Source: http://www.legislation.gov.uk/ukpga/1986/53/section/6
Timestamp: 2020-02-26 07:13:48
Document Index: 755435362

Matched Legal Cases: ['art. 1', 'art. 1', 'art. 1', 'art. 13', 'art. 2', 'art. 13', 'art. 2', 'art. 1', 'art. 1', 'art. 1', 'art. 1', 'art. 1', 'art. 1']

Building Societies Act 1986, Section 6 is up to date with all changes known to be in force on or before 26 February 2020. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
6F1[The lending limit.]U.K.
(a)the liquid assets of the society and any such undertakings as shown in those accounts F2...;
(c)where any such undertakings are [F3effecting or carrying out contracts of insurance], such of their assets as shown in those accounts as represent long term insurance funds; and
(a)the powers conferred on the [F4appropriate authority] by section 36 shall become exercisable in relation to the society; but
(7)The [F5Treasury may], by order—
(c)such supplementary, transitional and saving provision as appears to the [F6Treasury] to be necessary or expedient.
[F7(12)In this section “long term insurance funds", in relation to an undertaking effecting or carrying out contracts of insurance, means funds maintained by it—
[F8(a)in respect of its business in effecting or carrying out contracts of long term insurance in accordance with rules made by—
F9[(12A)The definition of X in subsection (2) and subsection (12) must be read with—
in relation to a building society without subsidiary undertakings, means individual accounts F10...;
in relation to such a society with such undertakings, means group accounts F10...;
(15)If an agreement between the [F11appropriate authority] and a building society so provides, the definition of “quarter day” in subsection (14) above shall have effect in relation to the society as if for any reference to a number of months there were substituted a reference to a number of days specified in the agreement.
[F12(16)In this section, in the case of societies which produce IAS individual accounts or IAS group accounts;
F2Words in s. 6(2) omitted (22.12.2004) (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380), art. 1, Sch. para. 2(2)
F3S. 6(2): Words in para. (c) of the definition of “X" substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 194(2)
F4Words in s. 6(5)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 5(2) (with Sch. 12)
F5Words in s. 6(7) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 134(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)
F6Word in s. 6(8)(c) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para 134(c) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)
F7S. 6(12) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 194(3)
F8S. 6(12)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 5(3) (with Sch. 12)
F9S. 6(12A) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 194(4)
F10Words in s. 6(14) omitted (22.12.2004) (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380), art. 1, Sch. para. 2(3)
F11Word in s. 6(15) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 5(4) (with Sch. 12)
F12S. 6(16) inserted (22.12.2004) (with effect in accordance with art. 1(2) of the amending S.I.) by The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380), art. 1, Sch. para. 2(4)