The Building Societies (Deferred Shares) Order 1991
This Order is made under section 119(1) of the Building Societies Act 1986 which provides that “deferred shares” means shares of a class defined as such by order. Definition of such a class has two primary effects. Before a society is authorised under section 9 of the Act to raise money from members or accept deposits it may nevertheless accept payments by way of subscription for deferred shares up to limits specified insection 9. By virtue of section 27(8) of the Act deferred shares are not to count as protected investments for the purposes of the Investor Protection Fund set up under Part IV of the Act.