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Building Societies Act 1986

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. PART I The Building Societies Commission

    1. 1.The Building Societies Commission

    2. 2.Financial provision for Commission

    3. 3.Accounts of Commission and audit

    4. 4.Annual and other reports

  3. PART II Constitution of Building Societies

    1. Establishment

      1. 5.Establishment, constitution and powers

      2. 6.Power to hold land etc. for purposes of its business

    2. Raising funds and borrowing

      1. 7.Power to raise funds and borrow money and limit on non-retail funds and borrowing

      2. 8.Proportion of liabilities to be in form of shares

      3. 9.Initial authorisation to raise funds and borrow money

  4. PART III Advances, Loans and Other Assets

    1. Class 1 advances and class 2 advances secured on land

      1. 10.Advances secured on land

      2. 11.Class 1 and class 2 advances

      3. 12.Class 1 and class 2 advances: supplementary provisions

      4. 13.Security for advances: valuation and supplementary and related provisions

    2. Other advances secured on land

      1. 14.Power to make advances secured on land overseas

    3. Other commercial assets

      1. 15.Loans for mobile homes

      2. 16.Power to lend to individuals otherwise than by class 1 or class 2 advances etc.

      3. 17.Power to hold and develop land as commercial asset

      4. 18.Power to invest in subsidiaries and other associated bodies

      5. 19.Power for Treasury to add powers to hold other descriptions of class 3 assets

    4. Commercial asset structure requirements

      1. 20.Commercial asset structure requirements for building societies

    5. Liquid assets

      1. 21.Liquid assets

    6. Liabilities of associated bodies

      1. 22.Obligation to meet liabilities of associated bodies

    7. Other powers

      1. 23.Power to hedge

  5. PART IV Protection of Investors

    1. Investor Protection Scheme

      1. 24.The Building Societies Investor Protection Board

      2. 25.The Investor Protection Fund

      3. 26.Power to levy contributions and to borrow money in event of insolvency

      4. 27.Payments to investors

      5. 28.Liability of insolvent society in respect of payments by Board

      6. 29.Repayments in respect of contributions

      7. 30.Tax treatment of contributions and repayments

    2. Other provisions

      1. 31.Voluntary schemes

      2. 32.Special provisions as regards investors

      3. 33.Assistance by building societies to other building societies

  6. PART V Powers to Provide Services

    1. 34.Powers to provide financial services or services relating to land

    2. 35.Prohibition on linking services

  7. PART VI Powers of Control of the Commission

    1. Powers in relation to asset or liability structure requirements

      1. 36.Powers in event of breach of limits on certain assets and liabilities

      2. 37.Powers in event of breach of limits on assets or liabilities or abuse of purpose of building society

    2. Power to determine extent of building society powers

      1. 38.Power to determine building society's powers

      2. 39.The determination: notification, effect, appeal

      3. 40.Power to make prohibition orders

    3. Powers in relation to authorisation

      1. 41.Power to direct application to renew authorisation

      2. 42.Imposition of conditions on current authorisation

      3. 43.Revocation of authorisation

      4. 44.Reauthorisation

      5. 45.The criteria for prudent management

    4. Appeals

      1. 46.Rights of appeal

      2. 47.Determination of appeals

      3. 48.Costs, procedure and evidence

      4. 49.Further appeals on points of law

    5. Advertising etc.

      1. 50.Powers to control advertising

      2. 51.Power to avoid apparent association with other bodies

    6. Information

      1. 52.Powers to obtain information and documents etc.

      2. 53.Confidentiality of certain information obtained by Commission

      3. 54.Information disclosed to Commission from other sources

    7. Inspections, etc.

      1. 55.Investigations on behalf of Commission

      2. 56.Inspections and special meetings: general

      3. 57.Inspections: supplementary provisions

  8. PART VII Management of Building Societies

    1. Directors and other officers

      1. 58.Directors: number

      2. 59.Chief executive and secretary

      3. 60.Directors: elections and retirement

      4. 61.Directors: supplementary provisions as to elections, etc.

    2. Dealings with directors

      1. 62.Prohibition of tax-free payments to directors

      2. 63.Directors to disclose interests in contracts and other transactions

      3. 64.Substantial property transactions involving directors and connected persons

      4. 65.Restriction on loans, etc. to directors and persons connected with them

      5. 66.Sanctions for breach of s. 65

      6. 67.Directors, etc. not to accept commissions in connection with loans

      7. 68.Records of loans, etc. for directors falling within s. 65

    3. Disclosure and record of related businesses

      1. 69.Disclosure and record of income of related businesses

    4. Interpretation

      1. 70.Interpretation of this Part

  9. PART VIII Accounts and Audit

    1. Accounting records and systems of business control, etc.

      1. 71.Accounting records and systems of business control, etc.

    2. Accounts

      1. 72.Duty of directors to prepare annual accounts

      2. 73.Contents and form of annual accounts

      3. 74.Duty of directors to prepare annual business statement

      4. 75.Directors' report

      5. 76.Summary financial statement for members and depositors

    3. Auditors and audit of accounts

      1. 77.Auditors: appointment, tenure, qualifications, etc.

      2. 78.Auditors' report

      3. 79.Auditors' duties and powers

    4. Procedure on completion of accounts

      1. 80.Signing of balance sheet: documents to be annexed

      2. 81.Laying and furnishing accounts, etc. to members, Commission and central office

      3. 82.Auditors' duties to Commission and related rights

  10. PART IX Complaints and Disputes

    1. 83.Schemes for investigation of complaints

    2. 84.Investigation of complaints: supplementary provisions

    3. 85.Settlement of disputes

  11. PART X Dissolution, Winding Up, Mergers and Transfer of Business

    1. Dissolution and winding up

      1. 86.Modes of dissolution and winding up

      2. 87.Dissolution by consent

      3. 88.Voluntary winding up

      4. 89.Winding up by court: grounds and petitioners

      5. 90.Application of winding up legislation to building societies

      6. 91.Power of court to declare dissolution of building society void

      7. 92.Supplementary

    2. Mergers

      1. 93.Amalgamations

      2. 94.Transfer of engagements

      3. 95.Mergers: provisions supplementing ss. 93 and 94

      4. 96.Mergers: compensation for loss of office and bonuses to members

    3. Transfer of business to commercial company

      1. 97.Transfer of business to commercial company

      2. 98.Transfers of business: supplementary provisions

      3. 99.Regulated terms: compensation for loss of office, etc.

      4. 100.Regulated terms: distributions and share rights

      5. 101.Protective provisions for specially formed successors

      6. 102.Transfer regulations

    4. Cancellation of registration

      1. 103.Cancellation of registration

  12. PART XI Miscellaneous and Supplementary and Conveyancing Services

    1. Miscellaneous and supplementary

      1. 104.Power to amend, etc. to assimilate to company law

      2. 105.Limited power to anticipate future statutory instrument powers

      3. 106.Public file of the society

      4. 107.Restriction of use of certain names and descriptions

      5. 108.Power to require building society to change misleading name

      6. 109.Exemption from stamp duty

      7. 110.Officers and auditors not to be exempted from liability

      8. 111.Time limit for commencing proceedings

      9. 112.Offences: liability of officers and defence of due diligence

      10. 113.Evidence

      11. 114.Records

      12. 115.Service of notices

      13. 116.Form of documents and power to prescribe fees

      14. 117.Financial year of building societies

      15. 118.Qualifying asset holding for certain powers

      16. 119.Interpretation

      17. 120.Amendments, repeals, revocations and transitional and saving provisions

      18. 121.Power to make transitional and saving provisions

      19. 122.Northern Ireland

      20. 123.Expenses

    2. Provision of conveyancing services by recognised institutions and practitioners

      1. 124.Recognition of building societies, other institutions and individuals as suitable to provide conveyancing services

    3. General

      1. 125.Short title

      2. 126.Commencement

  13. SCHEDULES

    1. SCHEDULE 1

      The Building Societies Commission

      1. Status

        1. 1.The Commission shall be a body corporate.

      2. The First Commissioner, etc.

        1. 2.The person who holds office as Chief Registrar may also...

      3. Tenure of office of member

        1. 3.(1) Subject to the provisions of this paragraph, a person...

        2. 4.No person who has attained the age of 70 years...

      4. Remuneration and pensions, etc. for part-time members

        1. 5.The Commission shall pay to its part-time members such fees...

        2. 6.(1) If the Treasury so determines in the case of...

      5. Parliamentary disqualification

        1. 7.(1) In Part II of Schedule 1 to the House...

      6. Staff

        1. 8.The Commission may appoint such staff as the chairman of...

      7. Proceedings

        1. 9.The quorum of the Commission and the arrangements relating to...

        2. 10.The validity of any proceedings of the Commission shall not...

      8. Performance of functions

        1. 11.(1) With the exception specified in sub-paragraph (2) below, the...

        2. 12.The Statutory Instruments Act 1946 shall apply to all powers...

        3. 13.In Schedule 2 to the Parliamentary Commissioner Act 1967 (which...

      9. Instruments

        1. 14.The fixing of the common seal of the Commission shall...

        2. 15.(1) A document purporting to be duly executed under the...

    2. SCHEDULE 2

      Establishment, Incorporation and Constitution of Building Societies

      1. PART I General

        1. Requirements for establishment

          1. 1.(1) Any ten or more persons may establish a society...

        2. The memorandum

          1. 2.(1) The memorandum of a building society shall specify—

        3. The rules

          1. 3.(1) The rules of a building society shall provide for...

        4. Requirements for alteration of purpose, powers and rules

          1. 4.(1) A building society may by special resolution—

        5. Membership

          1. 5.(1) The rules of a building society may allow a...

        6. Liability of members

          1. 6.(1) The liability of a member of a building society...

        7. Joint shareholders

          1. 7.(1) Two or more persons may jointly hold shares in...

        8. Joint borrowers

          1. 8.(1) Where an advance secured on land is made by...

        9. Use and change of name

          1. 9.(1) The common seal of a building society shall bear...

        10. Offences relating to society's name

          1. 10.(1) If a building society contravenes paragraph 9(2) above, the...

        11. Change of principal office

          1. 11.(1) A building society may change its principal office—

        12. Societies to supply copies of rules etc.

          1. 12.(1) A building society shall, on demand, give a copy...

        13. Register of members

          1. 13.(1) Every building society shall maintain a register of the...

        14. Exception to duties to send documents

          1. 14.(1) A building society is not obliged by any provision...

        15. Right of members to obtain particulars from the register

          1. 15.(1) At any time when a building society has had...

      2. PART II Unlawful Anticipation of Powers

        1. Undertaking against and declaration of non-anticipation of powers

          1. 16.(1) Where a building society adopts any adoptable power under...

        2. Penalty for breach of undertaking

          1. 17.If, in breach of the obligation assumed by virtue of...

        3. Penalty for false declaration

          1. 18.If the statement in a declaration made for the purposes...

        4. Powers of central office

          1. 19.(1) The central office, on receiving from a building society...

      3. PART III Meetings, Resolutions and Postal Ballots

        1. Annual general meeting

          1. 20.(1) Subject to sub-paragraph (2) below, every building society shall...

        2. Length of notice for calling meetings

          1. 21.(1) Any provision contained in the rules of a building...

        3. Persons entitled to notice of meetings

          1. 22.(1) Subject to the provisions of this Part of this...

        4. Members' entitlement to vote on resolutions

          1. 23.(1) A member of a building society is entitled to...

        5. Proxies

          1. 24.(1) A member of a building society who is entitled...

        6. Right to demand a poll

          1. 25.(1) Any provision contained in the rules of a building...

        7. Special resolutions

          1. 26.No resolution of a building society shall be passed as...

          2. 27.(1) A resolution of a building society shall be a...

        8. Borrowing members' resolutions

          1. 28.No resolution of a building society shall be passed as...

          2. 29.(1) A resolution of a building society shall be a...

        9. Transfer resolutions

          1. 30.(1) The transfer resolutions required for the purposes of section...

        10. Members' right to propose and circulate resolutions

          1. 31.(1) If at least the requisite number of qualified members...

        11. Members' resolutions: supplementary provisions

          1. 32.(1) Notice of a resolution given under paragraph 31(1) above...

        12. Postal ballots

          1. 33.(1) The rules of a building society may provide for...

        13. Declarations to be made in proxy and ballot forms

          1. 34.(1) If a member of a building society who purports...

        14. Advertising requirements in lieu of notice of meetings, etc.

          1. 35.(1) The advertising requirements referred to in paragraph 14 above,...

        15. The prescribed amount

          1. 36.(1) For the purposes of this Part of this Schedule,...

    3. SCHEDULE 3

      Authorisation : Supplementary Provisions

      1. PART I Preliminary

        1. 1.In this Schedule— " authorisation" means authorisation under section 9...

      2. PART II Authorisation

        1. Procedure for authorization

          1. 2.(1) An application for authorisation— (a) shall be made in...

        2. Offences in connection with application

          1. 3.(1) Any building society which furnishes any information or makes...

      3. PART III Imposition of Conditions

        1. 4.(1) If the Commission proposes to impose conditions it shall...

        2. 5.(1) This paragraph applies where the Commission has decided to...

      4. PART IV Revocation of Authorisation

        1. Procedure for revocation

          1. 6.(1) If the Commission proposes to revoke a society's authorisation...

          2. 7.(1) This paragraph applies where the Commission proposes, instead of...

          3. 8.(1) This paragraph applies where the Commission has decided, instead...

      5. PART V Supplementary

        1. Imposition of conditions on appeal

          1. 9.(1) The modifications of the provisions of Part III of...

        2. Notice to directors and chief executives

          1. 10.Where any provision of this Schedule requires notice of any...

    4. SCHEDULE 4

      Advances : Supplementary Provisions

      1. Provisions as to sale of mortgaged property

        1. 1.(1) Where any land has been mortgaged to a building...

      2. Discharge of mortgages

        1. 2.(1) When all money intended to be secured by a...

      3. Power to prescribe form of documents

        1. 3.(1) The Chief Registrar may make rules for prescribing anything...

    5. SCHEDULE 5

      The Building Societies Investor Protection Board

      1. Constitution

        1. 1.(1) The Board shall consist of seven members as follows,...

      2. Appointment and tenure of office

        1. 2.(1) Subject to the following provisions of this paragraph a...

      3. Allowances

        1. 3.The Board shall pay to each member such allowances in...

      4. Proceedings

        1. 4.(1) The Board shall determine its own procedure, including the...

        2. 5.(1) The fixing of the common seal of the Board...

      5. Accounts, audit and annual report

        1. 6.(1) The Board may determine its own financial year.

    6. SCHEDULE 6

      Insolvency Payments : Trusts and Joint or Client Account Holdings

      1. 1.(1) The following provisions of this Schedule have effect for...

      2. 2.(1) Where any persons hold an investment in a building...

      3. 3.Where an investment is held on trust for any person...

      4. 4.(1) Except in the case of a partnership, where two...

      5. 5.Where an investment is made by a person whose business...

      6. 6.The Board may decline to make any payment under section...

      7. 7.In this Schedule " jointly entitled " means—

    7. SCHEDULE 7

      Investors : Special Provisions

      1. Members or depositors dying

        1. 1.(1) The provisions of this paragraph have effect where a...

      2. Receipts by depositors under age

        1. 2.Any receipt or acknowledgment given to a building society by...

    8. SCHEDULE 8

      Powers to Provide Services

      1. PART I The Services

        1. 1.Money transmission services.

        2. 2.Foreign exchange services.

        3. 3.Making or receiving of payments, as agents.

        4. 4.Management, as agents, of mortgage investments.

        5. 5.Management, as agents, of land.

        6. 6.Arranging for the provision of services relating to the acquisition...

        7. 7.Establishment and management of personal equity plans.

        8. 8.Arranging for the provision of credit, whether on behalf of...

        9. 9.Establishment and management of unit trust schemes for the provision...

        10. 10.Establishment and, as regards the contributions and benefits, administration, of...

        11. 11.Arranging for the provision of insurance of any description, whether...

        12. 12.Giving advice as to insurance of any description.

        13. 13.Estate agency services.

        14. 14.Surveys and valuations of land.

        15. 15.Conveyancing services.

      2. PART II General Restriction on Services Abroad

        1. 1.Subject to sub-paragraph (2) below, no power to provide a...

        2. 2.This paragraph does not apply to the power to provide...

      3. PART III Restrictions in Relation to Certain Services

        1. Money transmission

          1. 1.No guarantee arising out of the operation of an account...

        2. Foreign exchange

          1. 2.The provision of foreign exchange services is restricted to their...

        3. Estate management

          1. 3.Management of land is restricted to management of land which...

          2. 4.The power to manage land is not available to a...

        4. Arranging for investment services

          1. 5.Arranging for the provision of investment services is restricted to...

        5. Personal equity plan management

          1. 6.(1) The power to establish and manage personal equity plans...

        6. Arranging for provision of credit

          1. 7.Arranging for the provision of credit and connected services is...

          2. 8.Arranging for the provision of credit is restricted to its...

        7. Pensions management etc.

          1. 9.The power to establish and manage unit trust schemes is...

        8. Arranging for insurance

          1. 10.Arranging for the provision of insurance is restricted to its...

        9. Estate agency

          1. 11.The power to provide estate agency services is available only...

          2. 12.For the power to provide estate agency services to be...

          3. 13.No employee of a building society a subsidiary of which...

      4. PART IV Supplementary

        1. Guarantees

          1. 1.(1) The Commission, with the consent of the Treasury, may...

          2. 2.(1) Without prejudice to any other implied incidental power, the...

        2. Status as bankers

          1. 3.(1) So far as regards the provision by it of...

        3. Foreign exchange services to individuals

          1. 4.(1) For the purpose of determining whether a transaction consists...

        4. Sanctions for breach of restrictions

          1. 5.If a person acts as agent in contravention of paragraph...

        5. Interpretation

          1. 6.This Schedule is to be construed as relating only to...

          2. 7.In this Schedule— " conveyancing services " has the same...

    9. SCHEDULE 9

      Directors : Requisite Particulars of Restricted Transactions

      1. Preliminary

        1. 1.In this Schedule— "the financial year" means the financial year...

      2. The requisite particulars

        1. 2.(1) The particulars of a restricted transaction or arrangement required...

    10. SCHEDULE 10

      Requisite Particulars of Income of Related Businesses

      1. PART I Requisite Particulars Where no Adoption of Part II

        1. Conveyancers

          1. 1.Where the business associate of the building society provides conveyancing...

        2. Valuers and surveyors

          1. 2.Where the business associate of the building society provides the...

        3. Accountants

          1. 3.Where the business associate of the building society provides accountancy...

        4. Insurance agents, etc.

          1. 4.Where the business associate of the building society arranges for...

      2. PART II Requisite Particulars on Adoption of This Part

        1. Conveyancers

          1. 5.Where the business associate of the building society provides conveyancing...

        2. Valuers and surveyors

          1. 6.Where the business associate of the building society provides the...

        3. Accountants

          1. 7.Where the business associate of the building society provides accountancy...

        4. Insurance agents, etc.

          1. 8.Where the business associate of the building society arranges for...

      3. PART III Supplementary

        1. Power to prescribe bands for Part II particular

          1. 9.(1) The Commission, with the consent of the Treasury, may...

        2. Interpretation

          1. 10.(1) In this Schedule— " administrative services " means services...

    11. SCHEDULE 11

      Auditors : Appointment, Tenure, Qualifications

      1. Appointment

        1. 1.(1) The first auditors of a building society may be...

        2. 2.The directors, or the building society in general meeting, may...

        3. 3.(1) If at any annual general meeting of a building...

        4. 4.(1) A resolution at a general meeting of a building...

      2. Qualification and disqualification of auditors

        1. 5.(1) A person is not qualified for appointment as auditor...

      3. Removal of auditors

        1. 6.(1) A building society may by resolution in general meeting...

      4. Resignation of auditors

        1. 7.(1) An auditor of a building society may resign his...

        2. 8.(1) Where an auditor's notice of resignation contains a statement...

        3. 9.In the application of this Schedule to Scotland, references to...

    12. SCHEDULE 12

      Schemes for Investigation of Complaints

      1. PART I Matters to be Provided for in Schemes

        1. Administration

          1. 1.The establishment and functioning of an independent body (whether corporate...

          2. 2.The identity of the members.

          3. 3.The manner in which the expenses of the scheme are...

        2. The adjudicator

          1. 4.The appointment of an independent adjudicator to conduct investigations under...

        3. Scope of scheme

          1. 5.The matters action in relation to which is to be...

        4. Functions of adjudicator

          1. 6.The duty of the adjudicator to investigate, and make determinations...

          2. 7.The powers of, and procedure to be followed in the...

          3. 8.The powers of the adjudicator on the making of determinations....

        5. Determinations and their effects

          1. 9.The extent to which determinations are binding.

          2. 10.The manner in which determinations are to be communicated and...

        6. Reports by investigators to administering body

          1. 11.The making to the body administering the scheme of regular...

        7. Amendment or revocation of scheme

          1. 12.The manner of amending or revoking the scheme.

        8. Accession to membership

          1. 13.Accession to membership of other societies.

        9. Withdrawal from membership

          1. 14.Withdrawal from membership.

      2. PART II Requirements for Recognised Schemes : Matters of Complaint

        1. Share accounts

          1. 1.The operation or termination of a share account and the...

        2. Deposit accounts

          1. 2.The operation or termination of a deposit account and the...

        3. Borrowing members: class 1 or class 2 advances

          1. 3.The operation or termination of the account of a member...

        4. Borrowers: mobile home loans

          1. 4.The operation or termination of the account of a borrower...

        5. Borrowers: other loans

          1. 5.The operation or termination of the account of a borrower...

        6. Money transmission services

          1. 6.The terms on which are provided, the operation of, or...

        7. Foreign exchange facilities

          1. 7.The terms on which are provided, the operation of, or...

        8. Agency payments and receipts

          1. 8.The terms on which payments are made or received as...

        9. Provision of credit

          1. 9.The operation or termination of the account of a borrower...

      3. PART III Minimum Requirements for Recognised Schemes : Other Provisions

        1. Grounds of complaint

          1. 1.The grounds for making action by a building society or...

        2. Permissible exclusions from investigation

          1. 2.A scheme must not exclude action from investigation on any...

        3. Functions of adjudicator

          1. 3.A scheme must, as regards the duties and powers attached...

          2. 4.(1) Subject to any provision made in pursuance of sub-paragraph...

          3. 5.(1) Subject to sub-paragraph (2) below, a scheme must confer...

        4. Effect of determinations and their communication

          1. 6.(1) Subject to any provision made in pursuance of sub-paragraph...

          2. 7.A scheme must impose on the adjudicator an obligation not...

        5. Reports by adjudicator to administering body

          1. 8.A scheme must require reports by the adjudicator as to...

        6. Publication

          1. 9.(1) A scheme must permit the body administering the scheme...

    13. SCHEDULE 13

      Schemes for Investigation of Complaints : Recognition, Accession, etc.

      1. Preliminary

        1. 1.For the purposes of this Schedule, a scheme— " qualifies...

        2. 2.(1) The function of the Commission of granting recognition of...

      2. The register of recognised schemes

        1. 3.(1) The central office shall maintain a register of recognised...

      3. Procedure for recognition: Commission's initiative

        1. 4.(1) If it appears to the Commission, from its own...

      4. Procedure for recognition : submission by societies

        1. 5.(1) Submission by or on behalf of building societies of...

      5. Procedure on accession to schemes

        1. 6.(1) A building society which accedes to a recognised scheme...

      6. Withdrawal of recognition

        1. 7.(1) The Commission may withdraw its recognition of a scheme...

        2. 8.(1) If the Commission proposes at any time to withdraw...

        3. 9.Withdrawal of recognition by the Commission shall take effect as...

      7. Withdrawal from membership

        1. 10.(1) A building society wishing to withdraw from membership of...

    14. SCHEDULE 14

      Settlement of Disputes

      1. PART I Proceedings in Court

        1. Jurisdiction of the court

          1. 1.(1) No court other than the High Court or, in...

          2. 2.The court may hear and determine a dispute falling within...

        2. Right of central office to be heard

          1. 3.(1) Any person who institutes proceedings in the court in...

      2. PART II Arbitration

        1. Circulation of election addresses, resolutions and statements

          1. 4.(1) If the rules of the society so provide, any...

        2. Procedure on a reference to arbitration

          1. 5.(1) This paragraph has effect in relation to an arbitration...

        3. Access to register of members

          1. 6.(1) Any dispute as to the rights of a member...

        4. Disputes cognizable under a scheme

          1. 7.(1) Any dispute relating to a prescribed matter of complaint...

        5. General

          1. 8.In this Part of this Schedule, in relation to an...

    15. SCHEDULE 15

      Application of Companies Winding Up Legislation to Building Societies

      1. PART I General Mode of Application

        1. 1.The enactments which comprise the companies winding up legislation (referred...

        2. 2.Subject to the following provisions of this Schedule, the enactments...

        3. 3.(1) The enactments shall, in their application to building societies,...

        4. 4.(1) Where any of the enactments as applied to building...

        5. 5.Any enactment which specifies a money sum altered by order...

      2. PART II Modified Application of Insolvency Act 1986 Parts IV and XII

        1. Preliminary

          1. 6.In this Part of this Schedule, Part IV of the...

        2. Members of a building society as contributories in winding up

          1. 7.(1) Section 74 (liability of members) of the Act is...

          2. 8.Sections 75 to 78 and 83 in Chapter I of...

          3. 9.(1) Section 79 (meaning of " contributory ") of the...

        3. Voluntary winding up

          1. 10.(1) Section 84 of the Act does not apply.

          2. 11.In subsection (1) of section 101 (appointment of liquidation committee)...

          3. 12.(1) Section 107 (distribution of property) of the Act does...

          4. 13.Sections 110 and 111 (liquidator accepting shares, etc. as consideration...

          5. 14.Section 116 (saving for certain rights) of the Act shall...

        4. Winding up by the court

          1. 15.In sections 117 (High Court and county court jurisdiction) and...

          2. 16.Section 122 (circumstances in which company may be wound up...

          3. 17.Section 124 (application for winding up) of the Act does...

          4. 18.(1) In section 125 (powers of court on hearing of...

          5. 19.Section 126 (power of court, between petition and winding-up order,...

          6. 20.If, before the presentation of a petition for the winding...

          7. 21.(1) Section 130 of the Act (consequences of winding-up order)...

          8. 22.Section 140 (appointment of liquidator by court in certain circumstances)...

          9. 23.In the application of sections 141(1) and 142(1) (liquidation committees),...

          10. 24.The conditions which the court may impose under section 147...

          11. 25.Section 154 (adjustment of rights of contributories) of the Act...

          12. 26.In section 165(2) (liquidator's powers) of the Act, the reference...

        5. Winding up: general

          1. 27.Section 187 (power to make over assets to employees) of...

          2. 28.(1) In section 201 (dissolution: voluntary winding up) of the...

          3. 29.In section 205 (dissolution: winding up by the court) of...

        6. Penal provisions

          1. 30.Sections 216 and 217 of the Act (restriction on re-use...

          2. 31.(1) Sections 218 and 219 (prosecution of delinquent officers) of...

          3. 32.(1) Where a report is made to the prosecuting authority...

        7. Preferential debts

          1. 33.Section 387 (meaning in Schedule 6 of " the relevant...

      3. PART III Modified Application Of The Companies (Northern Ireland) Order 1986, Part XX

        1. Preliminary

          1. 34.In this Part of this Schedule, Part XX of the...

        2. Members of building society as contributories in winding up

          1. 35.(1) Article 468 (liability of members) is modified as follows....

          2. 36.Articles 469 to 472 and 477 in Chapter I of...

          3. 37.(1) Article 473 (meaning of " contributory ") does not...

        3. Voluntary winding up

          1. 38.(1) Article 529 does not apply. (2) In the enactments...

          2. 39.Articles 539, 540 and 551 (liquidator accepting shares, etc. as...

          3. 40.In the application of Article 548 (committees of inspection) to...

          4. 41.(1) Article 555 (distribution of property) does not apply; and...

          5. 42.Article 562 (saving for certain rights) shall also apply in...

        4. Winding up by the court

          1. 43.Article 479 (circumstances in which company may be wound up...

          2. 44.Article 481 (application for winding up) does not apply.

          3. 45.(1) Article 482 (powers of court on hearing of petition)...

          4. 46.Article 483 (power of court, between petition and winding-up order,...

          5. 47.If, before the presentation of a petition for the winding...

          6. 48.(1) Article 487 (consequences of winding-up order) shall have effect...

          7. 49.In the application of Article 507 (committees of inspection) to...

          8. 50.The conditions which the court may impose under Article 510...

          9. 51.Article 519 (adjustment of rights of contributories) shall have effect...

          10. 52.In Article 556(1) (liquidator's powers), the reference to an extraordinary...

        5. Winding up: general

          1. 53.(1) Article 610 (power to make over assets to employees)...

        6. Penal provisions

          1. 54.(1) Articles 585 and 586 (prosecution of delinquent officers) do...

          2. 55.(1) Where a report is made to the prosecuting authority...

      4. PART IV Dissolution of Building Society wound up (England and Wales, Scotland and Northern Ireland)

        1. 56.(1) Where a building society has been wound up voluntarily,...

        2. 57.(1) Sections 654 to 658 of the Companies Act 1985...

        3. Insolvency rules and fees: England and Wales and Scotland

          1. 58.(1) Rules may be made under section 411 of the...

        4. Insolvency rules and fees : Northern Ireland

          1. 59.(1) Rules may be made under Article 615 of the...

    16. SCHEDULE 16

      Mergers : Supplementary Provisions

      1. PART I Issue of Statements to Members

        1. 1.(1) A building society which desires— (a) to amalgamate with...

      2. PART II Notification of Proposals for Merger

        1. Preliminary

          1. 2.In this Part of this Schedule— " merger " means...

        2. Duty to notify members

          1. 3.(1) Subject to sub-paragraph (3) below, it shall be the...

          2. 4.(1) A building society shall include in or with every...

        3. Duty to notify central office

          1. 5.(1) Where a building society sends a merger statement to...

        4. Penalty

          1. 6.If default is made by a building society in complying...

      3. PART III Confirmation by Commission : Procedure

        1. 7.An application for confirmation by the Commission of an amalgamation...

        2. 8.(1) Where a building society applies to the Commission for...

        3. 9.(1) After the date specified in pursuance of paragraph 8(2)(b)...

    17. SCHEDULE 17

      Transfers of Business : Supplementary Provisions

      1. PART I Issue of Statement to Members

        1. Preliminary

          1. 1.In this Part of this Schedule— " prescribed matters "...

        2. Duty to send transfer statements to members

          1. 2.A building society which desires to transfer its business shall,...

          2. 3.A transfer statement, in relation to a transfer of business...

          3. 4.(1) Subject to sub-paragraph (2) below, a building society shall,...

          4. 5.(1) The Commission, with the consent of the Treasury, may...

      2. PART II Confirmation by Commission : Procedure

        1. 6.An application by a building society for confirmation by the...

        2. 7.(1) Where a building society applies for confirmation of a...

        3. 8.(1) After the date specified in the notice in pursuance...

    18. SCHEDULE 18

      Amendments of Enactments

      1. PART I United Kingdom

        1. Bankers' Books Evidence Act 1879 (c.11)

          1. 1.In section 9(1) of the Bankers' Books Evidence Act 1879...

        2. Land Registration Act 1925 (c.21)

          1. 2.In section 25(1) (proprietor's power to create charges) of the...

        3. Payment of Wages Act 1960 (c.37)

          1. 3.(1) This paragraph amends the Payment of Wages Act 1960...

        4. Trustee Investments Act 1961 (c.62)

          1. 4.(1) This paragraph amends the Trustee Investments Act 1961 as...

        5. Stock Transfer Act 1963 (c.18)

          1. 5.In section 1(4) of the Stock Transfer Act 1963 (simplified...

        6. Industrial and Provident Societies Act 1965 (c.12)

          1. 6.In section 31(b) of the Industrial and Provident Societies Act...

        7. Income and Corporation Taxes Act 1970 (c.10)

          1. 7.(1) This paragraph amends the Income and Corporation Taxes Act...

        8. Banking and Financial Dealings Act 1971 (c.80)

          1. 8.(1) This paragraph amends the Banking and Financial Dealings Act...

        9. Local Government Act 1972 (c.70)

          1. 9.In Schedule 12A (access to information: exempt information) to the...

        10. Consumer Credit Act 1974 (c.39)

          1. 10.(1) This paragraph amends the Consumer Credit Act 1974 as...

        11. Solicitors Act 1974 (c.47)

          1. 11.(1) This paragraph amends the Solicitors Act 1974 as follows....

        12. Home Purchase Assistance and Housing Corporation Guarantee Act 1978 (c.27)

          1. 12.In section 3(1) (building society law) of the Home Purchase...

        13. Banking Act 1979 (c.37)

          1. 13.(1) This paragraph amends the Banking Act 1979 as follows....

        14. Charging Orders Act 1979 (c.53)

          1. 14.In section 6(1) (interpretation) of the Charging Orders Act 1979,...

        15. Finance Act 1982 (c.39)

          1. 15.(1) This paragraph amends the Finance Act 1982 as follows....

        16. Companies Act 1985 (c.6)

          1. 16.(1) This paragraph amends the Companies Act 1985 as follows....

        17. Insolvency Act 1985 (c.65)

          1. 17.(1) This paragraph amends the Insolvency Act 1985 as follows....

        18. Housing Act 1985 (c.68)

          1. 18.(1) This paragraph amends the Housing Act 1985 as follows....

        19. Housing Associations Act 1985 (c. 69)

          1. 19.(1) This paragraph amends the Housing Associations Act 1985 as...

      2. PART II Northern Ireland

        1. Industrial and Provident Societies Act (Northern Ireland) 1969 (c.24 N.I.)

          1. 20.In section 31(b) of the Industrial and Provident Societies Act...

        2. Payment of Wages Act (Northern Ireland) 1970

          1. 21.(1) This paragraph amends the Payment of Wages Act (Northern...

        3. Private Streets (Northern Ireland) Order 1980 (S.I. 1980/1086 (N.I.12))

          1. 22.In Article 33 (security not to be deemed prior mortgage...

        4. Housing (Northern Ireland) Order 1981 (S.I. 1981/156 (N.I.3))

          1. 23.(1) This paragraph amends the Housing (Northern Ireland) Order 1981...

        5. Property (Discharge of Mortgage by Receipt) (Northern Ireland) Order 1983 (S.I.1983/766 (N.I.9))

          1. 24.In Article 3(10) of the Property (Discharge of Mortgage by...

        6. Housing (Northern Ireland) Order 1983 (S.I. 1983/1118 (N.I. 15))

          1. 25.In Article 3(4) of the Housing (Northern Ireland) Order 1983,...

        7. Companies (Northern Ireland) Order 1986

          1. 26.(1) This paragraph amends the Companies (Northern Ireland) Order 1986...

    19. SCHEDULE 19

      Repeals and Revocations

      1. PART I Repeals: General

      2. PART II Revocation Extending to Great Britain

      3. PART III Repeals and Revocations Extending Only to Northern Ireland

    20. SCHEDULE 20

      Transitional and Saving Provisions

      1. Preliminary

        1. 1.In this Schedule— " the commencement date for " any...

      2. Adoption of powers and alteration of rules

        1. 2.(1) At any time during the period beginning two months...

        2. 3.(1) Before the end of the transitional period each existing...

      3. Default powers

        1. 4.(1) If the central office has not, before the end...

      4. Registration with existing authorities

        1. 5.A building society which, at the commencement date for section...

      5. Authorisation under existing enactments

        1. 6.(1) A building society which, at the commencement date for...

      6. Anticipation of powers: declaratory provision

        1. 7.(1) It is hereby declared that every building society has...

      7. Unlawful anticipation of powers

        1. 8.(1) Where a building society adopts any adoptable power under...

      8. Penalty for breach of undertaking

        1. 9.If, in breach of the obligation assumed by virtue of...

      9. Penalty for false declaration

        1. 10.If the statement in a declaration made for the purposes...

      10. Powers of central office

        1. 11.(1) The central office, on receiving from a building society...

      11. Permissible securities for advances

        1. 12.(1) Until provision is made by an order under section...

        2. 13.Until provision is made by an order under section 12(3)...

      12. Existing business names

        1. 14.Any person who, at the commencement date for section 107,...

      13. Directors in office

        1. 15.(1) Except as provided in this paragraph, an existing director...

      14. Existing financial years

        1. 16.In the case of a building society established before 25th...

      15. Qualifying assets

        1. 17.For the purposes of the application of section 118 by...

      16. Provision of conveyancing services for building societies

        1. 18.(1) A building society may, at any time during the...

    21. SCHEDULE 21

      Provision of Conveyancing Services by Recognised Institutions and Practitioners

      1. Power of Lord Chancellor to make recognition rules

        1. 1.(1) The Lord Chancellor may, in accordance with the provisions...

      2. Recognition of institutions

        1. 2.(1) Recognition rules may prescribe— (a) the circumstances in which...

      3. Grant and revocation of recognition

        1. 3.(1) Recognition rules may make provision— (a) for the manner...

      4. Recording of recognised status

        1. 4.(1) Recognition rules may make provision— (a) for the keeping...

      5. Delegation of functions

        1. 5.(1) Recognition rules may make provision— (a) for enabling the...

      6. Supplementary provisions as to recognition rules

        1. 6.(1) Recognition rules shall be made by statutory instrument subject...

      7. Restrictions on conveyancing by unqualified persons not to apply in case of recognized institutions

        1. 7.(1) Section 22(1) of the Solicitors Act 1974 (restriction on...

      8. Legal professional privilege

        1. 8.Any communication made to or by a recognised institution in...

      9. Modification of enactments relating to conveyancing

        1. 9.In the following provisions, namely— (a) sections 10(2), 48 and...

      10. Penalty for pretending to be a recognised institution

        1. 10.(1) An institution shall not describe itself or hold itself...

      11. Offences committed by bodies corporate and unincorporated associations

        1. 11.(1) Where an offence under paragraph 10 above which has...

      12. Power of Lord Chancellor to make recognition rules in the case of sole practitioners

        1. 12.(1) The Lord Chancellor may, in accordance with the provisions...

      13. Restrictions on conveyancing by unqualified persons not to apply to recognised practitioners in relation to acts done by their employees

        1. 13.Section 22(1) of the Solicitors Act 1974 shall not apply...

      14. Penalty for pretending to be a recognised practitioner

        1. 14.(1) A person shall not describe himself or hold himself...

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