# The Building Societies (Designation of Qualifying Bodies) (No. 2) Order 1993, Paragraph 3: Meaning of single tier organisation


In this Schedule “a single tier organisation” is a body which does not have the capacity to hold 5% or more of shares or corresponding membership rights in another body corporate, and any shares or corresponding membership rights which the body holds in another body corporate are held for the purpose of investing premiums which have been obtained for the purposes of carrying on mortgage indemnity insurance business.

---
Source: https://www.legislation.gov.uk/uksi/1993/989/schedule/paragraph/3 (the official version)
Page: https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-no-2-order-1993/schedule/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.