Paragraph 3

for subparagraph (1) there shall be substituted the following subparagraph–

“(1)

In this Schedule “the particular restrictions for financial service vehicles” means the provisions set out in subparagraph (2) below, “the particular restrictions for life insurance vehicles” means the provisions set out in subparagraph (3) below, “the particular restrictions for general insurance companies” means the provisions set out in subparagraph (4) below, “the particular restrictions for estate agency vehicles” means the provisions set out in subparagraph (5) below and “the particular restrictions for appropriate mortgage companies” means the provisions set out in subparagraph (6) below.”, and

after subparagraph (5) there shall be inserted the following subparagraph–

“(6)

A company is not an appropriate mortgage company for a society where–

(a)

it is a market maker,

(b)

it is an authorised institution, or its business requires it to be authorised, for the purposes of the Banking Act 1987^f1,

(c)

its business includes the carrying on of estate agency work,

(d)

its business includes activities in the range from which the society is restricted, or

(e)

any of its employees performs any service for a subsidiary or other associated body of the society being a subsidiary or other associated body which carries on estate agency work.”.