The Banking Act 1987 (Exempt Transactions) Regulations 1997

1. Introductory Text

2. 1. Citation, commencement and interpretation

3. 2. Exempt transactions

4. 3. Charities

5. 4. Church deposit funds

6. 5. Industrial and provident societies

7. 6. Agricultural, forestry and fisheries associations

8. 7. Retail and other co-operative societies

9. 8. Solicitors

10. 9. Deposits accepted in the course of estate agency work

11. 10. Certain public undertakings

12. 11. Student Loans Company Limited

13. 12. The National Children’s Charities Fund

14. 13. Relevant debt securities

15. 14. Requirements applying to relevant debt securities

16. 15. Authorised and exempted persons under the Financial Services Act 1986 and European investment firms

17. 16. Revocation

18. Signature

19. 1. SCHEDULE 1

       DEED ESTABLISHING THE CO-OPERATIVE DEPOSIT PROTECTION SCHEME

       1. 1. NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:

       2. 2. (1) Subject to sub-paragraphs (2) and (3) below, in this...

       3. 3. (1) The Union and the Bank hereby agree and declare...

       4. 4. (1) The Fund shall consist of: (a) joining and supplementary...

       5. 5. (1) Societies which are or are seeking to be Participating...

       6. 6. (1) A Participating Society shall for the purpose of this...

       7. 7. (1) For the purposes of clauses 6 and 8 hereof...

       8. 8. (1) Where a Society has become insolvent or is by...

       9. 9. It is the duty of the Union to maintain the...

       10. 10. (1) Any Participating Society may apply to leave the Scheme...

       11. 11. (1) The Scheme shall continue in force, unless earlier terminated,...

       12. 12. (1) Upon termination of the Scheme and in any event...

       13. 13. (1) All monies in the Fund shall be held by...

       14. 14. (1) The Bank may act as bankers to this Scheme...

       15. 15. (1) This clause applies where the Board consider that a...

    2. THE FIRST SCHEDULE before referred to

       1. NOTE

    3. THE SECOND SCHEDULE before referred to

       Procedure in relation to Expulsion under Clause 15

       1. 1. Not less than 28 days before giving an Expulsion Notice...

       2. 2. The Board shall consider any representations with respect to the...

       3. 3. (i) On giving an Expulsion Notice the Board shall serve...

       4. 4. A copy Notice under this Schedule may be served on...

       5. 5. Failure to serve a copy Notice under this Schedule on...

    4. THE THIRD SCHEDULE before referred to

       CO-OPERATIVE DEPOSIT PROTECTION SCHEME

       1. BACKGROUND

       2. PREFACE TO THE CODE

       3. 1. INTRODUCTION

       4. 2. The Code is written to promote good practice in the...

       5. 3. The Code is in two parts— Part A—This Part relates...

       6. 4. The governing principles of the Code are:

       7. 5. The Code requires Participating Societies to provide certain information to...

       8. PART A CONDUCT OF DEPOSIT TAKING AND INVESTMENT BUSINESS

          1. 6. OPENING AN ACCOUNT

          2. 7. Participating Societies will provide to prospective investors details of the...

          3. 8. TERMS AND CONDITIONS

          4. 9. Participating Societies will tell members and customers how any variation...

          5. 10. Participating Societies should issue to their members and customers, if...

          6. 11. Participating Societies will not close the accounts of any members...

          7. 12. INTEREST

          8. 13. Participating Societies will tell members and customers the interest rates...

          9. 14. When Participating Societies change interest rates with immediate effect they...

          10. 15. CONFIDENTIALITY

          11. 16. Participating Societies will not use exception (iii) above to justify...

          12. 17. Participating Societies will at all times comply with the Data...

          13. 18. MARKETING OF SERVICES

          14. 19. Participating Societies will give new members and customers at the...

          15. 20. Participating Societies will remind members and customers from time to...

          16. 21. Participating Societies will not use direct mail indiscriminately and in...

          17. 22. Participating Societies in their advertising and promotional material will tell...

          18. 23. Participating Societies will act responsibly and prudently in marketing their...

          19. 24. CREDIT LIMITS

          20. 25. CORPORATE GOVERNANCE—CODE OF BEST PRACTICE

       9. PART B ADVERTISING OF INTEREST BEARING DEPOSITS

          1. 26. GENERAL

          2. 27. Advertisements must comply with the spirit and letter of this...

          3. 28. Advertisements must state that in the event of the offering...

          4. 29. Advertisers of interest bearing deposits must take special care to...

          5. 30. The registered or business name (and, in the case of...

          6. 31. INTEREST RATES

          7. 32. It follows from paragraph 31 that all advertisements in which...

          8. 33. Advertisements quoting a rate of interest must contain a specific...

          9. 34. Advertisements quoting a rate of interest which are intended for...

          10. 35. The explanatory phrases and statements required by this Code must...

          11. 36. NOTICE OF RATES

          12. 37. TERMS AND CONDITIONS

          13. 38. Advertisements which invite deposits by immediate coupon response must—

          14. SUPPLEMENT TO THE CODE

          15. RULES FOR CALCULATION OF COMPOUNDED ANNUAL RATES

          16. 1. GENERAL

          17. 2. Paragraphs 31(b) and 32 of the Code refer to the...

          18. 3. USE OF FORMULA

          19. 4. ASSUMPTIONS FOR CALCULATIONS

    5. SCHEDULE 2

       BODIES REFERRED TO IN REGULATION 10

20. Explanatory Note