Banking Act 1979 (Exempt Transactions) Regulations 1979
| Jurisdiction | UK Non-devolved |
1979 No. 1204
BANKS AND BANKING
The Banking Act 1979 (Exempt Transactions) Regulations 197928thSeptember 1979
28thSeptember 1979
1stOctober 1979
The Treasury, in exercise of the powers conferred upon them by sections 2(1) and (5) of the Banking Act 1979(a) and of all other powers enabling them in that behalf, hereby make the following regulations:—
Citation and commencement
1.—(1) These regulations may be cited as the Banking Act 1979 (Exempt Transactions) Regulations 1979.
(2) These regulations shall come into operation on 1st October 1979.
Interpretation
2. In these regulations, unless the context otherwise requires—
"the Act" means the Banking Act 1979;
"deposit", except in the expression "pre-contract deposit" and "deposit fund", shall be construed in accordance with section 1 of the Act;
"exempt transaction" shall be construed in accordance with regulation 3 of these regulations.
Exempt transactions
3. The transactions referred to in the following regulations are prescribed for the purposes of section 2 of the Act as transactions to which the prohibition in section 1(1) of the Act on the acceptance of a deposit does not apply. Such transactions are referred to in these regulations as "exempt transactions".
Charities
4.—(1) Subject to paragraph (2) of this regulation, the acceptance by a charity of a deposit is an exempt transaction.
(2) Paragraph (1) of this regulation does not apply to the acceptance of a deposit in respect of which interest or a premium on repayment is payable.
(a) 1979 c. 37.
(3) In this regulation "charity" means any institution, trust or undertaking, whether corporate or not, which is established solely for charitable purposes, and in the application of this regulation to Scotland "charitable" shall be construed in the same way as in the Income Tax Acts.
Church deposit funds
5.—(1) The acceptance by the Central Board of Finance of the Church of England of a deposit in the course of administering a deposit fund within the meaning of paragraph 1 of the scheme contained in the Schedule to the Church Funds Investment Measure 1958(a) is an exempt transaction.
(2) The acceptance by the Central Finance Board of the Methodist Church of a deposit in the course of administering a deposit fund within the meaning of paragraph 1 of the scheme contained in the First Schedule to the Methodist Church Funds Act 1960(b) is an exempt transaction.
Industrial and provident societies
6.—(1) Subject to paragraph (2) of this...
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