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Changes over time for: Section 1164
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Status:
Point in time view as at 03/10/2022.
Changes to legislation:
Companies Act 2006, Section 1164 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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1164Meaning of “banking company” and “banking group”U.K.
This section has no associated Explanatory Notes
(1)This section defines “banking company” and “banking group” for the purposes of the Companies Acts.
(2)“Banking company” means a person who has permission under [Part 4A] of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, other than—
(a)a person who is not a company, and
(b)a person who has such permission only for the purpose of carrying on another regulated activity in accordance with permission under that Part.
(3)The definition in subsection (2) must be read with section 22 of that Act, any relevant order under that section and Schedule 2 to that Act.
(4)References to a banking group are to a group where the parent company is a banking company or where—
(a)the parent company's principal subsidiary undertakings are wholly or mainly credit institutions, and
(b)the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings.
“Group” here means a parent undertaking and its subsidiary undertakings.
(5)For the purposes of subsection (4)—
(a)a parent company's principal subsidiary undertakings are the subsidiary undertakings of the company whose results or financial position would principally affect the figures shown in the group accounts, and
(b)the management of interests in subsidiary undertakings includes the provision of services to such undertakings.
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