Modifications etc. (not altering text)
C1Sch. 3 applied with modifications (1.1.1993) by S.I. 1992/3218, reg. 23(3).
6(1)The institution will at the time when authorisation is granted to it have net assets amounting to not less than £1 million (or an amount of equivalent value denominated wholly or partly otherwise than in sterling).
(2)In this paragraph “net assets”, in relation to a body corporate, means paid-up capital and reserves.
(3)The Treasury may, after consultation with the Bank, by order vary the sum specified in sub-paragraph (1) above.
(4)Any order under sub-paragraph (3) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.