The Building Societies (Prescribed Contracts) Order 1993

Interpretation

2.—(1) In this Order—

“the Act” means the Building Societies Act 1986,

“interest” means, except where otherwise stated, any interest payable in respect of money including interest determined by reference to the fluctuations in the value or price of property of any description or in an index or other factor derived from such value or price,

“participant” means a party to a prescribed contract to which a society is also a party,

“prescribed contract” means an agreement or a series of agreements the terms of which are prescribed in Article 3,

“security”, except in Part IV of the Schedule hereto, means an asset which is of a character which societies may hold under section 21 (liquid assets) of the Act or which comprises rights under a prescribed contract whose terms include terms having the effect of the terms set out for forward and futures contracts in Part IV of the Schedule hereto, and

“society” means a building society.

(2) Where reference is made in this Order to any matter within the terms of a prescribed contract being specified, that matter shall be treated for the purposes of this Order as so specified if it is specified or referred to within or can be implied from the terms of that contract, or if it is to be determined in a manner which is set out in that contract.