PART XIV LOANS FOR ACQUISITION OR IMPROVEMENT OF HOUSING

Assistance for first-time buyers

448C1Recognised savings institutions.

1

The savings institutions recognised for the purposes of section 446 (qualifying conditions as to savings) are—

  • F1building societies

  • local authorities

  • trustee savings banks,

  • banks,

  • friendly societies,

  • the Director of Savings, and

  • the Post Office,

  • F2Swansea Building Society

and savings institutions recognised for the purposes of the corresponding provisions in force in Scotland or Northern Ireland.

2

The Secretary of State may by order made with the consent of the Treasury—

a

add to the list in subsection (1), or

b

direct that a named body shall no longer be a recognised savings institution;

but before making an order under paragraph (b) he shall give an opportunity for representations to be made on behalf of the body concerned.

3

An order shall be made by statutory instrument.