{
  "url": "https://openlegislation.uk/building-societies-deferred-shares-order-1989/article-2",
  "json_url": "https://openlegislation.uk/building-societies-deferred-shares-order-1989/article-2.json",
  "legislation": "uksi/1989/207",
  "legislation_title": "The Building Societies (Deferred Shares) Order 1989",
  "legislation_url": "https://openlegislation.uk/building-societies-deferred-shares-order-1989",
  "path": "article/2",
  "kind": "article",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In this Order–\n“the Act” means the Building Societies Act 1986;\n“approved”, in relation to a resolution of the directors of the society means approved by the Commission prior to the passing thereof;\n“dividend” means any distribution in respect of shares in the society other than interest or return of capital;\n“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;\n“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.\n“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.\n(2) For the purposes of this Order–\n(a) a return on a share means the interest, dividend or combination of interest and dividend in respect of that share,\n(b) the rate of return in relation to a share, means the percentage of the principal amount of that share represented by the return on it; and\n(c) the return on a share in respect of a period shall be taken to accrue from day to day during that period.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1988/777."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/207/article/2",
    "retrieved_at": "2026-10-29T15:49:59.154788+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}