Article 23 Banking business carried on overseas by building societies before commencementI1

A building society which was, immediately before commencement—

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas banking business.

In this article—

• “corresponding overseas regulated activities” means regulated activities which—

  1. (a)

     the society carries on after commencement by virtue of continuing to carry on its overseas banking business; and

  2. (b)

     the society is regarded as carrying on in the United Kingdom by virtue of section 418;

• “overseas banking business” means business which constituted raising money from members or accepting deposits for the purposes of section 9 of the Building Societies Act and which it was carrying on in a country or territory outside the United Kingdom without contravening regulation 22 of the 2BCD Regulations.