Part I section 7(4) of the building societies act 1986, as amended by this order

(4)

For the purposes of subsection (3) above, a building society’s liabilities in respect of its non-retail funds and deposits are, subject to subsections (5) and (9) below, its liabilities in respect of the principal of and interest payable on or under—

(a)

transferable bearer instruments,

(aa)

transferable non-bearer instruments,

(b)

qualifying time deposits,

(bb)

sums deposited otherwise than in excepting circumstances with the society by, or by a trustee for, an institution which is—

(i)

a recognised bank,

(ii)

a licensed institution, or

(iii)

an overseas institution,

for the purposes of the Banking Act 1979^f1;

(c)

shares in the society held by, or by a trustee for, and (to the extent the liabilities do not fall within (a), (aa), (b) or (bb) above) sums deposited with the society by, or by a trustee for—

(i)

any body corporate, otherwise than in excepting circumstances,

(ii)

a friendly society registered under the Friendly Societies Act 1974^f2 or the Friendly Societies Act (Northern Ireland) 1970^f3,

(iii)

a trade union (within the meaning of the Trade Union and Labour Relations Act 1974^f4),

(d)

shares in the society (to the extent the liabilities do not fall within (c) above) held by, and (to the extent the liabilities do not fall within (a), (aa), (b), (bb) or (c) above) sums deposited with the society by—

(i)

a body of persons or trust established for charitable purposes only,

(ii)

the administrator of an approved retirement benefits scheme,

(iii)

the manager or trustee of an appropriate personal pension scheme, or

(iv)

the plan manager of a personal equity plan.

Annotations

Footnotes

f1: 1979 c. 37.
f2: 1974 c. 46.
f3: 1970 c. 31 (N.I.).
f4: 1974 c. 52.