Citation and commencement

1. This Order may be cited as the Friendly Societies (Activities of a Subsidiary) (No. 2) Order 1998 and shall come into force on 1st December 1998.

Variation of Schedule 7

2. Schedule 7 to the Friendly Societies Act 1992 (which relates to the activities which may be carried on by a subsidiary of or a body jointly controlled by an incorporated friendly society) is amended by:

(a) substituting “11 to 15” for “11 to 14” in paragraph 10;

(b) inserting, after “1996” in paragraph 13, “or within regulation 3(2) of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997”( 2 ); and

(c) inserting after paragraph 14 the following paragraph:

“ 15. Arranging for the provision of banking services by a UK institution or a European institution, and providing services in pursuance of such arrangements; and in this paragraph “UK institution” and “European institution” have the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992 ( 3 ) , and “banking services” means such services as are ordinarily provided in the course of or in connection with a business which is a deposit-taking business for the purposes of the Banking Act 1987 ( 4 ) . ”