The Building Societies (Commercial Assets and Services) Order 1988

SECTION A

1.  The description of property specified in this Part of this Schedule is that of leasable chattels.

2.  In this Part of this Schedule—

(a) “bailment”, in relation to Scotland, means “hire”, and “bail” and “bailee” shall be construed accordingly.

(b) “chattels” means—

(i) in relation to England and Wales and Northern Ireland, all personal chattels other than things in action and money, and

(ii) in relation to Scotland, all corporeal moveables except money,

(c) “facility account” and “facility limit” have the meanings which they respectively bear in the 1987 Order,

(d) “leasable chattels”, in relation to a society, means chattels the property in which is vested in the society which are, or are to be, subject to bailment to an individual in return for periodical payments by that individual under an agreement which may but need not contain provision (or be part of a series of agreements containing provision) for the property in those chattels to become vested in that individual, and

(e) “leasing agreement” means an agreement under the law of England and Wales, Scotland or Northern Ireland for the bailment of leasable chattels.