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Paragraph 35 Miscellaneous

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Ignore section 157 of the 2009 Act (other processes); this paragraph makes equivalent provision.

(2)

Before exercising an insolvency power in respect of a residual building society the FSA must give notice to the Bank of England, which may participate in any proceedings arising out of the exercise of the power.

(3)

In sub-paragraph (2)—

(a)

“residual building society” means a building society all or part of whose business has been transferred to a commercial purchaser or to a bridge bank in accordance with section 11 or section 12 of the 2009 Act respectively (as applied with modifications by section 84 of the 2009 Act), and

(b)

“insolvency power” means—

(i)

the FSA’s power to apply to the court for an administration order (see paragraph 11(1) of Schedule 15A to the Building Societies Act 1986), and

(ii)

the FSA’s power to present a petition for the winding-up of a building society (see sections 37(1) and 89(2) of the Building Societies Act 1986).