Paragraph 4 Specification of particular restrictions for funding bodies
(1)
In this Schedule “the particular restrictions for funding bodies” means the provisions set out in sub-paragraph (2) below.
(2)
A body corporate is not a funding body 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 1987f1 or it otherwise carries on a deposit taking business in the United Kingdom within the meaning of section 6 of the Banking Act 1987,
(c)
its business includes activities in the range from which the society is restricted within the meaning of paragraph 5 below, or
(d)
it owns 5% or more of shares or corresponding membership rights in another body corporate which the society does not have power to invest in and support or support.
Annotations
Footnotes
- f1