{
  "url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-no-3-order-1993/schedule/paragraph-6",
  "json_url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-no-3-order-1993/schedule/paragraph-6.json",
  "legislation": "uksi/1993/2706",
  "legislation_title": "The Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993",
  "legislation_url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-no-3-order-1993",
  "path": "schedule/paragraph/6",
  "kind": "paragraph",
  "number": "6",
  "heading": "Meaning of relevant restrictions",
  "text": "(1) In this Schedule “relevant restrictions” means the provisions set out in sub–paragraph (2) below, and, where applicable, the provisions in sub–paragraphs (6), (7), (8) and (9) below.\n(2) Subject to sub–paragraphs (3) and (4) below a body corporate is not a body where–\n(a) it is a market maker,\n(b) it is an authorised institution, or its business requires it to be authorised, for the purposes of the Banking Act 1987, or it otherwise carries on a deposit taking business in the United Kingdom within the meaning of section 6 of that Act, or\n(c) its business includes activities in the range from which the society is restricted within the meaning of paragraph 7 below.\n(3) Nothing in sub–paragraph (2) above shall prevent a body from being a general insurance body, and nothing in sub–paragraph 2(b) or (c) above shall prevent a body corporate from being a life insurance body.\n(4) The restrictions in sub–paragraph (2) above do not apply to any body corporate in which the society directly holds less than 5% of the issued shares or corresponding membership rights.\n(5) If a society becomes aware that a body corporate in which the society directly holds 5% or more of the issued shares or corresponding membership rights is for the time being excluded from being a body by any relevant restriction, the society shall, as soon as it is conveniently practicable to do so without undue loss, dipsose of sufficient of its shares or corresponding membership rights so that it ceases to hold 5% or more of the issued shares or corresponding membership rights in that body corporate.\n(6) A body corporate is not a life insurance body–\n(a) unless the body corporate is authorised or otherwise entitled to carry on insurance business of any class specified in Schedule 1 to the Insurance Companies Act 1982 in any member State or in any country or territory which is listed in paragraph 2(c) or (e) above, or (where applicable) a candidate for authorisation in any such member State, country or territory, or\n(b) if the body corporate or any subordinate organisation of the body corporate comes within the description of a general insurance body as specified in this Schedule.\n(7) A body corporate is not a general insurance body unless the body is either authorised or otherwise entitled to carry on in any member State or in any country or territory which is listed in paragraph 2(c) or (e) above, or (where applicable) a candidate for authorisation in any such member State, country or territory, insurance business of any class specified in Part I of Schedule 2 to the Insurance Companies Act 1982,\n(8) A body corporate is not a financial services body unless the body corporate is an exempted person under the Financial Services Act 1986, or an authorised person under that Act, or a candidate for authorisation under that Act, or otherwise authorised or entitled or a candidate for authorisation (where applicable) to carry on investment business in any member State or in any country or territory which is listed in paragraph 2(c) or (e) above.\n(9) A body corporate is not an estate agency body if its business includes lending money, secured or unsecured, on its own account.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1987 c. 22."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1982 c. 50."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1982 c. 50; Part I of Schedule 2 was amended by S.I. 1987/2130."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1986 c. 60."
    }
  ],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1995/1188",
      "affecting_title": "The Building Societies (Designation of Qualifying Bodies) Order 1995"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1993/2706/schedule/paragraph/6",
    "retrieved_at": "2026-10-29T13:47:51.304679+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}