Article 2 Interpretation

In this Order—

• “the Act” means the Building Societies Act 1986;

• “group member” means, in relation to a society, the society and each associated body of the society;

• “outsider” means, in relation to a society, a person who is not a group member;

• “relevant time” means, in relation to a society, any day which is, or is treated for any purpose by or under the Act as, the last day of its financial year;

• “society” means a building society;

• “the society’s business area” means, in relation to premises of a society, the net internal area of each part of the premises which—

  1. (a)

     is occupied by a group member for the purpose of conducting its business, or

  2. (b)

     is intended by a group member to be occupied by it, for the purpose of conducting its business, from a date no later than the date two years after the date of acquisition of the premises by the society;

• “total area”, in relation to premises, means—

  1. (a)

     where the premises comprise a building or floors within a building, the net internal area of that building or, as the case may be, those floors;

  2. (b)

     where the premises include land which is not built on, the aggregate of any net internal area to which subparagraph (a) of this definition refers and the area of any of such land which is let for gain; and

• “valuer” means a person who is competent to value premises of a society to which this Order applies (whether or not that person is employed by the society).