Article 4 Interpretation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Rules words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 170(f)
rule 4(1)(ba) inserted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 170(a)(i)
rule 4(1)(i) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 170(a)(ii)
rule 4(1)(j) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 170(a)(iii)
rule 4(1)(l)(ii) omitted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 170(a)(iv)

(1)

In these Rules—

(a)

“the 1986 Rules” means the Insolvency (Scotland) Rules 1986^f1;

(b)

“the 2009 Order” means the Building Societies (Insolvency and Special Administration) Order 2009^f2;

(c)

“the Banking Act” means the Banking Act 2009;

(d)

“the Building Societies Act” means the Building Societies Act 1986^f3;

(e)

“building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act;

(f)

“building society special administration”, “building society special administration order” and “building society special administrator” have the same meaning as in the Building Societies Act (see sections 90C(2) and 119(1) of that Act)^f4;

(g)

“contributory”, in relation to a building society—

(i)

means every person liable to contribute to the assets of the society in the event of its being wound up, and

(ii)

for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are deemed to be contributories, includes any person alleged to be a contributory, and

(iii)

includes persons who are liable to pay or contribute to the payment of any debt or liability of the building society, or any sum for the adjustment of rights of members among themselves, or the expenses of the winding up,

but does not include persons liable to contribute by virtue of a declaration by the court under section 213 (responsibility for fraudulent trading) or 214 (wrongful trading) of the Insolvency Act;

(h)

“the Insolvency Act” means the Insolvency Act 1986;

(i)

“principal office” means—

(i)

the place which is specified in a building society’s memorandum sent to the FSA under paragraph 1(1)(c) of Schedule 2 to the Building Societies Act as the address of its principal office, or

(ii)

if notice has been given by a building society to the FSA under paragraph 11(2) of that Schedule (change of principal office), the place specified in that notice or, as the case may be, in the last such notice;

(j)

“registered name”, in relation to a building society, means the name of the society which is for the time being registered with the FSA;

(k)

“society”, “special administration”, “special administration order” and “special administrator” mean respectively building society, building society special administration, building society special administration order and building society special administrator;

(l)

the following expressions have the same meaning as in Part 1 or Part 3 of the Banking Act—

(i)

“the court” (the Court of Session)– s. 166(1));

(ii)

“the FSA” (the Financial Services Authority– s. 166(2));

(iii)

“Objective 1” (support for commercial purchaser or bridge bank– s. 138(1));

(iv)

“Objective 1 Achievement Notice” (s. 139(4));

(v)

“Objective 2” (normal administration– s. 140(1));

(vi)

“residual building society” (s. 136(2));

(vii)

“resolution fund order” (s. 49(3));

(m)

any reference to Part 1 of the Banking Act (Special Resolution Regime), or to any provision in that Part, is a reference to that Part or provision as applied, with modifications, by section 84 of that Act;

(n)

any reference to Part 3 of the Banking Act (Bank Administration), or to any provision in that Part, is a reference to that Part or provision as applied and modified by section 90C of the Building Societies Act and by any order made under section 158 of the Banking Act.

(2)

Other expressions used in these Rules, where used in relation to building societies, have the same meaning as in the Building Societies Act.

(3)

Any notice or document sent electronically pursuant to these Rules shall be treated as having been sent or given to the person if–

(a)

it is sent by email to the person’s last known email address; and

(b)

the email contains a prompt asking the person for an electronic receipt saying that the email has been read.

Annotations

Footnotes

f1: S.I. 1986/1915. The Insolvency (Scotland) Rules have been amended by a number of instruments.
f2: S.I. 2009/ 805 .
f3: 1986 c.53.
f4: Those sections were amended by the Building Societies (Insolvency and Special Administration) Order 2009.