Building Societies Act 1986

24 The Building Societies Investor Protection Board. U.K.

(1) There shall be a body corporate to be known as the Building Societies Investor Protection Board (in this Part referred to as “the Board”) which—

(a) shall hold, manage and apply in accordance with the protective scheme provisions of this Part a fund to be known as the Building Societies Investor Protection Fund (referred to in those provisions as “the Fund”); and

[F1 (b) shall, if a participating institution becomes insolvent, levy contributions to the Fund from other participating institutions in accordance with section 26; and.]

(c) shall have such other functions as are conferred on the Board by the protective scheme provisions of this Part.

(2) Schedule 5 to this Act shall have effect with respect to the constitution of the Board and the procedural and other matters there mentioned.

(3) In this Act “the protective scheme provisions” means [F2 sections 25 to 29A].

[F3 (4) In this section and the protective scheme provisions—

'the 1992 Regulations’ means the Banking Coordination (Second Council Directive) Regulations 1992 F4 ;

'the 1995 Regulations’ means the Credit Institutions (Protection of Depositors) Regulations 1995;

[F5 “administrator”, in relation to a participating institution, means an administrator of the institution under Part II of the M1 Insolvency Act 1986 or Part III of the M2 Insolvency (Northern Ireland) Order 1989;]]

• 'ecu’ means—

  (a)

  the European currency unit as defined in Article 1 of Council Regulation No. 3320/94/EC F6 ; or

  (b)

  except in section 27(5A), any other unit of account which is defined by reference to the European currency unit as so defined;

• 'EEA currency’ means the currency of an EEA State or ecus;

  'EEA State’ means a State which is a Contracting Party to the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 F7 as adjusted by the Protocol signed at Brussels on 17th March 1993 F8 ;

  'European authorised institution’ has the same meaning as in the 1992 Regulations;

  'home State’ and 'home State scheme’ have the same meaning as in the 1995 Regulations;

  'Irish building society’ means an institution which is incorporated in or formed under the laws of the Republic of Ireland and whose characteristics correspond as nearly as may be to those of a building society;

  'participating EEA institution’ means—

  (a)

  a European authorised institution which, in accordance with Chapter I of Part II of the 1995 Regulations, is participating in the scheme established by the protective scheme provisions; or

  (b)

  an institution which was formerly such an institution and continues to have a liability in respect of any investment for which it had a liability when it was such an institution;

  'participating institution’ means a building society or participating EEA institution.

Textual Amendments

F1 S. 24(1)(b) substituted (1.7.1995) by S.I. 1995/1442, reg. 36(1) (with transitional and transitory provisions in regs. 53(2), 54(2))

F2 Words in s. 24(3) substituted (1.7.1995) by S.I. 1995/1442, reg. 36(2) (with transitional and transitory provisions in regs. 53(2), 54(2))

F3 S. 24(4) inserted (1.7.1995) by S.I. 1995/1442, reg. 36(3) (with transitional and transitory provisions in regs. 53(2), 54(2))

F4 S.I. 1992/3218: amended by S.I. 1993/3225.

F5 Definition in s. 24(4) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 4; S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(ii)

F6 O.J. L35, 31.12.94, page 1.

F7 Cm 2073.

F8 Cm 2183.

Modifications etc. (not altering text)

C1 Ss. 24-26: power to repeal conferred (9.6.1997) by 1997 c. 32, s. 32(5)(a); S.I. 1997/1427, art. 2(g)

Marginal Citations

M1 1986 c.45.

M2 S.I. 1989/2405 (N.I.19).