# The Building Societies (Prescribed Contracts) Order 1988, Article 3: Prescribed contracts


(1) Subject to paragraph (2) below, a society may, for the purposes of section 23(1) of the Act (which empowers societies with qualiftying asset holdings to hedge), effect prescribed contracts.
(2) Where the security specified in a prescribed contract to which Part II of the Schedule hereto relates is an asset which is of a character which only societies of a particular description may hold under section 21 of the Act, the power to effect that contract is available only to a society of that description.

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Source: https://www.legislation.gov.uk/uksi/1988/1344/article/3 (the official version)
Page: https://openlegislation.uk/building-societies-prescribed-contracts-order-1988/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.