# The Banking Act 1987 (Meaning of Deposit) Order 1991, Article 3: Interpretation


For the purposes of this Order, references to the presentation of a petition for the winding up of an institution shall be taken to mean—
(a) where the institution becomes insolvent within the meaning of section 59 of the Banking Act 1987 on the making of an order or award, the presentation of a petition that the order or award be made;
(b) where the institution becomes so insolvent on the passing of a resolution for a voluntary winding-up in the circumstances described in section 59(1)(b) of that Act, the summoning of a meeting at which such a resolution is to be proposed;
(c) where the institution becomes so insolvent on the holding of a creditors' meeting, the summoning of such meeting;
(d) where the institution becomes so insolvent on the occurrence of an event which appears to the Deposit Protection Board to correspond as nearly as may be to any of those mentioned in section 59(1)(a), (b) or (c) or 59(2)(a), (b) or (c) of that Act, the event which appears to the Board to correspond as nearly as may be to that mentioned in paragraph (a), (b) or (c)of this article (as the case may be).

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Source: https://www.legislation.gov.uk/uksi/1991/1776/article/3 (the official version)
Page: https://openlegislation.uk/banking-act-1987-meaning-of-deposit-order-1991/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.