The Building Society Special Administration (England and Wales) Rules 2010

Interpretation

4.—(1) In these Rules—

(a) “the 2009 Order” means the Building Societies (Insolvency and Special Administration) Order 2009(1);

(b) “building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986(2);

(c) “building society special administration”, “building society special administration order” and “building society special administrator” have the same meaning as in the Building Societies Act 1986 (see sections 90C(2) and 119(1) of that Act)(3);

(d) “contributory”, in relation to a building society—

(i) means every person liable to contribute to the assets of the society in the event of its being wound up, and

(ii) for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are deemed to be contributories, includes any person alleged to be a contributory, and

(iii) includes persons who are liable to pay or contribute to the payment of any debt or liability of the building society, or any sum for the adjustment of rights of members among themselves, or the expenses of the winding up,

but does not include persons liable to contribute by virtue of a declaration by the court under section 213 (fraudulent trading) or 214 (wrongful trading) of the Insolvency Act 1986;

(e) “principal office” means—

(i) the place which is specified in a building society’s memorandum sent to the FSA under paragraph 1(1)(c) of Schedule 2 to the Building Societies Act 1986 as the address of its principal office, or

(ii) if notice has been given by a building society to the FSA under paragraph 11(2) of that Schedule (change of principal office), the place specified in that notice or, as the case may be, in the last such notice;

(f) “registered name”, in relation to a building society, means the name of the society which is for the time being registered with the FSA;

(g) “society”, “special administration”, “special administration order” and “special administrator” mean respectively building society, building society special administration, building society special administration order and building society special administrator;

(h) the following expressions have the same meaning as in Part 1 or Part 3 of the Banking Act 2009(4)—

(i) “bridge bank” (s. 136(2)),

(ii) “the court” (the High Court – s. 166(1)),

(iii) “the FSA” (the Financial Services Authority – s. 166(2)),

(iv) “Objective 1” (support for commercial purchaser or bridge bank – ss. 137 & 138),

(v) “Objective 1 Achievement Notice” (s. 139(4)),

(vi) “Objective 2” (normal administration – ss. 137 & 140),

(vii) “private sector purchaser” (s. 136(2)),

(viii) “property transfer instrument” (s. 33),

(ix) “residual building society” (s. 136(2))(5), and

(x) “resolution fund order” (s. 49(3));

(i) any reference to Part 1 of the Banking Act 2009 (Special Resolution Regime), or to any provision in that Part, is a reference to that Part or to that provision as applied, with modifications, by section 84 of that Act;

(j) any reference to Part 3 of the Banking Act 2009 (Bank Administration), or to any provision in that Part, is a reference to that Part or to that provision as applied and modified by section 90C of the Building Societies Act 1986 and by any order made under section 158 of the Banking Act 2009(6);

(k) any reference to the Insolvency Rules 1986(7) is a reference to those Rules including all amendments to them up to and including those made by the Insolvency (Amendment) (No. 2) Rules 2009(8).

(2) Other expressions used in these Rules, where used in relation to building societies, have the same meaning as in the Building Societies Act 1986.

(1)

S.I. 2009/805. S.I.2009/805 was amended by S.I.2010/1189.

(2)

1986 c. 53.

(3)

Section 90C was inserted, and section 119(1) amended, by S.I. 2009/805.

(4)

2009 c.1.

(5)

In the application of Parts 2 and 3 of the Banking Act 2009 to building societies, references to “bank” (with certain exceptions) have effect as references to “building society”: see section 90C(2) of the Building Societies Act 1986, inserted by S.I. 2009/805.

(6)

Section 90C was inserted by S.I. 2009/805, which also modifies the application of Part 3 in relation to building societies. S.I.2009/805 was modified by S.I.2010/1189.

(7)

S.I. 1986/1925 as amended by S.I. 1987/1919, 1989/397, 1991/495, 1993/602, 1995/586, 1999/359, 1999/1022, 2001/763, 2002/1307, 2002/2712, 2004/584, 2004/1070, 2005/527, 2006/1272, 2007/1974, 2008/737, 2009/642 and 2009/2472.

(8)

S.I. 2009/2472. Later amendments to the Insolvency Rules 1986 were made by S.I.2010/686 and S.I. 2010/734.