Article 2 Interpretation

In this Order–

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

• “approved”, in relation to a resolution of the directors of the society means approved by the Commission prior to the passing thereof;

• “dividend” means any distribution in respect of shares in the society other than interest or return of capital;

• “society” in relation to deferred shares means a building society which proposes to issue or, as the case may be, has issued shares of a class which complies with article 3 below;

• “the specified shares” means shares of a class which complies with article 3 below and “other shares” means shares issued by the society of a class which does not comply with article 3 below.

• “subordinated debt” has the meaning assigned to that expression in paragraph 4 of Part III of the Schedule to the Building Societies (Supplementary Capital) Order 1988^f1.

For the purposes of this Order–