Building Societies (Amendment) Act 2006

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PART 2

Amendments to the Principal Act

Amendment of section 2 of Principal Act.

4.— Section 2 of the Principal Act is amended—

(a) by substituting the following for the definition of “associated body”:

“ ‘ associated body’ means a body to which section 28 applies, in which a building society invests in accordance with section 28;”,

(b) by substituting the following for the definition of “associated home loan”:

“ ‘ associated home loan’ , in relation to an associated designated credit institution or an associated body, means a housing loan (as defined in section 2 of the Consumer Credit Act 1995 ) in respect of which the institution or body is the creditor or one of the creditors;”,

(c) by inserting the following after the definition of “Central Bank”:

“ ‘ Codified Banking Directive ’ has the meaning given to it by section 3 of the Asset Covered Securities Act 2001 ;”,

(d) by inserting the following after the definition of “Court”:

“ ‘ credit institution’ has the meaning given to it by section 3 of the Asset Covered Securities Act 2001 ;

‘ deferred shares’ has the meaning given to it by section 17(10);”,

(e) by substituting the following for the definition of “Minister”:

“ ‘ Minister’ means the Minister for the Environment, Heritage and Local Government;”,

and

(f) by inserting the following after the definition of “repealed enactments”:

“ ‘ securities’ includes shares of any class, debentures, notes, debt instruments, loan stock or any other similar instrument whether secured or unsecured, whether perpetual or redeemable and whether interest bearing or not;”.