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The Building Societies (General Charge and Fees) Regulations 2001

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General charge in respect of the Commission’s accounting year 2001–2002

3.—(1) Each society which is authorised on the operative date shall pay to the Commission with respect to the accounting year 2001–2002 a sum determined in accordance with paragraph (3) below.

(2) Any society which is authorised during the accounting year 2001–2002 only after the operative date shall pay to the Commission with respect to that year a sum determined in accordance with paragraph (3) below unless—

(a)the society was registered on the amalgamation of two or more societies, and

(b)at least one of those other societies was a society to which paragraph (1) above applied.

(3) The sum payable under paragraph (1) or (2) above (or as the case may be) is—

(a)in the case of any society a financial year of which ended in the relevant year and with assets the value of which as shown in the balance sheet as at the end of that financial year is £50 million or less, a sum equal to £4,000 plus the sum determined in accordance with paragraph (5) below using the value of the society’s assets as so shown;

(b)in the case of any society a financial year of which ended in the relevant year and with assets the value of which as shown in the balance sheet as at the end of that financial year is more than £50 million, a sum equal to £5,500 plus the sum determined in accordance with paragraph (5) below using the value of the society’s assets as so shown;

(c)in the case of any society to which sub-paragraph (a) or (b) does not apply and which was formed on the amalgamation of two or more societies, financial years of which ended in the relevant year, a sum equivalent to £11,000 plus the sum determined in accordance with paragraph (5) below using the aggregate value of the assets of each of those societies as shown in their respective balance sheets as at the end of those respective financial years;

(d)in the case of any society to which sub-paragraph (a), (b) or (c) does not apply and with assets the value of which as at the date of authorisation of the society is £50 million or less, a sum equal to £4,000 plus the sum determined in accordance with paragraph (5) below using the value of the society’s assets as at the date of authorisation; and

(e)in the case of any society to which sub-paragraph (a), (b) or (c) does not apply and with assets the value of which as at the date of authorisation of the society is more than £50 million, a sum equal to £5,500 plus the sum determined in accordance with paragraph (5) below using the value of the society’s assets as at the date of authorisation.

(4) Where a society has transferred its engagements to an authorised society under section 94 of the Act(1) after the end of the transferee’s financial year which ended in the relevant year, the transferee shall in addition to any sum payable by it by virtue of the foregoing provisions of this regulation pay to the Commission with respect to the accounting year 2001–2002 any sum which would have been payable by the transferor society if it had been an authorised society on the operative date and in a case where the transferor society had no balance sheet for a financial year ending in the relevant year, using the value of that society’s assets as shown in the balance sheet for its last financial year.

(5) The sum determined in accordance with this paragraph is the sum—

(a)determined by applying 0.0021 per cent to the relevant assets, or

(b)where the value of the relevant assets exceeds £30,000 million, determined by adding the sums determined by applying 0.0021 per cent to the first £30,000 million of the relevant assets and applying 0.00105 per cent to the excess of the relevant assets over £30,000 million.

(1)

Section 94 was amended by section 43 of and paragraph 42 of Schedule 7 to the Building Societies Act 1997.

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