8In the [1972 c. 70.] Local Government Act 1972—
(a)in section 98(1) for the words from " and " onwards there shall be substituted the words “means—
(a)investments falling within any of paragraphs 1 to 6 of Schedule 1 to the Financial Services Act 1986 or, so far as relevant to any of those paragraphs, paragraph 11 of that Schedule ; or
(b)rights (whether actual or contingent) in respect of money lent to, or deposited with, any society registered under the Industrial and Provident Societies Act 1965 or any building society within the meaning of the [1986 c. 53.] Building Societies Act 1986.”; and
(b)for the definition of " securities" in section 146(2) there shall be substituted—
“" securities " has the meaning given in section 98(1) above”.