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Commercial Asset Structure Requirements For Building Societies

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.

Amendments made: No. 79, in page 28, line 5, leave out from beginning to 'not' in line 7 and insert

`direct that subsection (2) or (3) above shall have effect during the currency of the order as if such percentage as is specified in the order were substituted for the percentage specified in that subsection'.

No. 80, in page 28, line 10, leave out from 'may' to end of line 12 and insert—

  • '(a) divide class 3 assets into sub-classes for the purposes of the order by reference to the provision of or made under this Part from which they arise;
  • (b) subject to subsection (5A) below, prescribe different limits for different sub-classes; and
  • (c) make such transitional provision as appears to the Treasury to be necessary or expedient;
  • and any reference in this Act to a limit for a class of commercial assets shall, if a limit is in force under subsection (4) above for any sub-class of class 3 assets, be construed as including a reference to the limit for that sub-class.

    (5A) No order under subsection (4) above shall prescribe as a limit for a sub-class of class 3 assets a percentage of total commercial assets less than the percentage in force immediately before the making of the order for that sub-class or, if the subclass is created by the order, for class 3 assets generally.'.

    No. 81, in page 28, line 35, leave out 'and'.

    No. 82, in page 29, line 9. leave out from 'limits' to first 'the' in line 10 and insert

    'in force under this section'. — [Mr. Ian Stewart.]