SCHEDULES

SCHEDULE 9Building societies

Ability to create floating charges

I14

1

Omit section 9B (restriction on creation of floating charges).

2

In Schedule 15A (application of other companies insolvency legislation to building societies), omit the following paragraphs—

a

paragraph 18 (which modifies section 15 of the Insolvency Act 1986);

b

paragraph 20 (which modifies section 19 of that Act);

c

paragraph 40 (which modifies Article 28 of the Insolvency (Northern Ireland) Order 1989);

d

paragraph 42 (which modifies Article 31 of that Order).

3

In consequence of the amendment made by sub-paragraph (1)—

a

in section 1(1A)(b), for “, 9A and 9B” substitute “ and 9A ”;

b

in the Building Societies Act 1997, omit section 11;

c

in section 11(3) of the Banking (Special Provisions) Act 2008, for paragraph (c) substitute—

c

sections 8 and 9A of the Building Societies Act 1986 (restrictions on raising funds and borrowing and on transactions involving derivative instruments etc);

d

in section 251 of the Banking Act 2009, omit subsection (7);

e

in the Financial Services Act 2012, omit section 55.