{
  "url": "https://openlegislation.uk/building-societies-liquid-asset-regulations-1987/schedule-1/part-II/paragraph-7",
  "json_url": "https://openlegislation.uk/building-societies-liquid-asset-regulations-1987/schedule-1/part-II/paragraph-7.json",
  "legislation": "uksi/1987/1499",
  "legislation_title": "The Building Societies (Liquid Asset) Regulations 1987",
  "legislation_url": "https://openlegislation.uk/building-societies-liquid-asset-regulations-1987",
  "path": "schedule/1/part/II/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": null,
  "text": "(1) An asset issued by a society which comes within paragraph 18 or 25 of Part I above is a liquid asset only where the total assets of the issuing society in its latest balance sheet laid before it at an annual general meeting amounted to no less than £1,000 million.\n(2) For the purpose of subparagraph (1) above—\n(a) where the engagements of a predecessor have been transferred to a society after the end of the financial year of the society to which a balance sheet referred to in that subparagraph relates, the total assets of the society shall be treated as increased by the amount of the total assets of the predecessor in the latest balance sheet laid before the predecessor at an annual general meeting, and\n(b) where there is no latest balance sheet of a society to which subparagraph (1) above relates and the society has predecessors, the aggregate of the total assets of those predecessors in the latest respective balance sheets laid before them at their respective annual general meetings shall be treated as the total assets of the society to which subparagraph (1) above relates.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1989/1701",
      "affecting_title": "The Building Societies (Liquid Asset) (Amendment) Regulations 1989"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/1499/schedule/1/part/II/paragraph/7",
    "retrieved_at": "2026-10-29T16:21:06.532779+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}