The Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993

Designation of bodies corporate

3.—(1) The body corporate individually specified or each body corporate of a description specified in column 1 of Part I of the Schedule to this Order is designated for the purposes of section 18 of the Act (power to invest in subsidiaries and other associated bodies) and within that Part of that Schedule–

(a) the corresponding item in column 2 specifies, if that body is individually specified, the body’s registration number under the Companies Act 1985(1) or, in the case of every other body, the meaning of the description so specified in column 1 for the purposes of this Order;

(b) the corresponding item in column 3 specifies whether that body is designated–

(i) as suitable for investment and support, (and not for support in the absence of investment), or

(ii) as suitable for investment and support or support,

for the avoidance of doubt a society may invest in a body without giving that body support notwithstanding which of the powers referred to in sub–paragraphs (i) and (ii) above is exercised by a society;

(c) the corresponding item (if any) in column 4 specifies the purposes for which (in addition to the purposes permitted by section 18(4) of the Act) the exercise of the relevant power by a society is permitted in relation to that body, and

(d) the corresponding item in column 5 specifies the limits (if any) on the extent to which, and the conditions (if any) subject to which, the exercise of the relevant power by a society is permitted in relation to that body.

(2) Part II of the Schedule to this Order shall have effect–

(a) so as to supplement Part I thereof, and

(b) in respect of the interpretation of that Schedule.

(1)

1985 c. 6.