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  Banking (Special Provisions) Bill - Application to Building Societies
  
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  <p>The <b>Banking (Special Provisions) Bill</b> would give the Treasury the power to order the transfer of property, rights and liabilities from an "authorise UK deposit taker" (a category that includes banks and building societies) to another corporate body of its choosing.[1]</p>
  
  <p>The majority of MPs voted against limiting these powers so that they could not apply to a building society.[2]</p>
  
  <p>Since the legislation was ostensibly for the purpose of nationalizing Northern Rock,[3] which is bank not a building society, questions about why the target is so wide are legitimate.</p>
  
  <ul>
  <li>[1] <a href="http://www.publications.parliament.uk/pa/cm200708/cmbills/073/08073.1-7.html#j003">Transfer of property, rights and liabilities</a>, Clause 6 of Banking (Special Provisions) Bill</li>
  <li>[2] <a href="http://www.theyworkforyou.com/debates/?id=2008-02-19b.236.4#g255.1">Philip Hammond MP</a>, House of Commons, 19 February 2008.</li>
  <li>[3] <a href="http://news.bbc.co.uk/2/hi/uk_news/politics/7255834.stm">Northern Rock bill gets approval</a>, BBC, 21 February 2008.</li>
  </ul>
  
  
  
  
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