{
  "url": "https://openlegislation.uk/building-societies-non-retail-funds-and-deposits-order-1990/note",
  "json_url": "https://openlegislation.uk/building-societies-non-retail-funds-and-deposits-order-1990/note.json",
  "legislation": "uksi/1990/2363",
  "legislation_title": "The Building Societies (Non-Retail Funds and Deposits) Order 1990",
  "legislation_url": "https://openlegislation.uk/building-societies-non-retail-funds-and-deposits-order-1990",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis 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 removes with effect from 31st December 1991 certain time deposits from the category of non-retail funds. It creates with effect from 31st December 1990 a new category of retail funds, that is to say shares held and sums deposited under savings schemes by intermediaries which are authorised banking institutions or friendly societies.\nA savings scheme is defined as a scheme under which an individual contracts with an intermediary to invest a sum of money which will be directed to a specific building society; the intermediary will not be able to withdraw the money except at the specific request of the individual or in furtherance of certain specific terms of its contract with the individual.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1990/2363/note",
    "retrieved_at": "2026-10-29T14:56:48.570340+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."
}