# Building Societies Act 1986, Paragraph 2

Extent: E+W+S+N.I.

(1) The function of the Commission of granting recognition of schemes is exercisable, in accordance with paragraph 4 or 5 below, on the Commission’s own motion or on a submission for its approval made by or on behalf of any building societies.
(2) In this Schedule, in relation to a scheme recognised by the Commission to any extent, a “direction for its recognition” means a direction that the scheme is, to the extent specified in the direction, a scheme recognised by the Commission.

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Source: https://www.legislation.gov.uk/ukpga/1986/53/schedule/13/paragraph/2 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/schedule-13/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.