Amendment made: No. 65, in page 24, line 2, leave out from 'may' to end of line 9 on page 25 and insert—
and in this section "invest" means the exercise of any of the powers conferred by paragraph (a) and "support" means the exercise of any of the powers conferred by paragraph (b) above.
(1A) A building society may invest in or support the following bodies corporate (referred to as "qualifying bodies") but no others, that is to say—
(1B) A designation order may—
(1C) Subject to subsection (1D) below, a building society shall not invest in or support a qualifying body so as to enable that body on its own account, in the United Kingdom, to—
but, subject to that, it may invest in or support a qualifying body so as to enable that body to carry on any activity which it is within the powers of the society to carry on but, subject to subsection (1D) below, no others.
(1D) In the case of a qualifying body designated, or included in a description of bodies designated, by a designation order a building society may also invest in or support it for such purposes as are permitted by or under the designation order.
(1E) Subject to subsection (1F) and (1G) below, a building society shall not invest in or support a qualifying body whose objects enable it—
but this does not imply that it is unlawful for the society to complete the performance of any contractual obligations lawfully incurred in providing a supporting service.
(1F) Subsection (1E) above shall not operate so as to restrict a building society's powers under this section in relation to a corresponding European body.
(1G) Subsection (1E) above shall not prevent a building society from investing in or supporting a qualifying body—
(1H) For the purposes of any power conferred by this section a body corporate is "linked by resolution" to a building society if the board of directors of the society has passed a resolution making that power exercisable in relation to that body and the resolution is in force.'.
No. 66, in page 25, line 10, leave out from first 'in' to `is' in line 12 and insert
'or support a corresponding European body'.
No. 67, in page 25, line 14, at end insert
; but the cessation of its availability by virtue of this subsection does not require the disposal of any property or rights.'.
No. 68, in page 25, line 22, leave out `(5) (b)' and insert `(1H)'.
No. 69, in page 25, line 24, after '4', insert (3)'.
No. 70, in page 25, line 29, leave out '(5) (b)' and insert '(1H)'.
No. 71, in page 25, line 31, after '4' insert `(3),'.
No. 72, in page 25, line 33, at end insert—
'but subject to subsection (9A) below.
(9A) No rescinding resolution shall be registered without the consent of the Commission.'.
No. 73, in page 25, line 38, leave out 'at any time'.
No. 74, in page 25, line 40, leave out '(4) (c)' and insert `(1A) (c).
No. 75, in page 26, line 1, at end insert—
"`company" means a company within the meAning of the Companies Act 1985 or the Companies Act (Northern Ireland) 1960;'
No. 76, in page 26, line 5, at end insert—
'"deposit" and "deposit-taking business" have the same meaning as in the Banking Act 1979;
"industrial and provident society" means a society registered under the Industrial and Provident Societies Act 1965 or, in Northern Ireland, the Industrial and Provident Societies Act (Northern Ireland) 1969;'.
No. 77, in page 26, line 7, leave out from beginning to end of line 12.
No. 78, in page 26, line 18, leave out from 'one' to end of line 19 and insert
`to which the society is linked by resolution;'.—[Mr. Ian Stewart.]