Introductory
1 The Building Societies Act 1986 is amended as follows.
Exclusion of small business deposits from funding limit
(1) Section 7 (the funding limit) is amended as follows.
(2) In subsection (3), omit the "and" at the end of paragraph (a) and after that paragraph insert -
"(aa) subject to subsection (3A), the principal of, and interest accrued on, sums deposited with the society or any subsidiary undertaking of the society by a small business (see subsection (10));".
(3) After subsection (3) insert -
"(3A) In respect of any day by reference to which the value of X falls to be calculated for the purposes of subsection (1) in relation to the society, the total amount to be disregarded under subsection (3)(aa) may not exceed 10% of the amount that would, in the absence of subsection (3)(aa), be the value of X on that day."
(4) After subsection (6) insert -
"(6ZA) Where a person declares that the person is a small business, the person shall, unless the contrary is s
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