{
  "url": "https://openlegislation.uk/building-societies-prescribed-contracts-order-1988/article-2",
  "json_url": "https://openlegislation.uk/building-societies-prescribed-contracts-order-1988/article-2.json",
  "legislation": "uksi/1988/1344",
  "legislation_title": "The Building Societies (Prescribed Contracts) Order 1988",
  "legislation_url": "https://openlegislation.uk/building-societies-prescribed-contracts-order-1988",
  "path": "article/2",
  "kind": "article",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In this Order—\n“the Act” means the Building Societies Act 1986,\n“participant” means a party to a prescribed contract to which a society is also a party,\n“prescribed contract” means an agreement or a series of agreements the terms of which include terms having the effect of—\n(a) the terms set out for swap contracts in Part I of the Schedule hereto,\n(b) the terms set out for sterling interest rate option contracts in Part II of the Schedule hereto,\n(c) the terms set out for swap option contracts in Part III of the Schedule hereto, or\n(d) the terms set out for sterling interest rate forward and futures contracts in Part IV of the Schedule hereto,\n“security”, except in Part IV of the Schedule hereto, means an asset which is of a character which societies, or societies of particular descriptions, may hold under section 21 (liquid assets) of the Act or which comprises rights under a prescribed contract whose terms include terms having the effect of the terms set out for sterling interest rate forward and futures contracts in Part IV of the Schedule hereto, and\n“society” means a building society.\n(2) Where reference is made in this Order to any matter within the terms of a prescribed contract being specified, that matter shall be treated for the purposes of this Order as so specified if it is specified or referred to within or can be implied from the terms of that contract, or if it is to be determined in a manner which is set out in that contract.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1991/2582",
      "affecting_title": "The Building Societies (Prescribed Contracts) (Amendment) Order 1991"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/1344/article/2",
    "retrieved_at": "2026-10-29T16:01:33.586993+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."
}