Section 448 — Housing Act 1985: Recognised savings institutions.

Recognised savings institutions. 448 1 The savings institutions recognised for the purposes of section 446 (qualifying conditions as to savings) are—

an authorised deposit taker . . . local authorities . . . . . . friendly societies, and the Director of Savings, . . . . . . Swansea Building Society and savings institutions recognised for the purposes of the corresponding provisions in force in Scotland or Northern Ireland.

2 The Secretary of State may by order made with the consent of the Treasury—

a add to the list in subsection (1), or b direct that a named body shall no longer be a recognised savings institution; but before making an order under paragraph (b) he shall give an opportunity for representations to be made on behalf of the body concerned.

3 An order shall be made by statutory instrument.