# The Building Societies (Liquid Asset) Regulations 1987, 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—
(a) a society which has transferred its engagements to that existing society, or
(b) a society which—
(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
(ii) has united with one or more societies under section 18 (unions) of the Building Societies Act 1962 or of the Building Societies Act (Northern Ireland) 1967 so as to become that existing society; and
“society” means a building society.

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Source: https://www.legislation.gov.uk/uksi/1987/1499/regulation/2 (the official version)
Page: https://openlegislation.uk/building-societies-liquid-asset-regulations-1987/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.