Article 3 Aggregation of liabilities in respect of non–retail funds and deposits

(1)

Where a building society is associated with a relevant body there shall be attributed to the society for the purposes of section 7(3)–

(a)

for the purposes of determining the liabilities of the society in respect of its non– retail funds and deposits, the relevant percentage of the non–retail liabilities of the body; and

(b)

for the purposes of determining the total liabilities in respect of shares in or money deposited with the society, the relevant percentage of the deposit liabilities of the body.

(2)

In paragraph (1) “non–retail liabilities” means liabilities of the body in respect of its non–retail funds and deposits of the kind described in section 7(4) which are not–

(a)

excluded liabilities; or

(b)

liabilities in respect of which an election is in force in respect of the society under section 7(5),

and for the purposes of this paragraph references in section 7 to a building society, except in relation to shares in the society, shall be construed as references to the body.