- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
6.—(1) In this Schedule “relevant restrictions” means the provisions set out in sub–paragraph (2) below, and, where applicable, the provisions in sub–paragraphs (6), (7), (8) and (9) below.
(2) Subject to sub–paragraphs (3) and (4) below a body corporate is not a body where–
(a)it is a market maker,
(b)it is an authorised institution, or its business requires it to be authorised, for the purposes of the Banking Act 1987(1), or it otherwise carries on a deposit taking business in the United Kingdom within the meaning of section 6 of that Act, or
(c)its business includes activities in the range from which the society is restricted within the meaning of paragraph 7 below.
(3) Nothing in sub–paragraph (2) above shall prevent a body from being a general insurance body, and nothing in sub–paragraph 2(b) or (c) above shall prevent a body corporate from being a life insurance body.
(4) The restrictions in sub–paragraph (2) above do not apply to any body corporate in which the society directly holds less than 5% of the issued shares or corresponding membership rights.
(5) If a society becomes aware that a body corporate in which the society directly holds 5% or more of the issued shares or corresponding membership rights is for the time being excluded from being a body by any relevant restriction, the society shall, as soon as it is conveniently practicable to do so without undue loss, dipsose of sufficient of its shares or corresponding membership rights so that it ceases to hold 5% or more of the issued shares or corresponding membership rights in that body corporate.
(6) A body corporate is not a life insurance body–
(a)unless the body corporate is authorised or otherwise entitled to carry on insurance business of any class specified in Schedule 1 to the Insurance Companies Act 1982(2) in any member State or in any country or territory which is listed in paragraph 2(c) or (e) above, or (where applicable) a candidate for authorisation in any such member State, country or territory, or
(b)if the body corporate or any subordinate organisation of the body corporate comes within the description of a general insurance body as specified in this Schedule.
(7) A body corporate is not a general insurance body unless the body is either authorised or otherwise entitled to carry on in any member State or in any country or territory which is listed in paragraph 2(c) or (e) above, or (where applicable) a candidate for authorisation in any such member State, country or territory, insurance business of any class specified in Part I of Schedule 2 to the Insurance Companies Act 1982(3),
(8) A body corporate is not a financial services body unless the body corporate is an exempted person under the Financial Services Act 1986(4), or an authorised person under that Act, or a candidate for authorisation under that Act, or otherwise authorised or entitled or a candidate for authorisation (where applicable) to carry on investment business in any member State or in any country or territory which is listed in paragraph 2(c) or (e) above.
(9) A body corporate is not an estate agency body if its business includes lending money, secured or unsecured, on its own account.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: