[119A Meaning of “associated undertaking”]
Building Societies Act 1986 (1986 c 53) | Legislation

[119A  Meaning of “associated undertaking”]

[(1)     In this Act “associated undertaking”, in relation to a building society, means an undertaking (other than a subsidiary undertaking of the society)—

(a)     in which the society (or the group of which the society is a member) holds a participating interest, and

(b)     over whose operating and financial policy the society (or group) exercises a significant influence.

(2)     A “participating interest” means an interest in the shares of the undertaking held on a long term basis for the purpose of securing a contribution to the activities of the society (or group) by the exercise of control

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