SCHEDULE 9 Building Societies
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

SCHEDULE 9 Building Societies

Section 138

Introductory

1

The Building Societies Act 1986 is amended as follows.

Exclusion of small business deposits from funding limit

2

(1)     Section 7 (the funding limit) is amended as follows.

(2)     In subsection (3), omit the “and†at the end of paragraph (a) and after that paragraph insert—

“(aa)     subject to subsection (3A), the principal of, and interest accrued on, sums deposited with the society or any subsidiary undertaking of the society by a small business (see subsection (10));â€.

(3)     After subsection (3) insert—

“(3A)     In respect of any day by reference to which the value of X falls to be calculated for the purposes of subsection (1) in relation to the society, the total amount to be disregarded under subsection (3)(aa) may not exceed 10% of the amount that would, in the absence of subsection (3)(aa), be the value of X on that day.â€

(4)     After subsection (6) insert—

“(6ZA)     Where a person declares that the person is a small business, the person shall, unless the contrary is shown, be conclusively presumed for the purposes of this section to be a small business.â€

(5)     After subsection (9) insert—

“(10)

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