# The Building Societies (Designation of Qualifying Bodies) Order 1988, Paragraph 4: Meaning of group interest provision


In this Schedule “the group interest provision” means a condition to the effect that where a society holds shares or corresponding membership rights in a body corporate—
(a) the society shall seek to ensure that each subordinate organisation of the body corporate becomes associated with the society, and
(b) where any period of three months has passed on each day of which the number of subordinate organisations of the body corporate which are associated with the society is less than the total number of subordinate organisations of that body corporate the society shall—
(i) notify the Commission in writing of that fact within 14 days of the end of that period,
(ii) dispose of its shares or corresponding membership rights in that body corporate as soon as it is conveniently practicable to do so without undue loss, and
(iii) within 14 days following that disposal, notify the Commission in writing thereof,
but nothing in this paragraph shall be taken to add to the powers of a society to invest in or support any body corporate.

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Source: https://www.legislation.gov.uk/uksi/1988/1196/schedule/paragraph/4 (the official version)
Page: https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-order-1988/schedule/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.