PART 6ENACTMENTS RELATING TO MUTUAL SOCIETIES

CHAPTER Iprimary legislation

Building Societies Act 1986 (c. 53)

Transfers of business by building society to company196

1

Section 98138 of the Building Societies Act 1986 (transfers of business; supplementary provisions) is amended as follows.

2

In section 98(3)(c), for the words “become or,” to the end substitute—

have—

i

such permission under Part IV of the Financial Services and Markets Act 2000, or

ii

such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),

as will enable it to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act; or