- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
This Order brings into force paragraph 4 of Schedule 9 to the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) on 26th March 2015. Paragraph 4 repeals section 9B of the Building Societies Act 1986 (c. 53). This will allow building societies to create floating charges. This is the eighth commencement order to be made under the Act.
Article 3 makes consequential amendments of the Building Societies (Financial Assistance) Order 2010 (S.I. 2010/1188).
Article 4 and Schedule 1 apply Part 18 of the Companies Act 1985 (c. 6) to building societies with modifications. Part 18 concerns the creation of floating charges in Scotland and their effect, ranking and alteration.
Article 5(1) provides that article 4 will cease to have effect when Part 18 of the Companies Act 1985 is repealed by section 46 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3) (“the 2007 Act”). Article 5(2) and Schedule 2 will then have effect to apply Part 2 of the 2007 Act to building societies with modifications. Part 2 of the 2007 Act makes provision for the creation of floating charges in Scotland and their effect, ranking, assignation, alteration and discharge.
An impact assessment of the effect of this Order on the costs of business and the voluntary sector has been prepared and is available on HM Treasury’s website (www.gov.uk/treasury) or from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is annexed to the Explanatory Memorandum for this Order.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: