# The Building Societies (Non-Retail Funds and Deposits) Order 1987, Note: Explanatory note


(This note is not part of the Order)
This Order amends section 7 of the Building Societies Act 1986 which empowers a building society to raise funds and borrow money and places a limit on non-retail funds and borrowing. This Order changes the coverage of that limited category in three respects:
(a) it specifies the circumstances in which shares held or sums deposited by a body corporate in which individuals hold the beneficial interest are excluded from the category;
(b) subject to (a), it includes all sums deposited by banking institutions within the category, notwithstanding any election by a society generally to treat balances of £50,000 or less as outside it; and
(c) it widens the range of transferable instruments within the category, by including instruments which are freely transferable by means other than delivery.

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Source: https://www.legislation.gov.uk/uksi/1987/378/note (the official version)
Page: https://openlegislation.uk/building-societies-non-retail-funds-and-deposits-order-1987/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.