Statutory Instrument 1987 No. 2018

The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987

---

© Crown Copyright 1987

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987, ISBN 0110780183. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1987 No. 2018

BUILDING SOCIETIES

The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by section 18(2)(c) of the Building Societies Act 1986^[1] , and of all other powers enabling it in that behalf, hereby makes the following Order:

Citation and commencement
    1.    This Order may be cited as the Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1987 and shall come into force on 18th December 1987.

Amendment of previous Order
    2.    This article amends the Building Societies (Designation of Qualifying Bodies) Order 1986^[2] as follows —
 (a) in the heading to article 7, and in article 7(1), for "Part II" there shall be substituted "Parts II and III" ;
 (b) after article 7 there shall be inserted the following article —

"Bodies corporate listed in Parts III, IV and V of The Schedule



    7A.—(1)  The companies listed in Part III and IV, and the oversea company listed in Part V, of the Schedule to this Order shall, subject to article 9 below, be qualifying bodies suitable for —
(a) investment and support, or

(b) support, by a society for the purposes set out in paragraph (2) below.


    (2)  The purposes referred to in paragraph (1) above are those of enabling or facilitating the operation of facility accounts by the society or by an associated body of the society.

    (3)  In this article —
"facility account" has the meaning which it has in the Building Societies (Limited Credit Facilities) Order 1987^[3] , and
"oversea company" has the meaning which it has in the Companies Act 1985^[4] ." ;


 (c) for article 9 there shall be substituted the following article —

"Restriction on investment and support power



    9.  (1)   No power to invest in or support any qualifying body —
(a) of a description designated in article 4 or 5 above, or

(b) listed in Part IV or V of the Schedule to this Order,

is available to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability by virtue of this article does not require the disposal of any property or rights.

    (2)  No power to invest in or support the qualifying body listed in Part III of the Schedule to this Order is available, except for the purposes set out in article 7(2) above, to a society which does not for the time being have a qualifying asset holding, but the cessation of its availability by virtue of this article does not require the disposal of any property or rights." ;


 (d) in the Schedule, on the line on which "SCHEDULE" appears, for "Articles 6 and 7" there shall be substituted "Articles 6, 7, 7A and 9" ;
 (e) in the heading to the first column of the Schedule, after "COMPANY" there shall be inserted "OR OVERSEA COMPANY" ;
 (f) in Part II of the Schedule, "EFT-POS Administration Limited" and "1952127" shall be deleted; and
 (g) at the end of the Schedule the following Parts shall be added —

Part III
EftPos UK Limited	1952127
Part IV
The Joint Credit Card Company Limited	1001425
Part V
Visa International Service Association	FC9816

In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on


D. B. Severn

Secretary to the Commission

19th November 1987.
We consent to this Order.

Peter Lloyd

Tony Durant

Two of the Lords Commissioners of Her Majesty's Treasury

24th November 1987

This Order amends the Building Societies (Designation of Qualifying Bodies) Order 1986 by adding The Joint Credit Card Company Limited and Visa International Service Association to the bodies corporate designated as suitable for investment and support by building societies, and specifies the purposes (facility accounts) for which the powers to invest in and support those bodies may be exercised. The power is limited to societies with the qualifying asset holding (at least £100 million in commercial assets). EftPos UK Limited (formerly EFT-POS Administration Limited), which was already listed in the 1986 Order, is added to the other two named bodies as a company suitable for investment and support by those societies for those purposes.

[1] 1986 c. 53. back

[2] S.I. 1986/1715. back

[3] S.I. 1987/1975. back

[4] 1985 c. 6. back