Explanatory Note
(This note is not part of the Order)
This Order empowers building societies with commercial assets of at least £100 million to make advances on the security of land in any member State of the European Community other than the United Kingdom. Provision is made for the classification of those advances within the asset classification provisions of the Building Societies Act 1986.
This Order provides (article 6 and Schedule 2) for the general treatment of those advances under the Building Societies Act 1986 to correspond to the treatment, under the Act, of advances secured on land in the United Kingdom.