The Building Society Special Administration Rules (Northern Ireland) 2014

Interpretation

This adran has no associated Memorandwm Esboniadol

5.  In these Rules—

(a)“the FSCS” means the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000(1));

(b)“the Objective 1 Stage” means the period during which a building society special administration order is in force before the Bank of England gives an Objective 1 Achievement Notice;

(c)“the Objective 2 Stage” means the period during which a building society special administration order is in force after the Bank of England gives an Objective 1 Achievement Notice;

(d)a reference to personal service is a reference to personal service in accordance with Order 65 of the Rules of the Court of Judicature (Northern Ireland) 1980(2);

(e)a reference to an affidavit (including a reference implied by the application of an enactment) is a reference to an affidavit, if made by a special administrator, stating that the affidavit is made in that capacity and giving the address at which the special administrator works; and

(f)a reference to “the purpose of the special administration” is a reference to the objectives of building society administration in section 137 of the Banking Act.

(2)

S.R. 1980 No. 346, as amended by the Constitutional Reform Act 2005 (c.4), section 59 and Schedule 11.