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Paragraph 13 Other definitions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In the Schedules to these Regulation—

  • “liquid asset” means an asset which a society is, by virtue of regulations in force for the time being under section 21 (liquid assets) of the Act, empowered to hold or to continue to hold;

  • “retail funds and deposits” means those funds and deposits of a society which—

    1. (a)

      come within section 7 (power to raise funds and borrow money) of the Act, and

    2. (b)

      are not, by virtue of that section, classified as non-retail funds and deposits,

    and includes, in the case of a society which has made an effective election for the purposes of subsection (5) of that section, those funds and deposits which would, but for that election, be classified as non-retail;

  • “subordinated loan capital” means, in respect of a society, any liability (not being a liability in respect of a share) specified in an order for the time being in force under section 45(5) of the Act (capital resources which may be aggregated with reserves for certain purposes); and

  • “third party” means a person who is neither the society nor a body corporate associated with it.