Article 3 Designation of bodies corporate

(1)

Each body corporate of the description specified in column 1 of Part I of the Schedule to this Order is designated for the purposes of section 18 of the Act (power to invest in subsidiaries and other associated bodies) and within that Part of that Schedule—

(a)

the corresponding item in column 2 specifies, where a body corporate comes within the description so specified, the meaning of that description for the purposes of this Order;

(b)

the corresponding item in column 3 specifies that the body is designated as suitable for investment and support (but not for support only);

(c)

the corresponding item in column 4 specifies the purposes for which (in addition to the purposes permitted by section 18(4) of the Act) the exercise of the relevant power by a society is permitted in relation to that body, and

(d)

the corresponding item in column 5 specifies the conditions subject to which the exercise of the relevant power by a society is permitted in relation to that body.

(2)

Part II of the Schedule to this Order shall have effect—

(a)

so as to supplement Part I thereof, and

(b)

in respect of interpretation of that Schedule.