'(1) This section has effect as regards any power conferred under ay provision of this Act on building societies or building societies of any description by—
and in this section "the anticipation date" is, in the case of an instrument falling within paragraph (a), the date on which either House approves the draft and, in the case of an instrument falling within paragraph (b), the date on which it was laid before Parliament.
(2) Every building society or, as the case may be, every building society of the description to which the instrument applies, has, as from the anticipation date, power, for the purposes of the power conferred by the instrument, to do such things, subject to subsection (3) below, as are reasonably necessary to enable it—
(3) Subsection (2) (b) above does not authorise a society—
and, in this subsection, "conditional", in relation to contracts with respect to the exercise of a power, means conditional on the power's becoming exercisable by the society.
(4) The power conferred by this paragraph, and activities carried on under it, for the purposes of an adoptable power are not be treated as included in, or in activities comprised in, that adoptable power for the purposes of paragraph 15 of Schedule 2 to this Act.'.— [Mr. Ian Stewart.]
Brought up, and read the First time.
I beg to move, That the clause be read a Second time.
With this it will be convenient to take Government amendments Nos. 383 and 384.
At the risk of tempting providence, I shall say that I hope and believe that this is a less contentious new clause than the one that we have just debated.The new clause and the related amendments are designed to make it clear that building societies are permitted to undertake preparatory work for the implementation of powers proposed under the Bill, since it received its Second Reading, and under subsequent statutory instruments with a comparable but more limited power of anticipation. Because of the way in which the vires of building societies are defined, I am advised that it is necessary to include a specific provision of this sort in the Bill.
Question put and agreed to.
Clause read a Second time, and added to the Bill.