The Banking Act 1987 (Exempt Transactions) Regulations 1997

• (4) Upon receipt of an Expulsion Notice under paragraph (2) above a Participating Society shall, save under the protection of Part II of the Banking Act 1987 cease to accept new Deposits and shall within the period of 9 months from the date of the Expulsion Notice either (i) repay all Deposits (with the exception of withdrawable share capital) held by it or (ii) secure protection for those Deposits (with the exception of withdrawable share capital) under Part II of the Banking Act 1987. At the expiration of the said period of 9 months from the date of the Expulsion Notice and subject to the due performance of (i) or (ii) above within that period the Society shall cease to be a Participating Society, and upon such due performance as above within the said period of 9 months there shall be repaid to such Society out of the Fund such sum (if any) as the Board shall in its absolute discretion consider appropriate provided always that no such repayment shall be made until after the expiration of the said period of 9 months. Without prejudice to the application of clause 6 hereof (and the provisions of Clauses 7 and 8) in the case of a Participating Society which becomes insolvent during the said period of 9 months, if such Society shall not have duly performed (i) or (ii) above within the said period of 9 months Clause 6 hereof (and the provisions of Clauses 7 and 8 so far as applicable) shall apply to the depositors of such Society who have not had their Deposits (with the exception of withdrawable share capital) so repaid or secured as if that Society had become insolvent, but so that any payments thereunder shall be made within 6 months after the end of the said 9 month period.

• (5) A Participating Society which is aggrieved by a decision under Clause 15(2) above may within 14 days after the day on which it received the Expulsion Notice appeal against the decision to an Appeal Tribunal (the “Appeal Tribunal”) comprising the General Secretary for the time being of the National Association of Co-operative Officials the Chairman for the time being of the United Kingdom Co-operative Council and a Life President for the time being of the Society for Co-operative Studies. An appeal under this paragraph shall be made by sending to the Chief Executive Officer and General Secretary of the Union a Notice of Appeal, including a statement of the grounds of appeal, written representations in support of those grounds and any documents that may be relevant for the purposes of the appeal, and the procedure for determining such an appeal shall be as the Appeal Tribunal may direct. On such an appeal the Appeal Tribunal may confirm or revoke the expulsion of the Participating Society from the Scheme, and written notice of the decision (a “Decision Notice”) of the Appeal Tribunal, stating the reasons for it, shall be given to the Participating Society and to the Board, and unless the Appeal Tribunal otherwise directs their decision shall take effect when the Decision Notice is so given.

• (6) Where a Participating Society is excluded from participation in the Scheme the Board shall forthwith take all such steps as may be necessary to bring its exclusion and the consequences of such exclusion to the notice of depositors and notice of the giving of an Expulsion Notice with an explanation of the consequences thereof shall be published by the Board in the “Co-operative News” and in any other manner which appears to the Board to be necessary for informing depositors and other members of the public. For the purpose of this subclause any Participating Society which is excluded from participation in the Scheme shall at the request of the Board forthwith supply to the Board all necessary information as to the full names and postal addresses of all its members and depositors.

• (7) Where a Participating Society is excluded from participation in the Scheme nevertheless the Scheme shall thereafter continue to give protection to all deposits previously taken by that Society in circumstances such that they were protected by the Scheme:—

• (a) in respect of protected withdrawable share capital, and undated loan capital, for a period of nine months from the date of the Expulsion Notice;

and

• (b) in respect of all other protected deposits for a period of nine months from the date of the maturity of each such deposit held at the date of the Expulsion Notice;

THE FIRST SCHEDULE before referred to

This Deed is made the day of 19 BETWEEN CO-OPERATIVE UNION LIMITED of Holyoake House Hanover Street Manchester (hereinafter called “the Union”) of the first part CO-OPERATIVE BANK LIM ITED of New Century House Corporation Street Manchester (hereinafter called “the Bank”) of the second part and LIMITED of (hereinafter called “the Society”) of the third part

WHEREAS:

• (A) This Deed is supplemental to a Deed dated the 29th day of February 1980 and made between the Union and the Bank establishing a Scheme (hereinafter called “the Scheme”) which is called the Co-operative Deposit Protection Scheme.

• (B) The purpose of the Scheme is to provide certain protection to Deposits (as defined in the said Deed) with Participating Societies.

• (C) The Society is an Industrial and Provident Society and is a member of the Union.

• (D) The Society has by resolution of its governing body elected to participate in the Scheme and has by such resolution undertaken to adopt and agree to the Scheme.

• (E) The Society has paid a joining contribution in accordance with Clause 5(2) of the said Deed.

• (F) The Union has approved the admission of the Society to the Scheme as a participating Society.

NOW THIS DEED WITNESSETH that the Society hereby adopts and agrees to the provisions of the Scheme to the intent that it may become a Participating Society as defined in the Scheme and be bound thereby and undertakes to procure that the Scheme’s provisions are incorporated in documents issued by the Society securing Deposits and bind the holders of those Deposits.

IN WITNESS whereof the parties have executed this Deed

THE COMMON SEAL OF CO-OPERATIVE UNION LIMITED was hereunto affixed in the presence of:

• Chairman

• General Secretary

THE COMMON SEAL OF CO-OPERATIVE UNION LIMITED was hereunto affixed in the presence of:

• Director

• Secretary

THE COMMON SEAL OF SOCIETY LIMITED was hereunto affixed in the presence of:

• Director

• Secretary

NOTE

Schedule substituted by the Banking Act 1987 (Exempt Transactions) (Amendment) Regulations 1990 SI 1990/20, reg 3(e), Sch 1 as from 1st February 1990.

THE SECOND SCHEDULE before referred to — Procedure in relation to Expulsion under Clause 15

1

Not less than 28 days before giving an Expulsion Notice the Board shall serve on the Participating Society concerned and on every member of its Board of Directors a notice (a “Default Notice”) stating that the Board proposes to give an Expulsion Notice and specifying the considerations which has led the Board to conclude that such an Expulsion Notice should be given.

2

The Board shall consider any representations with respect to the Default Notice which may be made to it by the Participating Society within such period as the Board may allow, not being less than 14 days from the date on which the Participating Society is served with the Default Notice, and if the Participating Society so requests shall afford it an opportunity of being heard by the Board within that period.

3

• (i) On giving an Expulsion Notice the Board shall serve the Expulsion Notice on the Participating Society and shall serve on every member of its Board of Directors a copy of same.

• (ii) The Expulsion Notice and copies served in accordance with subparagraph (i) above shall be accompanied by a letter specifying the considerations which have led the Board to conclude that an Expulsion Notice should be given.

• (iii) The Board shall not have power to give such an Expulsion Notice unless all the considerations so specified were those or among those which were specified in the Default Notice under paragraph 1 above.

4

A copy Notice under this Schedule may be served on a member of the Board of Directors of a Participating Society by sending it by post addressed to him at his address or latest address as notified by him or by the Participating Society.

5

Failure to serve a copy Notice under this Schedule on any individual Director of a Participating Society shall not affect the validity of an Expulsion Notice.

THE THIRD SCHEDULE before referred to — CO-OPERATIVE DEPOSIT PROTECTION SCHEME

BACKGROUND

The Co-operative Deposit Protection Scheme (“CDPS”) was established by a Deed dated 29th February 1980 made by Co-operative Union Limited (“the Union”) of the one part and Co-operative Bank Limited (“the Bank”) of the other part the text of which was amended by qualifying resolutions dated 29th May 1989 and 15th January 1997 the purpose of which was to set up a scheme to grant certain protection to persons who have deposited money with or who have withdrawable shares in a co-operative society in membership of the Co-operative Union Limited against the consequences of the insolvency of that society.

Following a review of the CDPS by a Working Group appointed by the CDPS Board, the CDPS Board recommended the introduction of a Code of Practice to regulate the taking of deposits (as defined in the said Deed) by Co-operative Societies participating in the CDPS.

This Code has been established by the Union.

Copies of this Code have been lodged with the Office of Fair Trading in accordance with the requirements of the Restrictive Trade Practices Act 1976.

PREFACE TO THE CODE

This Code sets out the standards of good practice to be observed by Co-operative Societies participating in the CDPS (“Participating Societies”) when taking deposits (as defined in the said Deed) from members and customers in the United Kingdom. Any of the Participating Societies may observe higher standards if they wish.

INTRODUCTION

1

The Code was approved and adopted at a meeting of Participating Societies held on 15th January 1997.

2

The Code is written to promote good practice in the taking of deposits by Participating Societies. Some types of deposits may have their own terms and conditions which will comply with the principles contained in this Code.

3

The Code is in two parts—

• Part A—This Part relates to the conduct of their deposit taking activities by Participating Societies.

• Part B—This Part relates to the advertising by Participating Societies of interest bearing deposits.

4

The governing principles of the Code are:

• (a) To set out the standards of good practice which Participating Societies will follow in their deposit taking activities in their dealings with members and customers;

• (b) That in the conduct of their deposit taking activities Participating Societies will act fairly and reasonably in all their dealings with their members and customers;

• (c) That Participating Societies will help members and customers to understand how their deposit accounts operate and will seek to give them a good understanding of their deposit taking and investment services;

• (d) To maintain confidence in the security and integrity of their deposit taking activities and investment services. Participating Societies recognise that their systems and technology need to be reliable to protect their members and customers and themselves.

5

The Code requires Participating Societies to provide certain information to members and customers. This will usually by at the time when an account is opened. Information will also be available to members and customers from branches, if any, of the Participating Society. Participating Societies will provide additional information about specific investment services available at any time on request.

PART A — CONDUCT OF DEPOSIT TAKING AND INVESTMENT BUSINESS

OPENING AN ACCOUNT

6

Participating Societies will satisfy themselves about the identity of any persons seeking to open an account to assist in protecting their members and customers and themselves against fraud and other mis-use of their investment services.

7

Participating Societies will provide to prospective investors details of the identification needed.

TERMS AND CONDITIONS

8

Written terms and conditions of investments will be expressed in plain language and will provide a fair and balanced view of the relationship between the member or customer and the Participating Society.

9

Participating Societies will tell members and customers how any variation of the terms and conditions will be notified. Participating Societies will give members and customers reasonable notice before any variation takes effect.

10

Participating Societies should issue to their members and customers, if there are sufficient changes in a 12 month period to warrant it, a single document to provide a consolidation of the variations made to their terms and conditions over that period.

11

Participating Societies will not close the accounts of any members or customers without first giving reasonable notice.

INTEREST

12

Participating Societies will provide members and customers with details of the interest earned by their respective deposits. These will be in the form of published tariffs which will:—

• (A) be given and sent to members and customers:—

• (i) when accounts are opened

• (ii) at any time on request

• (iii) before changes are made

• (B) and be available in branches.

13

Participating Societies will tell members and customers the interest rates applicable to their accounts, the basis on which interest is calculated and when it will accrue or be added to their accounts. Participating Societies will explain also the basis on which they may vary interest rates.

14

When Participating Societies change interest rates with immediate effect they will publicise those changes by notices in their branches and in the press.

CONFIDENTIALITY

15

Participating Societies will observe a strict duty of confidentiality about their members and customers personal financial affairs and will not disclose details of members or customers accounts or their names and addresses to any third party except as permissible under the rules of Participating Societies other than in the four exceptional cases permitted by law, namely:—

• (i) where a Participating Society is legally compelled to do so:

• (ii) where there is a duty to the public to disclose;

• (iii) where the interests of a Participating Society require disclosure;

• (iv) where disclosure is made at the request or with the consent of the member or customer.

16

Participating Societies will not use exception (iii) above to justify the disclosure for marketing purposes of details of members or customers accounts or their names and addresses to any third party including other societies or companies within the same group.

17

Participating Societies will at all times comply with the Data Protection Act 1984 when obtaining and processing members and customers data.

MARKETING OF SERVICES

18

Participating Societies will not pass members or customers names and addresses to other societies or companies in the same group in the absence of express consent.

19

Participating Societies will give new members and customers at the time they open their accounts the opportunity to give instructions that they do not wish to receive marketing material.

20

Participating Societies will remind members and customers from time to time and at least once every three years of their right to give instructions at any time that they do not wish to receive marketing material.

21

Participating Societies will not use direct mail indiscriminately and in particular will exercise restraint and be selective:—

• (a) where members or customers are minors; and

• (b) when marketing securities and investments.

22

Participating Societies in their advertising and promotional material will tell members and customers and potential members and customers that their intended investment will be subject to approval by the Participating Societies concerned.

23

Participating Societies will act responsibly and prudently in marketing their investments and securities. All advertising will comply with the British Code of Advertising Practice, the British Code of Sales Promotion Practice, and other relevant Codes of Practice of similar standing.

CREDIT LIMITS

24

• (a) No Participating Society will take deposits in the form of withdrawable share capital or loan capital the aggregate of which shall at any time exceed the amount of the credit limit determined by applying the formula set out in sub-clause 24(b) below;

• (b) The credit limit referred to in sub-clause 24(a) above shall be determined by applying the following formula—

$$R-B$ where R is a figure equivalent to 150% (or such lesser proportion not being less than 100% as the Board may from time to time determine) of the Society’s distributable reserves (meaning the total revenue reserves of the Society) and B is the aggregate amount of the Society’s borrowings (as defined in clause 24(c) below) both as recorded in the most recent annual return of the Society to the Registrar of Friendly Societies or in the audited financial statements submitted with that return.$

• (c) For the purpose of the formula set out in sub-clause 24(b) above the expression “the aggregate amount of the Society’s borrowings” means but is not restricted to the total of moneys on loan from the Superannuation Fund, Bank Loans, Finance Leases (as per Accounting Standard SSAP21 or any modification or replacement thereof), Other Loans, Bank Overdrafts, Petrol Company Loans, Bank Borrowings, Loans from Regional Development Agencies and similar government quangos, Bonds, Notes, Loan Stock, Debentures, Acceptances, Documentary Credits, Deferred Payments for assets tangible or otherwise acquired, and Letters of Credit, together with all other borrowings and loans of whatsoever description but excluding borrowings protected under the Scheme, moneys due under operating leases, and all contingent liabilities, and reduced by cash and balances at bank with the exception of monies held on trust for funeral bond holders.

CORPORATE GOVERNANCE—CODE OF BEST PRACTICE

25

Participating Societies will observe and implement the recommendations of the Code of Best Practice in relation to their corporate governance as published by the Central Executive of the Union in July 1995.

PART B — ADVERTISING OF INTEREST BEARING DEPOSITS

GENERAL

26

The terms of this part of the Code apply to the advertising of all interest bearing deposits offered by Participating Societies within the United Kingdom. For the purpose of this Code the term “advertisement” includes press and broadcast advertisements, direct marketing, window displays, posters, brochures, leaflets and automated teller machine displays. Interest bearing deposits are defined as shares, loans, bonds, etc on which interest is paid to the depositor.

27

Advertisements must comply with the spirit and letter of this Code, the British Code of Advertising Practice, the Independent Broadcasting Authority Code and with any relevant legislation.

28

Advertisements must state that in the event of the offering society being unable to repay the deposit due to insolvency the CDPS will repay 90% of the capital with a maximum payment per investor of £18,000.00.

29

Advertisers of interest bearing deposits must take special care to ensure that members of the general public are fully aware of the nature of any commitment into which they may enter as a result of responding to an advertisement.

30

The registered or business name (and, in the case of press advertisements, direct marketing, brochures and leaflets, the address) of the Participating Society must be clearly stated.

INTEREST RATES

31

Rates of interest shall not be advertised unless they are described appropriately; the following terms should be used—

• (a) “Y% gross”;

• (b) “Z% compounded annual rate”

Where—

• (a) is the contractual rate of interest payable not taking account of income tax; an explanatory phrase conveying this meaning must be used to qualify the rate quoted.

The depositor must also be informed that although the interest is paid gross it is liable to tax.

• (b) is the rate equivalent to a “gross” rate annualised to take account of the compounding of interest paid other than once a year; an explanatory phrase conveying this meaning must be included if the “compounded annual rate” is quoted. “CAR”, following a percentage rate, is acceptable as the abbreviation of “compounded annual rate”. A “CAR” must not be quoted without the relevant “gross” rate. A “CAR” must not have greater prominence in size or type or otherwise than the other rate quoted. The rules for calculation of compound annual rates are set out in the Supplement to the Code.

32

It follows from paragraph 31 that all advertisements in which a rate is quoted must include the contractual rate, i.e. the “gross” rate. No rate shall be given greater prominence in size or type or otherwise than the contractual rate provided interest is due at least annually. Where interest is paid less frequently (e.g. after 5 years) the “CAR” must be shown and the contractual rate shall be given no greater prominence than the “compounded annual rate”. Where rates are quoted on the basis of other than a 12 month period, this must clearly be stated.

33

Advertisements quoting a rate of interest must contain a specific statement indicating—

• (a) the term, if any, of the deposits;

• (b) the frequency of payment of interest; and either that

• (c) the rate quoted is fixed for any term specified; or

• (d) interest rates are subject to variation.

34

Advertisements quoting a rate of interest which are intended for media or direct mail with long copy dates must contain a suitable qualification, such as “rate correct at time of going to press”, and may state that time.

35

The explanatory phrases and statements required by this Code must be clearly audible or legible as appropriate.

NOTICE OF RATES

36

A general notice to shareholders and lenders of changes in rates (or a simple list of the range of deposits and their rates) displayed in offices on a rate board, primarily to fulfil contractual obligations, need only comply with paragraphs 31 and 32 of the Code. In the case of such notices or lists, the words “gross” and “CAR” as appropriate need not appear after each rate. However, it must be clear from the whole of the notice or list which term applies to which rate, for example, by the use of column headings or footnotes.

TERMS AND CONDITIONS

37

A clear indication of the type of deposit must be given by satisfying the following—

• (a) Advertisements must contain a clear statement of the conditions for withdrawal, including the amount of any charges levied, the period of any notice required and the extent of any interest forfeited.

• (b) Where interest is forfeited on any withdrawal without notice, words such as “instant access” or “immediate withdrawals” must not be displayed together with the rate of interest without clear qualification.

• (c) For accounts which do not allow withdrawals, even after notice, without forfeiting interest, the text of the advertisement must include a statement indicating that, if a withdrawal is made, the stated interest rate will not be achieved.

• (d) Where a maximum or minimum amount must be deposited to achieve the stated interest rate, the text of the advertisement must include a clear statement to this effect.

38

Advertisements which invite deposits by immediate coupon response must—

• (a) include the full terms and conditions or state that they are available on request;

• (b) clearly state in the part of the advertisement to be retained by the consumer a full postal address at which the advertiser can be contacted during normal business hours and the description and details of the advertised product including the information required by this Code.

SUPPLEMENT TO THE CODE

RULES FOR CALCULATION OF COMPOUNDED ANNUAL RATES

GENERAL

1

These rules relate to the Code of Practice issued by the trustees of the CDPS for the advertising of interest bearing deposits.

2

Paragraphs 31(b) and 32 of the Code refer to the use of compounded annual rate (“CAR”) as the rate equivalent to a “gross” rate, annualised to take account of the compounding of interest paid other than once a year.

USE OF FORMULA

3

The compounded annual rate is given by the following formula—

$$r[(1+m×100)-1]×m100$ where r is the nominal annual rate and m is the number of times interest is paid in a year.$

ASSUMPTIONS FOR CALCULATIONS

4

For the purpose of calculation of the compounded annual rate—

• (a) it shall be assumed that there are no other associated costs or benefits arising during the period in which the account is held;

• (b) compounded annual rates shall be quoted to two decimal places, except in cases where the final digit or digits is/are zero(s), in which case it/they may be omitted. The decimals shall be rounded up or down to the nearest 0.01% viz. 12.154% should be rounded down to 12.15%, 12.147% should be rounded up to 12.15%, 12.155% should be rounded up to 12.16%. For the purpose of rounding to two decimal places, the third digit after the decimal only should be taken into consideration and subsequent digits ignored. Where the third and fourth decimal places are 50, the figure should be rounded up. For example, 12.5650% becomes 12.57% but 12.5649% must not be rounded to 12.565% and then 12.57%.

SCHEDULE 2 — BODIES REFERRED TO IN REGULATION 10

• The British Broadcasting Corporation.

• British Shipbuilders.

• The British Waterways Board.

• The Civil Aviation Authority.

• The Commission for the New Towns.

• The Housing Corporation.

• London Regional Transport.

• The Northern Ireland Housing Executive.

• The Northern Ireland Transport Holding Company.

• The Post Office.

• The Scottish Transport Group.

Signed

Roger Knapman — Patrick McLoughlin — Two of the Lords Commissioners of Her Majesty’s Treasury — 13th March 1997

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe certain transactions as ones to which the prohibition on unauthorised deposit-taking imposed by section 3 of the Banking Act 1987 does not apply. They replace the Banking Act 1987 (Exempt Transactions) Regulations 1988 as amended. In addition to minor and drafting amendments they make the following changes of substance.

Regulations 13 and 14 set out the circumstances in which the acceptance of a deposit involving the issue of a debt security is an exempt transaction. The previous rules for the issue of commercial paper is largely retained, but companies issuing debt securities with a maturity of between one and three years, referred to as “shorter term debt securities”, will no longer need assets of at least £25 million if the debt securities in respect of which the exemption is sought are listed on or are the subject of an application for listing on the Stock Exchange or on an Exchange in another EEA State in respect of which listing particulars or a prospectus have been published and the redemption value of each debt security is not less than £100,000 (or foreign currency equivalent). An exemption will also apply to debt securities with a maturity of over three years without any maximum maturity, referred to as “longer term debt securities”, which are listed on the Stock Exchange or on another EEA Exchange. The issuing company will no longer need assets of at least £25 million if the longer term securities in respect of which the exemption is sought are listed on or are the subject of an application for listing on the the Stock Exchange or on another EEA Exchange in respect of which listing particulars or a prospectus have been published, and in such circumstances there are no restrictions on the redemption value of each debt security. The listing particulars or prospectus concerning shares listed on or relevant debt securities listed or to be listed on another EEA Exchange will need to be filed with the Stock Exchange before debt securities are offered for sale instead of the issuer having to provide detailed special information. Debt securities issued by governments or public authorities outside the UK and traded or listed on the Stock Exchange, another EEA Exchange or an Approved Organisation will continue to be exempt, as will be such debt securities for which an exemption is sought and for which admission to trading or listing has been applied on the Stock Exchange or another EEA Exchange. The issue of relevant debt securities guaranteed by companies whose shares or debt securities have been listed on another EEA Exchange or by governments whose debt securities are traded on or have been listed on the Stock Exchange, another EEA Exchange or an Approved Organisation will also attract exemption. Debt securities may qualify for exemption either on account of the issuer or through a guarantee. The statements to be included in physical securities have been simplified; a factual statement about the debt securities will be included in any selling documents for relevant debt securities and a statement of compliance with listing obligations will be included in any selling documents for issues of listed debt securities intended to be subject to exemption. Selling documents for issues of debt securities listed or to be listed on another EEA Exchange and intended to be subject to exemption will include a statement of compliance with the requirements in the Regulations for lodging relevant information.

The exemption previously given for debt securities issued by unlisted UK incorporated companies and companies the shares or debt securities of which had been admitted to listing on a recognised overseas exchange and which provided specified information to the Stock Exchange has been withdrawn because of the minimal usage of this exemption and the broader scope for exempt issuance under the Regulations.

These Regulations incorporate amendments made to the Co-operative Deposit Protection Scheme at a meeting of Participating Societies on 15th January 1997. Schedule 1 to the Regulations sets out the deed establishing the Co-operative Deposit Protection Scheme dated 29th February 1980 in its amended form.

Footnotes

[^f00001]: 1987 c. 22.

[^f00002]: The list and the rules may be obtained from the Listing Department, Capital Markets Division, the London Stock Exchange Limited, London EC2N 1HP.

[^f00003]: S.I. 1985/854.

[^f00004]: S.R. 1986 No. 287.

[^f00005]: OJ No. L100, 17.4.80, p. 1.

[^f00006]: OJ No. L124, 5.5.89, p. 8.

[^f00007]: Section 5 was amended by the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218) and by the Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442).

[^f00008]: Cm 2073.

[^f00009]: Cm 2183.

[^f00010]: S.I. 1992/3218; amended by S.I. 1993/3225.

[^f00011]: S.I. 1995/3275.

[^f00012]: 1965 c. 12.

[^f00013]: 1969 c. 24.

[^f00014]: 1979 c. 34.

[^f00015]: S.I. 1985/1205 (N.I. 12).

[^f00016]: 1986 c. 60.

[^f00017]: 1985 c. 6.

[^f00018]: S.I. 1995/1537, to which there are amendments not relevant to these Regulations.

[^f00019]: 1985 c. 6; section 736 was substituted by section 144 of the Companies Act 1989 (c. 40).

[^f00020]: 1958 No. 1.

[^f00021]: 1960 c.xxiii.

[^f00022]: 1976 c. 34; section 33 was amended by Schedule 2 to the Companies Consolidation (Consequential Provisions) Act 1985 (c. 9) and by Part II of Schedule 1 to the Companies Consolidation (Consequential Provisions) Act 1985 and by Part II of Schedule 1 to the Companies Consolidation (Consequential Provisions) (Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I.9)) and by virtue of article 2 of and Schedule 1 to the Transfer of Functions (Wales) (No. 1) Order 1978 (S.I. 1978/272) certain functions of the Minister of Agriculture, Fisheries and Food under section 33 were transferred to the Secretary of State.

[^f00023]: 1974 c. 46; section 7 (Societies which may be registered) was amended by Part I of Schedule 9 to the Finance (No. 2) Act 1975 (c. 45), section 57(2) of the Finance Act 1980 (c. 48), section 41(4) of and Part V of Schedule 27 to the Finance Act 1985 (c. 54) and section 95 of and Schedule 16 to the Friendly Societies Act 1992 (c. 40).

[^f00024]: 1992 c. 40.

[^f00025]: 1974 c. 47.

[^f00026]: S.I. 1976/582 (N.I. 12).

[^f00027]: 1980 c. 46.

[^f00028]: 1979 c. 38.

[^f00029]: 1990 c. 6.

[^f00030]: S.I. 1990/1506 (N.I. 11).

[^f00031]: 1986 c. 60; subsection (2) of section 144 was substituted by and subsection (2A) of that section was inserted by regulation 17 of and paragraph 2(1) of Part I of Schedule 2 to the Public Offers of Securities Regulations 1995.

[^f00032]: S.I. 1995/1536.

[^f00033]: 1986 c. 60; section 48 was amended by sections 206 and 212 of, and Schedules 23 and 24 to, the Companies Act 1989 (c. 40), by regulation 55 of and paragraph 10 of Schedule 9 to the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218) and by regulation 32 of and paragraph 10 of Schedule 7 to the Investment Services Regulations 1995.

[^f00034]: Section 65 was amended by regulation 55 of and paragraph 21 of Schedule 9 to the Banking Coordination (Second Council Directive) Regulations 1992, and by regulation 32 of and paragraph 10 of Schedule 7 to the Investment Services Regulations 1995.

[^f00035]: Certain functions of the Secretary of State under the Financial Services Act 1986, including the functions under section 48 of that Act, have been transferred to the Treasury by the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315).

[^f00036]: S.I. 1988/646.

[^f00037]: S.I. 1989/465.

[^f00038]: S.I. 1990/20.

[^f00039]: S.I. 1990/1018.

[^f00040]: S.I. 1990/1529.

[^f00041]: S.I. 1991/29.

[^f00042]: S.I. 1991/2168.