Regulation 2 Interpretation

In these Regulations—

• “the Act” means the Building Societies Act 1986;

• “associated body” shall be taken as including bodies corporate given such a meaning by section 18 of the Act together with all bodies corporate in which such associated bodies hold shares or membership rights;

• “associated undertaking” has the meaning given to that phrase by paragraph 20 of Schedule 4A to the Companies Act 1985^f1;

• “group” means a society and its subsidiary undertakings;

• “group accounts society” means a society the directors of which are obliged by section 72 of the Act (duty of directors to prepare annual accounts) to prepare group accounts;

• “particular account” means an income and expenditure account, a balance sheet, or a statement of the source and application of funds;

• “subsidiary undertaking” means a subsidiary undertaking of a group accounts society with which the group accounts of the society are required by section 72 of the Act^f2 to deal;

• “single accounts society” means a society which is not a group accounts society; and “society” means a building society.

Nothing in these Regulations shall be taken to imply that the carrying on by a society of any activity provision for the recording of which is contained in these Regulations is, by virtue of that provision, within the powers of that society.