Article 3 Class 3 assets

A society may, subject to the provisions of this Order, acquire, hold and dispose of the forms of property described in Section A of each Part of Schedule 1 below, as class 3 assets for the purposes of Part III of the Act, and for the purposes of the Act the power to acquire, hold and dispose of a description of property specified in any Part of that Schedule shall be treated as a separate power from the power to acquire, hold and dispose of a description of property specified in any other Part of that Schedule.

Section B of each Part of Schedule 1 below has effect for the purpose of specifying the conditions and restrictions subject to which a society may acquire, hold and dispose of property of the description specified in Section A of that Part of that Schedule.

Section C of each Part of Schedule 1 below has effect for the purpose of specifying, in relation to property of the description specified in Section A of that Part of that Schedule, how the aggregate value of that property is to be determined for the purposes of section 20 of the Act (commercial asset structure requirements for building societies) and, in the case of Part III of that Schedule, also contains provision whereby sums in addition to that value are to be taken into account for the purposes of that section.