- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)The following provisions of the 1986 Act (which are superseded by the foregoing provisions of this Part and this section) shall cease to have effect, namely—
(a)Part III (advances, loans and other assets);
(b)section 33 (assistance to other building societies);
(c)Part V (powers to provide services); and
(d)sections 38 to 40 (power to determine extent of building society powers).
(2)In relation to any time after Schedule 4 to the 1986 Act ceases to have effect by virtue of subsection (1) above, any rule of law requiring a mortgagee to take reasonable care to obtain a proper price or true market value shall have effect as if paragraph 1(1)(a) of that Schedule (duty to take reasonable care to ensure best price that can reasonably be obtained), and corresponding earlier enactments, had not been enacted.
(3)In so far as a building society is carrying on any activity comprised in the provision of a banking service, it shall be treated for all purposes—
(a)as a bank and a banker; and
(b)as carrying on the business of banking or a banking undertaking,
whether or not it would be so treated apart from this subsection.
(4)In this section “mortgagee”, as respects Scotland, has the meaning given by section 119(2) of the 1986 Act.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: