(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act in relation to a person ("A") who decides to acquire, increase, reduce or cease to have control over an authorised building society ("B").
(2) Where A decides to acquire or increase control over B, A is exempt from the obligation imposed by section 178 unless giving effect to the decision would result in A beginning to be in the position of holding 20% or more of the capital of B.
(3) Where A decides to reduce or cease to have control over B, A is exempt from the obligation imposed by section 191D unless giving effect to the decision would result in A ceasing to be in the position of holding 20% or more of the capital of B.
(4) For the purposes of this article "capital", in relation to an authorised building society, consists of the following -
(a) any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986 [See the Building Societies (De
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