Article 7 Aggregation of assets
Where a building society is associated with a relevant body there shall be attributed to the society for the purposes of section 20 the relevant percentage of the attributable assets of the body.
Subject to paragraph (3), class 1 assets of the body shall be attributed as class 1 assets of the society, and so on for classes 2 and 3, except (in the case of class 1 only) if the aggregate amount of class 1 assets attributed to a society under paragraph (1) exceeds 15% of the society’s total commercial assets (including those attributed under paragraph (1)) the excess shall be attributed to class 2.
Assets shall be attributed as class 1 assets of the society only if the society is satisfied in relation to the advances constituting those assets that if made by the society they would have qualified as class 1 advances, and similarly in respect of class 2 assets.
Where before the coming into force of these Rules a society has obtained certificates under rule 7 of the Building Societies (Aggregation) Rules 1990f1 in respect of an asset, it may rely on those certificates in respect of that asset for the purposes of paragraph (3) above.