The Building Societies (Accounts and Related Provisions) Regulations 1992

Other definitions

13.  In the Schedules to these Regulation—

“debt securities” means any debt evidenced by any bill of exchange, bond, certificate of deposit, commercial paper, debenture, debenture stock, note or stock which is either listed on a stock exchange, or traded on a money market supervised by a central bank or a government agency of any member State of the European Community or of Canada, Japan, Sweden, Switzerland and the United States of America;

“financial fixed assets” means securities held as fixed assets; participating interests and shareholdings in subsidiary undertakings shall always be regarded as financial fixed assets;

“fixed assets” means assets of a society which are intended for use on a continuing basis in the society’s activities, and “current assets” means assets not intended for such use;

“liquid asset” means an asset which a society is, by virtue of section 21 of the Act (liquid assets) and of regulations for the time being in force under that section empowered to hold for the purpose of meeting its liabilities as they arise;

“retail funds and deposits” means those funds and deposits of a society which—

(a)

come within section 7 (power to raise funds and borrow money) of the Act, and

(b)

are not, by virtue of that section, classified as non-retail funds and deposits, and includes, in the case of a society which has made an effective election for the purposes of subsection (5) of that section, those funds and deposits which would, but for that election, be classified as non-retail;

“sale and repurchase transaction” means a transaction which involves the transfer by a credit institution or a customer (the “transferor”) to another credit institution or customer (the “transferee”) of assets subject to an agreement that the same assets, or, in the case of fungible assets, equivalent assets will subsequently be transferred back to the transferor at a specified price on a date specified or to be specified by the transferor; but forward exchange transactions, options, transactions involving the issue of debt securities with a commitment to repurchase all or part of the issue before maturity or any similar transactions shall not be regarded as sale and repurchase transactions;

“subordinated loan capital” means, in respect of a society, any liability (not being a liability in respect of a share) specified in an order for the time being in force under section 45(5) of the Act (capital resources which may be aggregated with reserves for certain purposes);

“third party” means a person who is neither the society nor a body corporate associated with it; and “undertaking” has the meaning given to that word in section 259(1) of the Companies Act 1985.(1)

(1)

Section 259 of the Companies Act 1985 (c. 6.) was inserted by section 1 and 22 of the Companies Act 1989 (c. 40).