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—

     1. (i)

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

     2. (ii)

        has united with one or more societies under section 18 (unions) of the Building Societies Act 1962^f1 or of the Building Societies Act (Northern Ireland) 1967^f2 so as to become that existing society; and

• “society” means a building society.