Article 3 Designation of bodies corporate

(1)

Each body corporate of the description specified in column 1 of Part I of Schedule 1 to this Order is designated for the purposes of section 18 of the Act (power to invest in subsidiaries and other associated bodies) and within that Part of that Schedule—

(a)

the corresponding item in column 2 specifies, where that body corporate comes within the description so specified, the meaning of that description for the purposes of this Order;

(b)

the corresponding item in column 3 specifies that the body is designated as suitable for investment and support (but not for support only);

(c)

the corresponding item in column 4 specifies the purposes for which (in addition to the purposes permitted by section 18(4) of the Act) the exercise of the relevant power by a society is permitted in relation to that body, and

(d)

the corresponding item in column 5 specifies the condition subject to which the exercise of the relevant power by a society is permitted in relation to that body.

(2)

Part II of Schedule 1 to this Order shall have effect—

(a)

so as to supplement Part I thereof, and

(b)

in respect of interpretation of that Schedule.