Financial institution becoming subsidiary of building society
197.—(1) Section 101 of the Building Societies Act 1986(1) (protective provisions for specially formed successors) is amended as follows.
(2) In subsection (4)(a)—
(a)for the words “financial institution” substitute “person who is an authorised person within the meaning of section 31 of the Financial Services and Markets Act 2000”;
(b)for the words “an institution” substitute “a person”.
(3) In subsection (6), the definition of “financial institution” is repealed.
(1)
Section 101 was substituted by the Building Societies Act 1997 (c. 32) section 41.