Introductory text

the Treasury are of the opinion that certain provisions of the Buildings Societies Act 1986^f1 impose burdens affecting building societies in the carrying on of business and that by amending or repealing the provisions concerned and by making certain other provision it is possible to remove or reduce the burdens, without removing any necessary protection;

the Treasury have consulted such organisations as appear to them to be representative of interests substantially affected by their proposals and such other persons as they considered appropriate;

it appears to the Treasury that it is appropriate, following that consultation, to proceed with the making of this Order;

a document setting out the Treasury’s proposals has been laid before Parliament in accordance with section 3 of the Deregulation and Contracting Out Act 1994^f2 and the period for Parliamentary consideration under section 4 of that Act has expired;

the Treasury have had regard to the representations made during that period;

a draft of this Order has been laid before Parliament with a statement giving details of such representations and the change to the Treasury’s proposals in the light of those representations; and

a draft of this Order has been approved by resolution of each House of Parliament.