Regulation 3 Part 2: Constitution of building societies

(1)

In section 6A (loans secured on land)^f1—

(a)

in subsection (1), in paragraph (c), for “an EEA country or territory other than the United Kingdom”, substitute “the Isle of Man, the Channel Islands or Gibraltar”;

(b)

after subsection (1), insert—

“(1A)
For the purposes of this Act a loan is also secured on land if—

(a)
it was secured before exit day by a qualifying security over land in an EEA country or territory other than the United Kingdom, and

(b)
it continues to be secured by a qualifying security over that land.”

(c)

in subsection (4), for “European Economic Area” substitute “United Kingdom”;

(d)

in subsection (7)—

(i)

in the definition of “qualifying security”, for “in relation to land in an EEA country or territory other than the United Kingdom and a loan”, substitute “in relation to a loan and land in the Isle of Man, the Channel Islands, Gibraltar or in an EEA country or territory”;

(ii)

omit the words from “and for the purposes of this section and that section” to the end of the subsection;

(e)

in subsection (8), for paragraph (a), substitute—

“(a)
land in—

(i)
the United Kingdom;

(ii)
the Isle of Man, the Channel Islands, Gibraltar; or

(iii)
an EEA country or territory; and”.

(2)

In section 6B (loans fully secured on land)^f2, in subsection (9)—

(a)

after “Scotland” insert “, the Isle of Man, the Channel Islands, Gibraltar”;

(b)

for “an EEA country” substitute “another country”.

Annotations

Footnotes

f1: Section 6A was inserted by s.5 of the Building Societies Act 1997 (c.32).
f2: Section 6B was inserted by s.6 of the Building Societies Act 1997 (c.32).