SCHEDULES
F2SCHEDULE 15A Application of other companies insolvency legislation to building societies
Annotations:
Amendments (Textual)
Part II Modified Application of Parts I and II and Chapter I of Part III of Insolvency Act 1986
Administration orders
10
1
Section 8 of the Act (power of court to make administration order) has effect as if it included provision that, where—
a
an application for an administration order to be made in relation to a building society is made by the F1Authority (with or without other parties); and
b
the society has defaulted in an obligation to pay any sum due and payable in respect of any deposit or share,
the society shall be deemed for the purposes of subsection (1) to be unable to pay its debts.
2
In subsection (3) of that section, paragraph (c) and, in subsection (4) of that section, the words from “nor where” to the end are omitted.
Sch. 15A inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6; S.I. 1997/2668, art. 2, Sch. Pt. I(i)