Paragraph 6 Specification of particular restrictions for appropriate lending vehicles

(1)

In this Schedule “the particular restrictions for appropriate lending vehicles” means the provisions set out in sub-paragraph (2) below.

(2)

A body corporate is not an appropriate lending vehicle for a society where—

(a)

it is a market maker,

(b)

it is an authorised institution, or its business requires it to be authorised, for the purposes of the Banking Act 1987^f1, or

(c)

its business includes activities in the range from which the society is restricted.

(3)

The restriction in sub-paragraph (2) will not apply where there is no relevant holding of the society in the appropriate vehicle.

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