OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(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.