OpenLegislation

The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (Commencement No. 2) Order 2014

S.I. 2014/2796 · Made 16 October 2014

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Building Societies

Made 16th October 2014

The Treasury, in exercise of the powers conferred by section 6(2) of the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007f1, make the following Order:

Annotations to the whole text

Footnotes

f1

2007 c. 26.

Contents

  1. 1Citation and interpretation
  2. 2Provisions coming into force
  3. Signature
  4. Explanatory note

1Citation and interpretation

(1)

This Order may be cited as the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (Commencement No. 2) Order 2014.

(2)

In this Order “the Act” means the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007.

2Provisions coming into force

20th November 2014 is the appointed day for the coming into force of section 2 of the Act.

Signature

Gavin Barwell

John Penrose

Two of the Lords Commissioners of Her Majesty’s Treasury

16th October 2014

Explanatory note

(This note is not part of the Order)

This Order is the second Commencement Order made under the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c.26) (“the Act”). This Order brings into force section 2 of the Act on 20th November 2014, which inserts section 90B into the Building Societies Act 1986 (c.53). This enables the Treasury by order to ensure that when a building society is being wound up, its assets are applied in satisfying its liabilities to shareholders and to creditors pari passu.