
1 
This Order may be cited as the Building Societies Act 1986 (Modifications) Order 1991 and shall come into force on 1st January 1993.
2 
In this Order—
 “the Act” means the Building Societies Act 1986.
3 
There shall be substituted for the words “subsidiary” or “subsidiaries” wherever they occur in Part VIII (Accounts and Audit) of the Act the words “subsidiary undertaking” or “subsidiary undertakings”.
4 
Section 72 of the Act shall be modified as follows—
(1) In subsection (2) the words “Except as provided in subsection (5) below”, shall be omitted.
(2) Subsections (5) and (6) shall be omitted.
5 
There shall be inserted in section 119(1) of the Act between the definitions of “subsidiary” and “summary financial statement” the following definition:““Subsidiary undertaking” shall be construed in accordance with the provisions of section 258 of the Companies Act 1985, read in conjunction with sections 259 and 260 of, and Schedule 10A to, that Act;”.
Thomas Sackville
Nicholas Baker
Two of the Lords Commissioners of the Treasury
25th July 1991