The Building Societies (Designation of Qualifying Bodies) (Amendment) Order 1994
This Order amends the Building Societies (Designation of Qualifying Bodies) Order 1993 and the Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993. Firstly, the No. 1 order, which designates funding bodies, is amended to make funding bodies subject to a “qualifying activities condition”, in the same terms as in paragraph 4 of Part II of the Schedule to the No. 3 Order. The No. 3 Order is amended to make general insurance bodies subject to that condition also. Secondly, in both Orders, the purposes for which a society may invest in a body subject to the “qualifying activities condition” are extended to include enabling the body to carry on (alongside the activities currently mentioned in column 4 of Part I of the relevant Schedule) any activity which is within the powers of the body, but the additional activities will not count as qualifying activities for the purposes of the “qualifying activities condition” (so that not more than 40% of the society’s consolidated gross income can be derived from them).