{
  "url": "https://openlegislation.uk/building-societies-act-1986-accounts-and-related-transitional-provisions-order-1987/note",
  "json_url": "https://openlegislation.uk/building-societies-act-1986-accounts-and-related-transitional-provisions-order-1987/note.json",
  "legislation": "uksi/1987/395",
  "legislation_title": "The Building Societies Act 1986 (Accounts and Related Transitional Provisions) Order 1987",
  "legislation_url": "https://openlegislation.uk/building-societies-act-1986-accounts-and-related-transitional-provisions-order-1987",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order provides for changes in accounts, directors' reports and annual returns of building societies, in respect of which requirements of previous legislation were saved by Article 12 of the Building Societies (Rules and Miscellaneous Transitional Provisions) Order 1986. Article 12 of the 1986 Order saved the full requirements of previous legislation in respect of financial years beginning before 1st January 1987. This Order changes those requirements in respect of—\n(a) accounts and directors' reports for financial years ending on or after 28th February 1987 which have not, before the date on which this Order comes into force, been laid before the building society at its annual general meeting, and\n(b) annual returns for those years which have not, before that date, been made to the appropriate registrar.\nThe changes to accounts are specified in Article 4 and Schedule 1; these provisions oblige societies to include details of subsidiaries and other associated bodies, Class 3 assets under Part III of the Building Societies Act 1986, and non-retail funds under section 7 of the 1986 Act.\nThe changes to directors' reports are specified in Article 5. Under Article 6(2) of the 1986 Order societies with financial years which straddled 1st January 1987 were empowered to elect to observe limits on special advances (those over £60,000 and those to bodies corporate) for the part of their financial year ending on 31st December 1986 rather than the whole year. The requirements of the directors' report for such societies are altered to mirror this.\nThe alterations to annual returns are specified in Article 6 and Schedule 2 and provide for further detail in respect of the alterations specified above, and details of society officers from 1st January 1987 onwards.\nA society’s annual return is also required by this Order to include a statement of the mortgage debts owed to it as at 31st December 1986 and ratios of types of assets and liabilities at the end of the financial year.\nArticle 7 makes consequential alteration to auditors' reports required to be made on accounts and annual returns.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/395/note",
    "retrieved_at": "2026-10-29T16:30:33.980472+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}