The Building Societies (Floating Charges and Other Provisions) Order 2016
This Order amends certain enactments in consequence of the repeal of section 9B (restriction on creation of floating charges) of the Building Societies Act 1986 (c. 53) (“the Act”). The repeal was made by paragraph 4 of Schedule 9 to the Financial Services (Banking Reform) Act 2013 (c. 33) (building societies: ability to create floating charges), which was commenced by the Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015 (S.I. 2015/428 (C. 25)) (“the Commencement Order”). The repeal allows building societies to create floating charges.