(1) A building society undertaking an activity pursuant to section 28 or 29 shall not be regarded as having contravened any provision of the Insurance Acts by reason only of the fact that it gives, enters into or accepts a bond or a contract of suretyship, guarantee or indemnity to which this section applies.

(2) This section applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by a society in the course of its business or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both -

(a) a requirement of a society, and

(b) made solely for the purpose of securing financial facilities to be made available by that society.

(3) For the purposes of this section -

"banking business" has the same meaning as in the Act of 1971,

"the Insurance Acts" means the Insurance Acts, 1909 to 1989, and regulations relating to insurance business made under the European Communities Act, 1972.