Part I DESCRIPTION OF DESIGNATED BODY CORPORATE

A specified type of body corporate (not being one excluded by the particular restrictions for funding bodies), which is a subsidiary of the society, formed for the purposes of, or the objects of which include, any or all of the following activities—

1. (a)

   borrowing money and receiving deposits from any person for any of the purposes described in (b), (c), and (d) below, and for the purpose of any activity which is within the powers of the society to carry on;

2. (b)

   lending money to the society;

3. (c)

   holding funding body assets;

4. (d)

   entering into and effecting any contract which conforms to a description, and any terms within that description, prescribed for the time being in an order made under section 23(2) of the Act^f1 as if, within that description:

   1. (i)

      references to “society” were references to “funding body”, and

   2. (ii)

      references to “participant” were references to a party to such a contract to which the funding body is also a party.