Building Societies Act 1986

Interpretation

6 This Schedule is to be construed as relating only to the capacity of building societies to provide the services for the time being specified in it and not as making lawful any activity, whether of a building society or a subsidiary or other associated body of a building society, which would not be lawful apart from this Schedule.

7 In this Schedule—

• " conveyancing services " has the same meaning as in Schedule 21 to this Act;

• " estate agency work " has the same meaning as in the [1979 c. 38.] Estate Agents Act 1979 ;

• " investment services " means services falling within paragraph 6 of Part I;

• " mortgage investments " means investments consisting of rights arising out of advances secured on land;

• " pension scheme" means a personal pension scheme (within the meaning of the [1986 c. 50.] Social Security Act 1986) or an occupational pension scheme (as defined in section 66(1) of the [1975 c. 14.] Social Security Pensions Act 1975 or in relation to Northern Ireland, Article 2(2) of the [S.I. 1979/1503 (N.I. 15).] Social Security Pensions (Northern Ireland) Order 1975) and the " provision of pensions " means the provision of benefits which are "money par-chase benefits " within the meaning of that Act of 1986 ;

• " personal equity plan " means a personal equity plan for the purposes of Schedule 8 to the [1986 c. 41.] Finance Act 1986 ;

• "the principal business of a building society" means the business of raising funds (whether by the issue of shares or receiving deposits) for the purposes of the society or of making advances secured on land ;

• " the prescribed limit", in relation to guarantees, has the meaning given by paragraph 1 of this Part;

• "recognised bank" and "licensed institution" have the same meaning as in the [1979 c. 37.] Banking Act 1979 ;

• " relevant British overseas territory " means any of the Channel Islands, the Isle of Man and Gibraltar ; and

• " unit trust scheme " has the same meaning as in the Financial Services Act 1986.