{
  "url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-amendment-no-2-order-1989/note",
  "json_url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-amendment-no-2-order-1989/note.json",
  "legislation": "uksi/1989/1816",
  "legislation_title": "The Building Societies (Designation of Qualifying Bodies) (Amendment) (No. 2) Order 1989",
  "legislation_url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-amendment-no-2-order-1989",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order amends the Building Societies (Designation of Qualifying Bodies) Order 1988, “the 1988 Order”, which designates corporate bodies and types of corporate body as suitable for investment or support by building societies under section 18 of the Building Societies Act 1986, by designating S.W.I.F.T. (U.K.) Limited, Switch Card Services Limited, Eurocard International S.A. and MasterCard International Incorporated as such bodies.\nAll four companies are designated as suitable for investment and support by a building society, or for support in the absence of investment (article 2 and Schedule 1, paragraph 1(c), 2(c), 3(c) and 4(c)). Investment is defined by section 18 of the Act as acquiring and holding shares in and forming, or taking part in forming, bodies corporate. Support is defined by that section as the provision of loans, grants, guarantees, services or property to bodies corporate.\nColumn 4 specifies the purposes for which (in addition to the purposes permitted by section 18(4)) a society may invest in or support a qualifying body. In regard to Switch Card Services Limited, Eurocard International S.A. and MasterCard International Incorporated, (in respect of all of which one of the purposes may be to facilitate the operation of facility accounts (S.I. 1987/1975)), the power of a building society to invest in or support is limited under column 5 to societies having a qualifying asset holding where the aggregate value of its total commercial assets is not less than £100 million (section 118 of the Building Societies Act 1986).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/1816/note",
    "retrieved_at": "2026-10-29T15:36:30.750042+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."
}