Banking Act 1987 (repealed)
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Change 1
4 Exempted persons and exempted transactions.
(1) Section 3 above shall not apply to the acceptance of a deposit by the Bank or by a person for the time being specified in Schedule 2 to this Act. (2) The exemption of a person specified in that Schedule shall be subject to any restriction there specified in the case of that person. (3) The Treasury may after consultation with the Authority by order amend that Schedule— (a) by adding any person or relaxing any restriction; or (b) by removing any person for the time being specified in it or imposing or extending any restriction. (4) Section 3 above shall not apply to any transaction prescribed for the purposes of this subsection by regulations made by the Treasury. (5) Regulations under subsection (4) above may prescribe transactions by reference to any factors appearing to the Treasury to be appropriate and, in particular, by reference to all or any of the following— (a) the amount of the deposit; (b) the total liability of the person accepting the deposit to his depositors or to any other creditors; (c) the circumstances in which or the purpose for which the deposit is made; (d) the identity of the person by whom the deposit is made or accepted, including his membership of a class whose membership is determined otherwise than by the Treasury; (e) the number of, or the amount involved in, transactions of any particular description carried out by the person accepting the deposit or the frequency with which he carries out transactions of any particular description. (6) Regulations under subsection (4) above may make any exemption for which they provide subject to compliance with specified conditions or requirements. (7) Any order under subsection (3)(a) above and any regulations under subsection (4) above shall be subject to annulment in pursuance of a resolution of either House of Parliament, and no order shall be made under subsection (3)(b) above unless a draft of it has been laid before and approved by a resolution of each House of Parliament.
4 Exempted persons and exempted transactions.
(1) Section 3 above shall not apply to the acceptance of a deposit by the Bank or by a person for the time being specified in Schedule 2 to this Act. (2) The exemption of a person specified in that Schedule shall be subject to any restriction there specified in the case of that person. (3) The Treasury may after consultation with the Authority by order amend that Schedule— (a) by adding any person or relaxing any restriction; or (b) by removing any person for the time being specified in it or imposing or extending any restriction. (4) Section 3 above shall not apply to any transaction prescribed for the purposes of this subsection by regulations made by the Treasury. (5) Regulations under subsection (4) above may prescribe transactions by reference to any factors appearing to the Treasury to be appropriate and, in particular, by reference to all or any of the following— (a) the amount of the deposit; (b) the total liability of the person accepting the deposit to his depositors or to any other creditors; (c) the circumstances in which or the purpose for which the deposit is made; (d) the identity of the person by whom the deposit is made or accepted, including his membership of a class whose membership is determined otherwise than by the Treasury; (e) the number of, or the amount involved in, transactions of any particular description carried out by the person accepting the deposit or the frequency with which he carries out transactions of any particular description. (6) Regulations under subsection (4) above may make any exemption for which they provide subject to compliance with specified conditions or requirements. (7) Any order under subsection (3)(a) above and any regulations under subsection (4) above shall be subject to annulment in pursuance of a resolution of either House of Parliament, and no order shall be made under subsection (3)(b) above unless a draft of it has been laid before and approved by a resolution of each House of Parliament.
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