Regulation 2 Interpretation

In these Regulations—

• “the Act” means the Building Societies Act 1986;

• “liquid asset” means an asset of a character which societies may hold under section 21 (liquid assets) of the Act for the purpose of meeting their liabilities as they arise;

• “predecessor” means, in relation to an existing society —

  1. (a)

     a society which has transferred its engagements to that existing society, or

  2. (b)

     a society which has amalgamated with one or more societies under section 93 (amalgamations) of the Act so as to establish that existing society as their successor; and

• “society” means a building society.