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7. Section 262 of the 1985 Act(1) is amended by the substitution, in subsection (1), of the following for the present definition of “credit institution”—
““credit institution” means a credit institution as defined in article 1 of the First Council Directive on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (77/780/EEC), that is to say an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account;”.
Section 262 is inserted into the 1985 Act by section 22 of the Companies Act 1989, in place of an existing section of that number.
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