[102D Provisions supplementary to sections 102B and 102C]
Building Societies Act 1986 (1986 c 53) | Legislation

[102D  Provisions supplementary to sections 102B and 102C]

[(1)     This section has effect for the purposes of sections 102B and 102C.

(2)     “Trustee account holder”, in relation to any society, is a person who is the holder of an account as respects which all the conditions in subsection (4) are satisfied and which he holds in trust for another person, but subject to subsection (5).

(3)     Any reference in this section or in sections 102B and 102C to the holder of an account (however expressed) includes a reference to a person to whom the society has advanced a loan secured on land.

(4)     The conditions referred to in subsection (2) are—

(a)     that he is a member of the society by virtue of holding that account;

(b)     that the account holder—

(i)     is the sole account holder or the representative joint holder (within the meaning of paragraph 7 of Schedule 2 to this Act), or

(ii)     in the case of a borrowing member, is not a joint borrower or is the representative joint borrower (within the meaning of paragraph 8 of that Schedule);

(c)     that it is not reasonably practicable

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