# The Building Societies (Money Transmission Services) Order 1989, Note: Explanatory note


(This note is not part of the Order)
This Order empowers building societies with commercial assets of at least £100 million to operate accounts on which a person other than an individual can overdraw, temporarily or occasionally, in the course of receiving money transmission services. Any such indebtedness will count as a class 3 asset. Class 3 assets may not currently exceed more than 5 per cent of a society’s total commercial assets.
The Order also amends article 7 of the Building Societies (Limited Credit Facilities) Order 1987 so that the aggregation of facility debts for the purposes of calculating the limits applicable to class 3 assets is made in the same manner as the aggregation of money transmission service debts under article 6 of this Order.

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Source: https://www.legislation.gov.uk/uksi/1989/730/note (the official version)
Page: https://openlegislation.uk/building-societies-money-transmission-services-order-1989/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.