http://www.legislation.gov.uk/ukpga/1986/53/section/19Building Societies Act 1986An Act to make fresh provision with respect to building societies and further provision with respect to conveyancing services.1986-07-25texttext/xmlenStatute Law Database2025-04-22Expert Participation2025-01-06 Part III<Addition ChangeId="d29p1858"> Advances, Loans and Other Assets</Addition> Other commercial assets Power for Treasury to add powers to hold other descriptions of class 3 assets.191The Treasury may, with a view to extending or altering, or extending to other descriptions of building societies, the forms of property which are to constitute class 3 assets in the hands of building societies or building societies of particular descriptions, by order—aspecify forms of property which a building society is to have power to acquire, hold and dispose of as assets of that class, subject to any specified conditions or restrictions;bwithout prejudice to paragraph (a) above, specify descriptions of bodies corporate shares or other interests or rights in which a building society is to have power to acquire, hold and dispose of as assets of that class, subject to any specified conditions or restrictions;cmake any amendments of or repeals in this Act which are consequential on the exercise of its powers under paragraph (a) or (b) above;dmake such incidental, supplemental or transitional provision as it considers necessary or expedient.2The powers conferred by subsection (1) above may be exercised so as to apply in relation to property situated or bodies incorporated within the United Kingdom or any other member State or other country or territory and so as to be exercisable for purposes other than the purposes of building societies under the powers conferred on them for the time being by or under this Act.3Any powers conferred on building societies under this section may be conferred on building societies of a specified description or all building societies other than those of a specified description.4Any power conferred on a building society under this section, if available to it, must, in order to be exercisable, be adopted by the society.5Where, by virtue of an order under subsection (1)(a) or (b) above, property is held by a building society the property shall constitute class 3 assets for the purposes of the requirements of this Part for the structure of commercial assets and accordingly the aggregate value of the property, as determined in accordance with the order, shall count in accordance with section 20 towards the limits applicable to class 3 assets under that section.6Subsection (5) above is subject to any provision contained in the order.7The power to make an order under subsection (1) above is exercisable by statutory instrument but no such order shall be made unless a draft of the order has been laid before and approved by a resolution of each House of Parliament.8In this section—“property” includes rights of any description; and“specified” means specified in an order under subsection (1) above.Pt. III (ss. 10-23) repealed (1.12.1997 in specified cases and for specified purposes and otherwise in accordance with art. 2(2)(3)(5) of S.I. 1997/2668) by 1997 c. 32, ss. 12(1)(a), 46(2), 47(3), Sch. 9; S.I. 1997/2668, art. 2, Sch. Pts. I(b), II(j)Pt. III (ss. 10-23) repealed (1.12.1997 in specified cases and for specified purposes and otherwise in accordance with art. 2(2)(3)(5) of S.I. 1997/2668) by 1997 c. 32, ss. 12(1)(a), 46(2), 47(3), Sch. 9; S.I. 1997/2668, art. 2, Sch. Pts. I(b), II(j)