The Building Societies (Insolvency and Special Administration) Order 2009

Application of Parts 2 and 3 of the 2009 Act to building societies

2.  After section 90B of the 1986 Act(1) (power to alter priorities on dissolution and winding up), insert—

“Application of bank insolvency and administration legislation to building societies

90C.— (1) Parts 2 (Bank Insolvency) and 3 (Bank Administration) of the Banking Act 2009 shall apply in relation to building societies with any modifications specified in an order made under section 130 or 158 of that Act and with the modifications specified in subsection (2) below.

(2) In the application of Parts 2 and 3 of that Act to building societies—

(a) references to “bank” (except in the term “bridge bank” and the terms specified in paragraphs (b) and (c)) have effect as references to “building society”;

(b) references to “bank insolvency”, “bank insolvency order”, “bank liquidation” and “bank liquidator” have effect as references to “building society insolvency”, “building society insolvency order”, “building society liquidation” and “building society liquidator”;

(c) references to “bank administration”, “bank administration order” and “bank administrator” have effect as references to “building society special administration”, “building society special administration order” and “building society special administrator”.”.

(1)

Section 90B was inserted by the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c.26), section 2, but section 2 had not been commenced at the time this order was made.