Article 50 Conditions and directions imposed under the Building Societies ActI1

United Kingdom

(1)

This article applies where immediately before commencement a building society was subject to—

(a)

a condition imposed under section 9(5) of the Building Societies Act;

(b)

a condition imposed under section 41 of that Act;

(c)

a condition imposed under section 42 of that Act (including any which was imposed as a matter of urgency pursuant to section 42A of that Act^f1 if it has been confirmed by a notice given under section 42A(8) of that Act);

(d)

a condition imposed under section 44 of that Act;

(e)

a direction given under section 50 of that Act.

(2)

Where this article applies, the condition or direction has effect after commencement as if it were a requirement imposed on the building society under section 43.

Annotations

Commencement

I1: Art. 50 in force at 1.12.2001, see art. 1(2)(b)

Footnotes

f1: Section 42A was inserted by the Building Societies Act 1997 s. 16.