Paragraph 3 F1
In relation to the power to provide the service of trusteeship—
(a)
a building society may not accept trusteeship of a prohibited trust, and
(b)
a building society which becomes aware that a trust of which it is trustee has become a prohibited trust shall retire as trustee of that trust as soon as it is practicable to do so.
Annotations
Textual amendments
- F1
Sch. 8 Pt. III para. 3 substituted by S.I. 1989/839, art. 3(d)