For section 8 of the 1986 Act there shall be substituted the following section -
"8 Raising funds and borrowing
(1) Subject to subsection (2) below, a building society shall not do any of the following things, namely -
(a) accept a deposit from an individual;
(b) raise funds from an individual otherwise than by the issue of shares; and
(c) raise funds from a body corporate, or from a bare trustee (or, in Scotland, a simple trustee) for a body corporate or for persons who include a body corporate, otherwise than by the issue of deferred shares.
(2) Nothing in subsection (1)(a) above shall apply in relation to -
(a) the maintenance on behalf of an individual of a current account, or a deposit account which contains in its title the word "client" or the word "trust" or "trustee";
(b) the issue to an individual of a transferable instrument;
(c) the acceptance from an individual of a qualifying time deposit or an overseas deposit; or
(d) in the case of a building society which has announced
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