Paragraph 38

(1)

Section 101 of the Building Societies Act 1986 is amended as follows.

(2)

In subsection (4), for “Bank”, in both places, there is substituted “ Authority ”.

(3)

In subsection (6)—

(a)

for the definition of “the Bank” there is substituted—

““the Authority” means the Financial Services Authority”, and

(b)

in paragraph (c) of the definition of “financial institution”, for “Bank” there is substituted “ Authority ”.