The Building Societies (Non-Retail Funds and Deposits) Order 1990
This Order amends section 7 of the Building Societies Act 1986, which empowers a building society to raise funds and borrow money and places a limit on non-retail funds and borrowing. This Order removes with effect from 31st December 1991 certain time deposits from the category of non-retail funds. It creates with effect from 31st December 1990 a new category of retail funds, that is to say shares held and sums deposited under savings schemes by intermediaries which are authorised banking institutions or friendly societies.