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Banking Act 1979

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1(1)Subject to sub-paragraph (2) below, the institution enjoys, and has for a reasonable period of time enjoyed, a high reputation and standing in the financial community.

(2)In the case of—

(a)an institution which is not yet carrying on a deposit-taking business, or

(b)an institution which has not carried on such a business long enough to have earned the reputation and standing referred to in sub-paragraph (1) above,

the criteria in sub-paragraph (1) above may be taken to be fulfilled if control of the institution lies with one or more bodies of appropriate standing.

(3)In sub-paragraph (2) above the expression "body of appropriate standing " means a recognised bank or an institution which enjoys, and has for a reasonable period of time enjoyed, a high reputation and standing in the financial community.

(4)Section 534 of the [1970 c. 10.] Income and Corporation Taxes Act 1970 (meaning of " control" in certain contexts) shall apply for the purposes of sub-paragraph (2) above as it applies for purposes of provisions of the Taxes Acts which apply that section.

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