The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Transfers of business by building society to company

196.—(1) Section 98(1) of the Building Societies Act 1986 (transfers of business; supplementary provisions) is amended as follows.

(2) In section 98(3)(c), for the words “become or,” to the end substitute—

“have—

(i) such permission under Part IV of the Financial Services and Markets Act 2000, or

(ii) such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),

as will enable it to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act; or”.

(1)

Section 98(3) was amended by the Banking Act 1987 (c. 22) Schedule 6 paragraph 26, by the Building Societies Act 1997, section 30 and by S.I. 2001/2617, Schedule 3 paragraph 181(b).