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.
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Lifecycle
Department
Made
27 Jun 2016
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Comes into force
TBC
Enabling power
A draft of this Order has been laid before Parliament and approved by a resolution of each House of Parliament in accordance with section 251(6) of the Banking Act 2009, section 116(1) of the Financial Services Act 2012 and section 143(3) of the Financial Services (Banking Reform) Act 2013.
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