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The Building Societies Act 1986 (Substitution of Specified Amounts and Modification of the Funding Limit Calculation) Order 2007
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There are currently no known outstanding effects for the The Building Societies Act 1986 (Substitution of Specified Amounts and Modification of the Funding Limit Calculation) Order 2007, Section 3.
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Modification of the funding limit calculationU.K.
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Memorandwm Esboniadol
3.—(1) Subsections (2) and (3) of section 7 of the Building Societies Act 1986 (the funding limit) are modified as follows in their application to the liabilities of [F1relevant ] subsidiary undertakings of a building society.
(2) For the purposes of section 7(2), there shall be disregarded so much of the aggregate of the principal value of, and interest accrued on, sums deposited with any [F2relevant ] subsidiary undertaking of the society by individuals acting otherwise than as bare trustees for bodies corporate or for persons who include bodies corporate as does not exceed the limit in paragraph (3).
(3) In respect of any day by reference to which the value of X falls to be calculated for the purposes of section 7(1) in relation to the society, that limit is 10 per cent. of the amount which would, apart from [F3the modifications required by this article and by section 7(3)(aa)], be the value of X on that day.
(4) Where an individual declares that he is depositing a sum with [F4a relevant ] subsidiary undertaking of a building society otherwise than as a bare trustee for a body corporate or for persons who include a body corporate, he shall, unless the contrary is shown, be conclusively presumed for the purposes of section 7 to have deposited the sum otherwise than as such a trustee.
(5) In this article, “[F5a relevant subsidiary undertaking]” means a subsidiary undertaking that is incorporated or otherwise established in F6... the Channel Islands, the Isle of Man or Gibraltar.
Textual Amendments
F1Word in art. 3(1) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 11(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Word in art. 3(2) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 11(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 3(3) substituted (18.2.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(2), Sch. 9 para. 3(1) (with Sch. 9 para. 3(2))
F4Words in art. 3(4) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 11(c); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 3(5) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 11(d)(i); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in art. 3(5) omitted (31.12.2020) by virtue of The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 11(d)(ii); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Art. 3 in force at 6.4.2007, see art. 1
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