[9A Restrictions on certain transactions]
Building Societies Act 1986 (1986 c 53) | Legislation

[Restrictions on powers]

[9A  Restrictions on certain transactions]

[(1)     Subject to subsections (2) to (4) below, a building society shall not do, and shall secure that each of its subsidiary undertakings does not do, any of the following things, namely—

(a)     act as a market maker in securities, commodities or currencies;

(b)     trade in commodities or currencies; and

(c)     enter into any transaction involving derivative investments;

but a contravention of this subsection shall not invalidate any transaction or other act.

(2)     No transaction entered into by a building society, or a subsidiary undertaking of a building society, shall be taken into account for the purposes of subsection (1)(a) above if—

(a)     it relates only to securities or currencies or both and the amount or value of the consideration given by the society or undertaking does not exceed £100,000; or

(b)     it is entered into in the society's or undertaking's capacity as the manager of a collective investment scheme.

(3)     No transaction so entered into shall be taken into account for the purposes of subsection (1)(b) above if—

(a)     it relates only to currencies and the amount or value of the consideration given by the society or undertaking

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