The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Enactments relating to building societies

Revocation of redundant provisions

212.  The following enactments are revoked—

(a) the Building Societies Appeal Tribunal Regulations 1987 (S.I. 1987/891)(1);

(b) the Building Societies (Designation of Prescribed Regulatory Authorities) Order 1988 (S.I. 1988/630);

(c) the Building Societies Appeal Tribunal (Amendment) Regulations 1993 (S.I. 1993/983);

(d) The Building Societies (Auditors) Order 1994 (S.I. 1994/525)(2);

(e) The Building Societies (Designation of Prescribed Regulatory Authorities) Order 1997 (S.I. 1997/2302);

(f) The Building Societies (General Charge and Fees) Regulations 2001 (S.I. 2001/815).

Revocation or amendment of references to dissolved bodies, repealed legislation etc.

213.—(1) In the Building Societies Act 1986 (Rules and Miscellaneous Transitional Provisions) Order 1986 (S.I. 1986/2168), articles 3(4) and (5), 4, 10 and 11 are revoked.

(2) In the Building Societies Act 1986 (Powers and Miscellaneous Transitional Provisions) Order 1986 (S.I. 1986/2169), the definition of “the registrar” in article 2 and articles 4, 8 and 11 are revoked.

(3) In regulation 2 of, and paragraph 28 of Part I of Schedule 1 to, and Schedule 3 to, the Building Societies (Transfer of Business) Regulations 1998 (S.I. 1998/212), for “Building Societies Commission” in each place those words appear, substitute “Authority”.

(4) In regulation 6 of, and Schedule 4 to, the Building Societies (Accounts and Related Provisions) Regulations 1998 (S.I. 1998/504)(3), for “Commission”, substitute “Authority”.

(5) In regulation 3 of the Building Societies (Business Names) Regulations 1998 (S.I. 1998/3186) and in the cross-heading before that regulation, for “Commission” substitute “Authority”.

(6) In regulation 2 of, and the Schedule to, the Building Societies (Merger Notification Statement) Regulations 1999 (S.I. 1999/1215), for “Building Societies Commission” in each place those words appear, substitute “Authority”.

Building Societies (Deferred Shares) Order 1991

214.  The Building Societies (Deferred Shares) Order 1991 (S.I. 1991/701) is amended as follows—

(a) for article 3(2), substitute—

“(2) The condition mentioned in paragraph (1) of this article is that—

(a) the document containing the issue terms, or where the issue terms are contained in a series of documents, one of those documents, being in either case a document which is furnished to every applicant for the shares (“the issue document”), and every document evidencing title to the shares (“the title document”), contains a prominent statement to the effect that the shares are deferred shares for the purposes of section 119 of the Act;

(b) where the issue document was issued before 1st December 2001 or where the title document evidences title obtained before that date, that document contains a prominent statement to the effect that the shares are not protected investments for the purposes of payments out of the Building Societies Investor Protection Fund; and

(c) where the issue document was issued on or after 1st December 2001 or where the title document evidences title obtained on or after that date, that document contains a prominent statement stating whether or not the shares are an investment in respect of which a claim may be entertained by the Financial Services Compensation Scheme.”; and

(b) in the Schedule, for “Commission” substitute “Authority”.

(1)

Amended by S.I. 1993/983 and S.I. 1999/678.

(2)

Modified by S.I. 1996/1669.

(3)

Amended by S.I. 1999/248.