The Financial Services Act 1986 (Extension of Scope of Act) Order 1991

Extension of Scope of Act

2.  The Note to paragraph 1 of Schedule 1 to the Act shall be amended by the substitution of the following for the words from “but does not include” onwards—

• “but does not, except in relation to any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986(1), include a building society incorporated under the law of, or of any part of, the United Kingdom, nor does it include an open-ended investment company or any body incorporated under the law of, or of any part of, the United Kingdom relating to industrial and provident societies or credit unions.”

(1)

1986 c. 53. The Building Societies (Deferred Shares) Order 1991 (S.I. 1991/701) defines a class as deferred shares for the purposes of section 119 of the Building Societies Act 1986. Article 4 of that Order has the effect that shares issued before 1st June 1991 which are shares of a class defined as deferred shares for the purposes of section 119 by virtue of the Building Societies (Deferred Shares) Order 1989 (S.I. 1989/207) continue to be such shares.