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4.—(1) This Article varies Part IV of Schedule 8 to the Act as follows.
(2) After paragraph 4, there shall be inserted the following paragraphs —
4A.—(1) For the purposes of paragraph 7(b) of Part III of this Schedule, a body corporate is connected with a person arranging for credit and connected services to be provided if and only if —
(a)one is a building society and the other is a subsidiary or relevant associated body of that society; or
(b)both are subsidiaries of the same building society.
(2) For the purposes of sub-paragraph (1) above an associated body of a building society which is not a corresponding European body as referred to in section 18(2)(b) of this Act is a relevant associated body of that society.
4B. For the purpose of determining whether the condition in paragraph 12(d) of Part III of this Schedule is fulfilled as regards a subsidiary of a building society, the continuation, during the first fifteen months following the date on which an undertaking became or the business of an undertaking was transferred to a subsidiary of the society, of any activity carried on as part of the business of the undertaking immediately before that date shall be disregarded.”.
(3) In paragraph 5 (sanctions for breach of restrictions), in place of “acts as agent” there shall be substituted “performs any service”.
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