(1) A building society which was, immediately before commencement -
(a) authorised or treated as authorised for the purposes of the Building Societies Act; and
(b) carrying on overseas banking business,
is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas banking business.
(2) In this article -
"corresponding overseas regulated activities" means regulated activities which -
(a) the society carries on after commencement by virtue of continuing to carry on its overseas banking business; and
(b) the society is regarded as carrying on in the United Kingdom by virtue of section 418;
"overseas banking business" means business which constituted raising money from members or accepting deposits for the purposes of section 9 of the Building Societies Act and which it was carrying on in a country or territory outside the United Kingdom without contravening regulat
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