Article 2 Designation of relevant estate agencies
Subject to paragraph (2) below, a body corporate which is a relevant estate agency is designated for the purposes of section 18 of the Building Societies Act 1986 (power to invest in associated bodies) as a body corporate suitable for investment and support by a building society.
The power to invest in and support a body corporate which is a relevant estate agency is not available to a building society except where that body corporate is, or by virtue of that investment becomes, a subsidiary of that building society.
For the purposes of this article a body corporate is a relevant estate agency if—
it does not come within section 18(2)(a) or (b) of the Building Societies Act 1986, but
subject to that, it is a body corporate (formed in a relevant British overseas territory) as regards which, and the business of which, the conditions set out in paragraph 12 of Part III (restrictions in relation to certain services) of Schedule 8 to the Building Societies Act 1986 are fulfilled.