# Building Societies Act 1986, Paragraph 32

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

(1) Article 21 of the Order (power of High Court to make administration order) has effect as if it included provision that, where—
(a) an application for an administration order to be made in relation to a building society is made by the FCA or the PRA (with or without other parties); and
(b) the society has defaulted in an obligation to pay any sum due and payable in respect of any deposit or share,
the society shall be deemed for the purposes of paragraph (1) to be unable to pay its debts.
(2) In paragraph (3) of that Article, sub-paragraph (c) and, in paragraph (4) of that Article, the words from “nor where” to the end are omitted.

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Source: https://www.legislation.gov.uk/ukpga/1986/53/schedule/15A/paragraph/32 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/schedule-15A/paragraph-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.