Article 2 Amendment of provisions of the Building Societies Act 1986

in section 7(4) (which identifies non-retail funds and deposits), for paragraph (bb) there shall be substituted the following paragraph:

“(bb)

sums deposited otherwise than in excepting circumstances with the society by, or by a trustee for, an institution which is —

(i)

an authorised institution, for the purposes of, or

(ii)

an overseas institution for the purposes of Part IV of,

the Banking Act 1987^f1;”; and

in Schedule 8 (services), in paragraph 7(a) of Part III, for the words “recognised bank or licensed institution” there shall be substituted the words “authorised institution”.