PART XIV E+W LOANS FOR ACQUISITION OR IMPROVEMENT OF HOUSING

Assistance for first-time buyers E+W

448 Recognised savings institutions. E+W

(1) The savings institutions recognised for the purposes of section 446 (qualifying conditions as to savings) are—

[F1 an authorised deposit taker]

F2 . . .

• local authorities

• F2 . . .

• F2 . . .

• friendly societies, [F3 and]

• the Director of Savings, F4 . . .

• F4 . . .

• [F5 Swansea Building Society]

and savings institutions recognised for the purposes of the corresponding provisions in force in Scotland or Northern Ireland.

(2) The Secretary of State may by order made with the consent of the Treasury—

(a) add to the list in subsection (1), or

(b) direct that a named body shall no longer be a recognised savings institution;

but before making an order under paragraph (b) he shall give an opportunity for representations to be made on behalf of the body concerned.

(3) An order shall be made by statutory instrument.

Textual Amendments

F1 Words in s. 448(1) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 299(6)(b)

F2 Words in s. 448(1) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 299(6)(a)

F3 Word in s. 448(1) inserted (26.3.2001) by S.I. 2001/1149, art. 3(1), Sch. 1 para. 63

F4 Words in s. 448(1) repealed (26.3.2001) by S.I. 2001/1149, art. 3(2), Sch. 2 (with art. 4(11))

F5 Entry added by S.I. 1986/1490, art. 2

Modifications etc. (not altering text)

C1 Ss. 445–450: power to amend or repeal conferred by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 171(1)(a)(2)