SCHEDULEConsequential amendments to the 1986 Act

I12

1

Section 6 (the lending limit) is amended as follows.

2

In subsection (2), in the definition of “X”, in paragraph (a) omit “in pursuance of regulations under section 73(7)”.

3

In subsection (14), in the definition of “accounts”—

a

in paragraph (a) omit “under subsection (1) of section 72”; and

b

in paragraph (b) omit “under subsection (2) of that section”.

4

After subsection (15) insert the following—

16

In this section, in the case of societies which produce IAS individual accounts or IAS group accounts;

  • “fixed assets” means–

    1. a

      land and buildings;

    2. b

      plant and machinery;

    3. c

      equipment, fixtures, fittings and vehicles;

    4. d

      payments on account and assets in the course of construction; and

    5. e

      intangible fixed assets.

  • “liquid assets” means–

    1. a

      cash and cash equivalents;

    2. b

      treasury bills and similar securities;

    3. c

      loans and advances to credit institutions; and

    4. d

      debt securities and other fixed income securities.