# Building Societies Act 1997, Paragraph 7


Unless the contrary is shown, a building society may assume that any shares in the society which are held by an individual at the commencement of section 8 of this Act are held otherwise than as a bare trustee (or, in Scotland, a simple trustee) for a body corporate, or for persons who include a body corporate.

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Source: https://www.legislation.gov.uk/ukpga/1997/32/schedule/8/paragraph/7 (the official version)
Page: https://openlegislation.uk/building-societies-act-1997/schedule-8/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.