Skip to main content

Clause 63

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Disclosure And Record Of Income Of Related Businesses

Amendments made: No 195, in page 95, line 37 leave out from `both' to end of line 17 on page 96 and insert

'is a director or other officer of a building society and is, or is a director of or partner in, a business associate of the society, this section shall apply, as respects that year, to that person in relation to the business of the business associate.
(2) A person is a "business associate" of a building society in any financial year of the society if that person—
  • (a) carries on a business which consists of or includes the provision of relevant services,
  • (b) provides relevant services during that year to, or to other persons in connection with advances secured on land made by, the society, and
  • (c) is neither a subsidiary of nor a body associated with the society (within the meaning of section 16);'.
  • No. 197, in page 96, line 26, leave out from first 'a' to `provides' in line 27 and insert

    `business associate of a building society'.

    No. 198, in page 96, line 29, leave out `associated body or firm' and insert `business associate'.

    No. 199, in page 96, line 39, leave out subsection (7) and insert—

    `(7) Where this section applies, as respects a financial year of a building society, to a person as a director or other officer of the society in relation to the business of a business associate, that person shall furnish the society with the requisite particulars of that business.'.

    No. 200, in page 97, line 1, leave out from second `of' to `are' in line 2 and insert

    `a business associate of a building society'.

    No. 420, in page 97, line 2, leave out from `are' to end of line 6 and insert—

  • (a) except where an election under paragraph (b) below is in force, those specified in Part I of Schedule 10 to this Act;
  • (b) if a building society elects to adopt Part II of that Schedule for its directors as respects a financial year, those specified in Part II of that Schedule; and
  • (c) as regards relevant services designated by an order under subsection (6) above, such particulars as are specified in the order;
  • and Part III of the Schedule has effect to supplement Parts I and II and includes a definition of "the volume of the business" for the purposes of this section.'.

    No. 421, in page 97, line 7, after '(9)', insert

    'An election by a building society to adopt Part II of Schedule 10 as regards the requisite particulars to be furnished by its directors must be made in writing to the Commission before the beginning of the financial year as respects which it is made and'.

    No. 201, in page 97, line 10, leave out subsection (10) and insert—

    '(10) For the purpose of enabling him to furnish the requisite particulars of the business of a business associate of a building society the person who is under the obligation to furnish them to the society may require any person who is a member of or partner in, or holds any office or employment with, the business associate to furnish him with such information relating to its business as he may reasonably require for that purpose.'.

    No. 202, in page 97, line 28, leave out `body or firm associated with' and insert `business associate of'.

    No. 204, in page 98, line 17, leave out from first `services"' to end of line 18 and insert

    ', in relation to—
  • (a) land in England and Wales or Northern Ireland, has the same meaning as it has in paragraph 1(3) of Schedule 17 to this Act with the modification, in relation to land in Northern Ireland, that "disposition" does not include any disposition in the case of such a lease as is excepted, by section 4 of the Landlord and Tenant Law Amendment Act (Ireland) 1860, from the requirements of that section, and
  • (b) heritable property in Scotland, includes drafting all writs relating to such property and negotiating and concluding missives for its purchase, sale, transfer, lease and sublease;'.
  • No. 205, in page 98, line 21, at end add

    `that is to say, a person who holds a licence under Part II of the Administration of Justice Act 1985'.—[Mr. Ian Stewart.]