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Paragraph 9 I1

United Kingdom

Section 45 (effect of floating charges on winding up) has effect as if—

(a)

subsections (2) F1... and (8) were omitted; and

(b)

for subsection (7) there were substituted—

“(7)

For the purposes of this section a building society goes into liquidation if—

(a)

it goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986; or

(b)

the court makes a building society insolvency order in relation to it under section 94 of the Banking Act 2009 (as applied by section 90C of the Building Societies Act 1986) at a time when it has not already gone into liquidation by passing a special resolution for voluntary winding up under section 88 of the Building Societies Act 1986).”.

Annotations

Textual amendments

F1

Word in Sch. 2 para. 9(a) omitted (28.6.2016) by virtue of The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 7(b) (with art. 1(4))

Commencement

I1

Sch. 2 para. 9 in force at 26.3.2015, see art. 1