PART 9 AMENDMENTS TO SECONDARY LEGISLATION

The Service Charge Contributions (Authorised Investments) Order 1988 (S.I. 1988/1284)

391 Investment of sums standing to the credit of any trust fund
1 In article 2 of the Service Charge Contributions (Authorised Investments) Order 1988, the existing text is numbered paragraph (1).
2 For paragraph (1)(b) of that article, substitute—

“(b) deposited in the United Kingdom at interest with—
(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(ii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.”

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3 Paragraph (1)(c) of that article is revoked.
4 After paragraph (1) of that article, insert—

“2 Where a person of a kind mentioned in paragraph (1)(b)(i) is a building society within the meaning of the Building Societies Act 1986, any such sums may also be invested in shares in that building society.
3 Paragraph (1) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.”

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