# The Building Societies (Undated Subordinated Debt) Order 1994, Article 4: Shares not to be written down


Undated loan capital shall not be aggregated with the reserves of a society for the foregoing purposes at any time at which the terms on which shares in the society other than deferred shares are held, whether contained in the society’s rules or otherwise, enable those shares to be written down.

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Source: https://www.legislation.gov.uk/uksi/1994/749/article/4 (the official version)
Page: https://openlegislation.uk/building-societies-undated-subordinated-debt-order-1994/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.