# The Building Societies (Limits on Commercial Assets) Order 1988, Note: Explanatory note


(This note is not part of the Order)
This Order increases, in three stages, the percentage limit on commercial assets in classes 2 and 3 which a building society may hold. Commercial assets means, in relation to building societies, assets classified as class 1, 2 or 3. Class 1 assets are advances secured on residential property, class 2 assets are generally advances secured on other land, and class 3 assets generally comprise loans, residential land and interests in bodies corporate.

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Source: https://www.legislation.gov.uk/uksi/1988/1142/note (the official version)
Page: https://openlegislation.uk/building-societies-limits-on-commercial-assets-order-1988/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.