[F110(1)Section 8 of the Act (power of court to make administration order) has effect as if it included provision that, where—U.K.
(a)an application for an administration order to be made in relation to a building society is made by the [F2Authority] (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.]
Textual Amendments
F1Sch. 15A inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6; S.I. 1997/2668, art. 2, Sch. Pt. I(i)
F2Words in Sch. 15A para. 10(1)(a) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 210(e) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2