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The Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015

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Citation and commencement

1.  This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015, and comes into force on 26th March 2015.

Appointed day for the coming into force of paragraph 4 of Schedule 9

2.  26th March 2015 is the day appointed for the coming into force of paragraph 4 of Schedule 9 to the Financial Services (Banking Reform) Act 2013 (building societies: ability to create floating charges).

Consequential amendments of the Building Societies (Financial Assistance) Order 2010

3.  The Building Societies (Financial Assistance) Order 2010(1) is amended as follows—

(a)omit article 7 (floating charges); and

(b)in article 11 (application of other companies insolvency legislation to building societies)—

(i)in paragraph (5) for “12, 13, 18 and 20” substitute “12 and 13”; and

(ii)in paragraph (8) for “34, 35, 40 and 42” substitute “34 and 35”.

Floating charges (Scotland): application of Part 18 of the Companies Act 1985

4.  Chapters 1 and 3 of Part 18 of the Companies Act 1985(2) (floating charges: Scotland) apply to a building society as they apply to an incorporated company (whether a company within the meaning of that Act or not), but with the modifications set out in Schedule 1.

Floating charges (Scotland): application of the Bankruptcy and Diligence etc. (Scotland) Act 2007

5.—(1) On the day on which section 46 (repeals, savings and transitional arrangements) of the Bankruptcy and Diligence etc. (Scotland) Act 2007(3) (“the 2007 Act”) comes into force—

(a)article 4 of, and Schedule 1 to, this Order cease to have effect to the same extent as Chapters 1 and 3 of Part 18 of the Companies Act 1985 cease to have effect by virtue of section 46 of the 2007 Act; and

(b)paragraph (2) has effect.

(2) Part 2 of the 2007 Act(4) applies to a building society as it applies to an incorporated company, but—

(a)with the modifications set out in Schedule 2; and

(b)in consequence of those modifications, without the modifications in regulation 5 of the Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010(5) (registration of charges: Scotland).

Mark Lancaster

David Evennett

Two of the Lords Commissioners of Her Majesty’s Treasury

27th February 2015

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