# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 196: Transfers of business by building society to company

Extent: E+W+S+N.I.

(1) Section 98 of the Building Societies Act 1986 (transfers of business; supplementary provisions) is amended as follows.
(2) In section 98(3)(c), for the words “become or,” to the end substitute—
“have—
(i) such permission under Part IV of the Financial Services and Markets Act 2000, or
(ii) such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),
as will enable it to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act; or”.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/196 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-196
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.