Deregulation (Building Societies) Order 1995
| Jurisdiction | UK Non-devolved |
| Citation | SI 1995/3233 |
1995No. 3233
DEREGULATION
The Deregulation (Building Societies) Order 1995
11thDecember1995
article 5
11thJune1996
remainder
11thJanuary1996
Whereas:
(a) the Treasury are of the opinion that certain provisions of the Building Societies Act 1986 ( a) impose burdens affecting building societies in the carrying on of business and that by amending or repealing the provisions concerned and by making certain other provision it is possible to remove or reduce the burdens, without removing any necessary protection;(b) the Treasury have consulted such organisations as appear to them to be representative of interests substantially affected by their proposals and such other persons as they considered appropriate;(c) it appears to the Treasury that it is appropriate, following that consultation, to proceed with the making of this Order;(d) a document setting out the Treasury's proposals has been laid before Parliament in accordance with section 3 of the Deregulation and Contracting Out Act 1994 ( b) and the period for Parliamentary consideration under section 4 of that Act has expired;(e) the Treasury have had regard to the representations made during that period;(f) a draft of this Order has been laid before Parliament with a statement giving details of such representations and the change to the Treasury's proposals in the light of those representations; and(g) a draft of this Order has been approved by resolution of each House of Parliament.(a) 1986 c.53.
(b) 1994 c.40.
Now, therefore, the Treasury, in exercise of the power conferred on them by section 1 of the 1994 Act, hereby make the following Order:
Title and commencement
1. This Order may be cited as the Deregulation (Building Societies) Order 1995 and shall come into force one month after the day on which it is made except for article 5 which shall come into force six months after that day.
Interpretation
2. In this Order "the 1986 Act" means the Building Societies Act 1986.
Power of building societies to hold land overseas
3. In section 6(4) of the 1986 Act (power of a building society to hold land etc. overseas for purposes of its business) for the words "subsections (1) and (2)" there shall be substituted the words "subsections (1), (2) and (3)".
Limit on non-retail funds and borrowing
4.-(1) In section 7(3) of the 1986 Act ( a) (limit on non-retail funds and borrowing) for the words "subsection (14)" there shall be substituted the words "subsections (13A) and...
To continue reading
Request your trial