Regulation 4 Transitional provision

(1)

This regulation applies to assets of a society which are not liquid assets under these Regulations but—

(a)

are assets which—

(i)

were previously liquid assets and have ceased to be so, and

(ii)

have been held by the society continuously since a date before the date on which they ceased to be liquid assets, or

(b)

are assets which—

(i)

were treated, by virtue of article 7 (liquid assets) of the Building Societies Act 1986 (Rules and Miscellaneous Transitional Provisions) Order 1986^f1, as if they were prescribed in liquid asset Regulations, and

(ii)

have been held by the society continuously since a date before the date on which these Regulations came into force.

(2)

A society which so holds assets to which this regulation applies shall not lose its power to continue to hold those assets.

(3)

In this regulation a society is treated as including any predecessor of the society.

Annotations

Footnotes

f1: S.I. 1986/2168.