The Building Societies Act 1997 (Commencement No. 3) Order 1997

Coming into force of provisions

2.—(1) The provisions of the Act specified in Part I of the Schedule to this Order shall come into force, subject to paragraph (7) below, on 1st December 1997.

(2) In the case of any existing building society which sends the central office a record of alterations to its purpose or principal purpose, its powers and its rules, in accordance with paragraph 1(1) of Schedule 8 to the Act, where—

(a) the alterations are specified as taking effect on or before 1st December 1997; and

(b) the record of the alterations is registered by the central office under paragraph 1(3) of Schedule 8 to the Act on or before 1st December 1997,

the provisions of the Act specified in Part II of the Schedule to this Order shall come into force for all purposes, subject to paragraph (7) below, on 1st December 1997.

(3) In the case of any other existing building society, the provisions of the Act specified in Part II of the Schedule to this Order shall come into force for all purposes, except for the purpose and to the extent stated in paragraph (4) below and subject to paragraph (7) below, on the date on which the record of alterations to its purpose or principal purpose, its powers and its rules takes effect under paragraph 1(5) or 2(6) of Schedule 8 to the Act, or as the case may be, is registered under paragraph 3(3)(a) of that Schedule.

(4) For the purpose of ending the period mentioned in paragraph 1(1) of Schedule 8 to the Act and of construing the definitions of “existing building society” and “the transitional period” in paragraph 2(7) or 3(6) of that Schedule, sections 1 and 2 of the Act shall come into force in the case of a building society falling within paragraph (3) above on 1st December 1997.

(5) In the case of any building society registered after 30th November 1997 the provisions of the Act specified in Part II of the Schedule to this Order shall come into force for all purposes, subject to paragraph (7) below, on 1st December 1997.

(6) The provisions of the Act specified in Part III of the Schedule to this Order shall come into force on the day after the transitional period defined in paragraph 2(7) of Schedule 8 to the Act ends.

(7) Where an entry in the Schedule is stated to come into force for specified purposes or to a specified extent, it shall come into force only for those purposes or to that extent.