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The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987

S.I. 1987/2018 · Made 24 November 1987

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

BUILDING SOCIETIES

Made 24th November 1987

Laid before Parliament 27th November 1987

Coming into force 18th December 1987

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by section 18(2)(c) of the Building Societies Act 1986f1, and of all other powers enabling it in that behalf, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1986 c. 53.

Contents

  1. 1Citation and commencement
  2. 2Amendment of previous Order
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987 and shall come into force on 18th December 1987.

2Amendment of previous Order

This article amends the Building Societies (Designation of Qualifying Bodies) Order 1986f1 as follows —

(a)

in the heading to article 7, and in article 7(1), for “Part II” there shall be substituted “Parts II and III”;

(b)

after article 7 there shall be inserted the following article —

“Bodies corporate listed in Parts III, IV and V of The Schedule

7A
(1)

The companies listed in Part III and IV, and the oversea company listed in Part V, of the Schedule to this Order shall, subject to article 9 below, be qualifying bodies suitable for —

(a)

investment and support, or

(b)

support, by a society for the purposes set out in paragraph (2) below.

(2)

The purposes referred to in paragraph (1) above are those of enabling or facilitating the operation of facility accounts by the society or by an associated body of the society.

(3)

In this article —

  • “facility account” has the meaning which it has in the Building Societies (Limited Credit Facilities) Order 1987f2, and

  • “oversea company” has the meaning which it has in the Companies Act 1985f3.”;

(c)

for article 9 there shall be substituted the following article —

“Restriction on investment and support power

9
1)

No power to invest in or support any qualifying body —

(a)

of a description designated in article 4 or 5 above, or

(b)

listed in Part IV or V of the Schedule to this Order,

is available to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability by virtue of this article does not require the disposal of any property or rights.

(2)

No power to invest in or support the qualifying body listed in Part III of the Schedule to this Order is available, except for the purposes set out in article 7(2) above, to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability by virtue of this article does not require the disposal of any property or rights.”;

(d)

in the Schedule, on the line on which “SCHEDULE” appears, for “Articles 6 and 7” there shall be substituted “Articles 6, 7, 7A and 9”;

(e)

in the heading to the first column of the Schedule, after “COMPANY” there shall be inserted “OR OVERSEA COMPANY”;

(f)

in Part II of the Schedule, “EFT-POS Administration Limited” and “1952127” shall be deleted; and

(g)

at the end of the Schedule the following Parts shall be added —

“

Part III
EftPos UK Limited1952127
Part IV
The Joint Credit Card Company Limited1001425
Part V
Visa International Service AssociationFC9816

”.

Signature

In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on

L.S.

D. B. Severn

Secretary to the Commission

19th November 1987.

We consent to this Order.

Peter Lloyd

Tony Durant

Two of the Lords Commissioners of Her Majesty’s Treasury

24th November 1987

Explanatory note

(This note is not part of the Order)

This Order amends the Building Societies (Designation of Qualifying Bodies) Order 1986 by adding The Joint Credit Card Company Limited and Visa International Service Association to the bodies corporate designated as suitable for investment and support by building societies, and specifies the purposes (facility accounts) for which the powers to invest in and support those bodies may be exercised. The power is limited to societies with the qualifying asset holding (at least £100 million in commercial assets). EftPos UK Limited (formerly EFT-POS Administration Limited), which was already listed in the 1986 Order, is added to the other two named bodies as a company suitable for investment and support by those societies for those purposes.