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25.—(1) In section 41(1), for paragraphs (a) and (b) substitute—
“(a)the person or body responsible for carrying out in the Territory the functions of a monetary authority;
(b)any person who may lawfully accept deposits in or from within the Territory by way of business; or
(ba)any society established lawfully in the Territory whose principle purpose is the making of loans secured on residential property where such loans are funded substantially by its members.”.
(2) For section 41(2), substitute the following sections—
“(2) For the purpose of the definition of “relevant institution” paragraph (1)—
(a)the activity of accepting deposits has the meaning given in any relevant order made under section 22 of the Financial Services and Markets Act 2000; and
(b)a person is not regarded as accepting deposits by way of business if—
(i)he does not hold himself out as accepting deposits on a day to day basis, and
(ii)any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of securities.
(3) In determining for the purposes of paragraph (2)(b)(ii) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.”
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