Banking Act 1987

The Building Societies Act 1986

26 (1) In section 18(17) of the [1986 c. 53.] Building Societies Act 1986 for the words "the Banking Act 1979" there shall be substituted the words "the Banking Act 1987".

(2) In section 25(5) of that Act before the definition of "the expenses attributable to the insolvency" there shall be inserted the words—

• “"authorised institution" means an institution authorised under the Banking Act 1987”;

and the definitions of "recognised bank" and "licensed institution" shall be omitted.

(3) In sections 25(7) and 27(3) of that Act for the words "recognised bank, licensed institution" there shall be substituted the words "authorised institution".

(4) In section 53(5) of that Act for the words "Banking Act 1979" and the words "section 19 of that Act other than subsection (4)(a)" there shall be substituted respectively the words "Banking Act 1987" and "Part V of that Act other than section 84(5)".

(5) Section 54(4) and (5) of that Act shall be omitted.

(6) In section 98(3)(c) of that Act for the words "a recognised bank or licensed institution for the purposes of the Banking Act 1979" there shall be substituted the words "an authorised institution for the purposes of the Banking Act 1987".

(7) In sections 102(2)(a) and 107(12) of that Act for the words "Banking Act 1979" there shall be substituted the words "Banking Act 1987".

(8) In Schedule 8 to that Act—

(a) in paragraph 7 of Part III for the words "recognised banks or licensed institutions" there shall be substituted the words "authorised institutions"; and

(b) in paragraph 7 of Part IV before the definition of "conveyancing services" there shall be inserted the words—

• “"authorised institution" means an institution which is authorised under the Banking Act 1987”.

and the definitions of "recognised bank" and "licensed institution" shall be omitted.