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Article 2 Interpretation

Original text. Later amendments are not shown.

In this Order unless the context otherwise requires—

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

  • “creditors”, in relation to a society extends to members holding shares in the society, other than deferred shares, as regards the principal of those shares and all interest due thereon in accordance with their terms;

  • “issue terms” in relation to an issue of deferred shares means the provisions of a document which sets out, or of a connected series of documents which set out, the rights and obligations of the society and shareholders in respect of those shares;

  • “relevant consent” means consent applied for by the society otherwise than in consequence of a provision among the issue terms requiring the society so to apply or granting the society any benefit for so applying or imposing a sanction against failure so to apply;

  • “the Schedule” means the Schedule to this Order; and

  • “society” in relation to deferred shares means a society which proposes to issue or, as the case may be, has issued, such shares.