# Building Societies Act 1986, Paragraph 17

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

For the purposes of the application of section 118 by reference to the annual accounts of a building society prepared before the first financial year for which accounts under Part VIII of this Act are prepared, the reference to the total commercial assets of a society shall have effect as a reference to the amount in the last balance sheet prepared under the Building Societies Act 1962 which represents the total assets constituted by mortgage debts outstanding to the society.

---
Source: https://www.legislation.gov.uk/ukpga/1986/53/schedule/20/paragraph/17 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/schedule-20/paragraph-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.