PART XIV LOANS FOR ACQUISITION OR IMPROVEMENT OF HOUSING

Assistance for first-time buyers

448Recognised savings institutions.

(1)

The savings institutions recognised for the purposes of section 446 (qualifying conditions as to savings) are—

F1an authorised deposit taker

F2. . .

  • local authorities

  • F2. . .

  • F2. . .

  • friendly societies, F3and

  • the Director of Savings, F4. . .

  • F4. . .

  • F5Swansea Building Society

and savings institutions recognised for the purposes of the corresponding provisions in force in Scotland or Northern Ireland.

(2)

The Secretary of State may by order made with the consent of the Treasury—

(a)

add to the list in subsection (1), or

(b)

direct that a named body shall no longer be a recognised savings institution;

but before making an order under paragraph (b) he shall give an opportunity for representations to be made on behalf of the body concerned.

(3)

An order shall be made by statutory instrument.