1987 No. 1670
The Building Societies (Banking Institutions) Order 1987
Made
Laid before Parliament
Coming into force
The Building Societies Commission, in exercise of the powers conferred on it by sections 7(9), 15(2) and 34(2) of the Building Societies Act 19861 and of all other powers enabling it in that behalf, and with the consent (except in so far as this Order is made under section 34(2) of that Act) of the Treasury, hereby makes the following Order:
Citation and commencement1
This Order shall be cited as the Building Societies (Banking Institutions) Order 1987 and shall come into force on 1st October 1987.
Amendment of provisions of the Building Societies Act 19862
The Building Societies Act 1986 shall be amended as follows:
a
in section 7(4) (which identifies non-retail funds and deposits), for paragraph (bb) there shall be substituted the following paragraph:
bb
sums deposited otherwise than in excepting circumstances with the society by, or by a trustee for, an institution which is —
i
an authorised institution, for the purposes of, or
ii
an overseas institution for the purposes of Part IV of,
the Banking Act 19872;
b
in Schedule 8 (services), in paragraph 7(a) of Part III, for the words “recognised bank or licensed institution” there shall be substituted the words “authorised institution”.
Amendment of the Building Societies (Mobile Home Loans) Order 19863
The Building Societies (Mobile Home Loans) Order 19863 shall be amended as follows:
a
in article 2 (interpretation) —
i
after the definition of “the Act” there shall be inserted the following definition:
“authorised institution” means an institution which is an authorised institution for the purposes of the Banking Act 1987;
ii
the definitions of “licensed deposit taker” and “recognised bank” and the word “and” immediately before the latter definition shall be omitted; and
b
in article 3 (security for mobile home loans) —
i
in paragraph (c)(ii), for the words “society, recognised bank or licensed deposit taker” there shall be substituted the words “society or authorised institution”; and
ii
in paragraph (d), for the words “a recognised bank or licensed deposit taker” there shall be substituted the words “an authorised institution”.
In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 18th September 1987.
We consent to this Order,
(This note is not part of the Order)