Banking business carried on overseas by building societies before commencementU.K.
23.—(1) A building society which was, immediately before commencement—
(a)authorised or treated as authorised for the purposes of the Building Societies Act; and
(b)carrying on overseas banking business,
is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas banking business.
(2) In this article—
“corresponding overseas regulated activities” means regulated activities which—
(a)the society carries on after commencement by virtue of continuing to carry on its overseas banking business; and
(b)the society is regarded as carrying on in the United Kingdom by virtue of section 418;
“overseas banking business” means business which constituted raising money from members or accepting deposits for the purposes of section 9 of the Building Societies Act and which it was carrying on in a country or territory outside the United Kingdom without contravening regulation 22 of the 2BCD Regulations.
Commencement Information
I1Art. 23 in force at 1.12.2001, see art. 1(2)(b)