Part 7Miscellaneous
Central banks
I2I1251Financial assistance to building societies
1
The Treasury may by order modify the Building Societies Act 1986 for the purpose of facilitating, or in connection with, the provision of financial assistance to building societies by—
a
the Treasury, F2or
b
the Bank of England,
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2
An order may affect any provision of the Building Societies Act 1986 which appears to the Treasury otherwise capable of preventing, impeding or affecting the provision of financial assistance; including, in particular, provision—
a
about the establishment, constitution or powers of building societies,
b
restricting or otherwise dealing with raising funds or borrowing,
c
restricting or otherwise dealing with what may be done by or in relation to building societies,
d
about security, or
e
about the application of insolvency law or other legislation relating to companies.
3
An order—
a
may disapply or modify a provision;
b
may (but need not) take the form of textual amendment.
4
Incidental provision of an order (included in reliance on section 259(1)(c)) may, in particular—
a
impose conditions, limits or other restrictions on what may be done in reliance on a provision of the order;
b
confer a discretion on the Treasury, the Bank of England or another person or class of person.
5
Incidental or consequential provision of an order (included in reliance on section 259(1)(c)) may disapply or modify an enactment, whether by textual amendment or otherwise.
6
An order—
a
shall be made by statutory instrument, and
b
may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
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8
In this section, “financial assistance” has the meaning given by section 257.