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The Building Societies (Transfer of Business) Regulations 1998
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- UK Statutory Instruments
- 1998 No. 212
- Regulation 7
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7.—(1) Any instrument or other document (to the extent that it is not an agreement or deed to which regulation 6 above applies or an enactment) in being immediately before the vesting date which refers, whether specifically, generally or by implication, to the society shall have effect on and after the vesting date with the modifications set out in regulation 6(2)(a) and (b) above and shall be construed in the manner in which agreements and deeds are required to be construed by regulation 6(3) and (4) above, and without prejudice to the generality of the foregoing—
(a)testamentary instruments made before the vesting date whether the testator dies before, on or after that date, and
(b)negotiable instruments and orders for payment of money whether drawn, given, accepted or endorsed before, on or after the vesting date,
shall have effect in accordance with this paragraph and with the modifications so prescribed.
(2) Without prejudice to the generality of regulation 6 and paragraph (1) of this regulation, any instrument or document (not being an enactment) which relates to the use of any land or premises in which any interest was vested in, or which was occupied by, the society immediately before the vesting date and which, in relation to that use, refers to a building society or to activities (however described) of a building society shall, for as long as any interest in the land or premises is vested in, or the land or premises are occupied by, the successor company, have effect as if the reference were respectively to the successor company or to activities of a similar character carried on by the successor company.
(3) For the purposes of this regulation, any register or record preserved by any device for storing and processing information shall, if that register or record is so preserved immediately before the vesting date, be treated as a document in being immediately before that date.
Commencement Information
I1Reg. 7 in force at 2.3.1998, see reg. 1
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