The Building Societies (Limits on Lending) Order 1992

Made: 23rd November 1992

Laid before Parliament: 24th November 1992

Coming into force: 15th December 1992

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by section 16(8) of the Building Societies Act 1986[^f00001] hereby makes the following Order:

Citation and commencement

1

This Order may be cited as the Building Societies (Limits on Lending) Order 1992 and shall come into force on 15th December 1992.

Specification of sums for the purposes of section 16(8) of the Building Societies Act 1986

2

The sum specified for the purposes of section 16(8) (limit on loans to any one individual) of the Building Societies Act 1986 shall be £25,000.

3

Paragraph 2 of Article 2 of the Building Societies (Limits on Lending) Order 1988[^f00002] is hereby repealed.

Signed

In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on

Norman Digance — Secretary to the Commission — 18th November 1992.

We consent to this Order

Gregory Knight — T. E. Boswell — Two of the Lords Commissioners of Her Majesty’s Treasury — 23rd November 1992

Explanatory note

(This note is not part of the Order)

This Order increases from £10,000 to £25,000 the limit on loans (other than mobile home loans and loans fully secured on land) which a building society may make to an individual under section 16 of the Building Societies Act 1986.

Footnotes

[^f00001]: 1986 c. 53; section 16 was amended by S.I. 1987/1975.

[^f00002]: S.I. 1988/1197.