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General and miscellaneousU.K.

31 Interpretation, etc.E+W+S

(1)In this Act—

[F15(1A)In this Act, references to a deposit or accepting deposits must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

[F16(1B)In this Act, “insurance distribution activity” means any of the following activities—

(a)dealing in rights under a contract of insurance as agent;

(b)arranging deals in rights under a contract of insurance;

(c)assisting in the administration and performance of a contract of insurance;

(d)advising on buying or selling rights under a contract of insurance;

(e)agreeing to do any of the activities specified in paragraphs (a) to (d).

(1C)Subsection (1B) must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

(2)[F17 Sections 141, 143 to 146, 148 and 149 of the 2014 Act] (supplementary provisions as to recovery of costs, fees, regulations, documents F18. . . and general interpretation provisions) shall apply for the purposes of this Act as they apply for the purposes of that Act.

(3)In its application to credit unions [F19 the 2014 Act ] shall have effect subject to the provisions of this Act and with the omission of the following provisions (which are replaced by, or are inconsistent with, provisions of this Act), that is to say [F20 sections 22, 24, 26, 27, 32, 33 and 34 and paragraph 6 of Schedule 3.]

[F21(4)[F22 The following provisions of the 2014 Act ] F23... do not apply to credit unions] [F24

(a)section 67(1) (society with withdrawable share capital not to carry on the business of banking);

F25(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)section 81 (duty to display latest balance sheet);

F26(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)section 90 (duty to provide copy of annual return).]

Textual Amendments

F2Definition of “authorised bank” in s. 31(1) omitted (2.7.2002) by virtue of S.I. 2002/1501, arts. 1(1), 2(20)(a)(i)

F14Definition of “statutory maximum” in s. 31(1) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. XIV.

F15S. 31(1A) substituted (2.7.2002) by S.I. 2002/1501, arts. 1(1), 2(20)(b)

F21S. 31(4) inserted (2.7.2002) by S.I. 2002/1501, arts. 1(1), 2(20)(c)

Modifications etc. (not altering text)

C1S. 31(1) extended (1.1.1993) by S.I. 1992/3218, reg. 82(1), Sch. 10 Pt. I para. 9