3E

For the purposes of this section “corporate bond also includes a share in a building society—

a

which is a qualifying share,

b

which is expressed in sterling, and

c

in respect of which no provision is made for conversion into, or redemption in, a currency other than sterling.

3F

For the purposes of subsection (3E) above, a share in a building society is a qualifying share if—

a

it is a permanent interest bearing share, or

b

it is of a description specified in regulations made by the Treasury for the purposes of this paragraph.

3G

Subsection (3) above applies for the purposes of subsection (3E) above as it applies for the purposes of subsection (2)(c) above, treating the reference to a security as a reference to a share.

9

In this section—

• “building society means a building society within the meaning of the Building Societies Act 1986,

• “permanent interest bearing share has the same meaning as in the Building Societies (Designated Capital Resources) (Permanent Interest Bearing Shares) Order 1991.

10

The Treasury may by regulations provide that for the definition of the expression “permanent interest bearing share in subsection (9) above (as it has effect for the time being) there shall be substituted a different definition of that expression.

11

Regulations under subsection (3F)(b) or (10) above may contain such supplementary, incidental, consequential or transitional provision as the Treasury think fit.

12

The power to make regulations under subsection (3F)(b) or (10) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.