2) Order 1995 and shall come into force on 1st July 1996.

Interpretation

2.  In this Order—

“the Act” means the Building Societies Act 1986;

“body” means a body corporate of the description specified in column 1 of Part I of the Schedule;

“the relevant power” means the power of investment or investment and support;

“the Schedule” means the Schedule to this Order; and

“society” means a building society.

Designation of bodies corporate

3.—(1) Any body corporate of the description specified in column 1 of Part I of the Schedule is designated for the purposes of section 18 of the Act (power to invest in subsidiaries and other associated bodies) and within that Part of the Schedule—

(a) the corresponding item in column 2 specifies the meaning of that description for the purposes of this Order,

(b) the corresponding item in column 3 specifies what the body is designated as suitable for,

(c) the corresponding item in column 4 specifies the purposes for which (in addition to the purposes permitted by section 18(4) of the Act and paragraph (2) below) the exercise of the relevant power by a society is permitted in relation to that body, and

(d) the corresponding item in column 5 specifies the conditions subject to which the exercise of the relevant power by a society is permitted in relation to that body.

(2) In addition to the purposes specified in column 4, the exercise of the relevant power by the society is also permitted for the purpose of enabling the body to carry on any additional activities which it is within the power of that body to carry on under its memorandum and articles of association (or equivalent constitutional documents), provided that those activities—

(a) do not extend to activities referred to in paragraph 2(2) of Part II of the Schedule which would prevent a body corporate from being a body (as defined in article 2 above), and

(b) are carried on together with activities mentioned in column 4 in relation to that body.

(3) Part II of the Schedule shall have effect—

(a) so as to supplement Part I thereof, and

(b) in respect of the interpretation of the Schedule.

Amendment of earlier Order

4.  In paragraph 6(6)(b) of Part II of the Schedule to the Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993(1) there shall be added after the words “this Schedule” the words “or of a personal lines insurance body as specified in the Schedule to the Building Societies (Designation of Qualifying Bodies) (No. 2) Order 1995”.

In witness whereof the common seal of the Building Societies Commission is hereto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on

L.S.

Joy Dennis

Secretary to the Commission

4th December 1995.

We consent to this Order.

S. Burns

B. Wells

Two of the Lords Commissioners of Her Majesty’s Treasury

4th December 1995