# The Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993, Paragraph 11: Meaning of condition for investment in Girobank plc


(1) In this Schedule “the condition for investment in Girobank plc” means a condition to the effect that a society shall not acquire shares in Girobank plc where the society is aware, and shall dispose of such shares in Girobank plc as it holds as soon as it is conveniently practicable to do so without undue loss after the society has become aware, that Girobank plc–
(a) has a subordinate organisation which is not within the prescribed range,
(b) is a market maker, or
(c) is carrying on activities in the range from which the society is restricted within the meaning of paragraph 7 above.
(2) For the purposes of sub–paragraph (1) above, a subordinate organisation comes within the prescribed range where it is–
(a) a body corporate in which a society has power to invest in and support or support, or
(b) the office of the Banking Ombudsman.

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Source: https://www.legislation.gov.uk/uksi/1993/2706/schedule/paragraph/11 (the official version)
Page: https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-no-3-order-1993/schedule/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.