{
  "url": "https://openlegislation.uk/building-societies-money-transmission-services-order-1989/article-7",
  "json_url": "https://openlegislation.uk/building-societies-money-transmission-services-order-1989/article-7.json",
  "legislation": "uksi/1989/730",
  "legislation_title": "The Building Societies (Money Transmission Services) Order 1989",
  "legislation_url": "https://openlegislation.uk/building-societies-money-transmission-services-order-1989",
  "path": "article/7",
  "kind": "article",
  "number": "7",
  "heading": "Amendment of the 1987 Order",
  "text": "For article 7 of the 1987 Order there shall be substituted the following article–\n“Class 3 asset limits\n7 The aggregate of facility debts owing to a society shall count in accordance with section 20 (commercial asset structure requirements) of the Act towards the limits applicable to class 3 assets under that section, and in calculating that aggregate–\n(a) where the society has the power conferred by section 16 of the Act and the power conferred by this Order, and the society has made arrangements which could be made under either of those powers, the society shall, in respect of each such arrangement, record the power under which it is to be treated as having been made;\n(b) where the society has the power conferred by section 34(1) of and item 1 of Part I of Schedule 8 to the Act (power to provide banking services) and the power conferred by this Order, any current overdraft which could be permitted under either of those powers shall be treated as a facility debt;\n(c) where a facility account holder holds other accounts with the society, the value of any shares or deposits in those other accounts shall not be taken into account; and\n(d) where the society has facility accounts in respect of which there are no current facility debts, the balance of such accounts shall not be taken into account.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/730/article/7",
    "retrieved_at": "2026-10-29T15:45:04.120552+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."
}