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Revised Statute from The UK Statute Law Database

Building Societies Act 1986 (c. 53)

This version of this statute is extracted from the UK Statute Law Database (SLD). It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.

There are effects on this legislation that have not yet been applied to SLD for the following years: 2003, 2004, 2005, 2006, 2007, 2008 and 2009. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Building Societies Act 1986

1986 CHAPTER 53

Contents

Go to Preamble

  1. PART I

    FUNCTIONS OF THE AUTHORITY

    1. 1. Functions of the Financial Services Authority in relation to building societies

  2. Part II

    Constitution of Building Societies

    1. Establishment

      1. 5. Establishment, constitution and powers

    2. Making loans

      1. 6.The lending limit

      2. 6A. Loans secured on land

      3. 6B. Loans fully secured on land

      4. 6C. Discharge of mortgages

    3. Raising funds and borrowing

      1. 7. The funding limit

      2. 8. Raising funds and borrowing

      3. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. Restrictions on powers

      1. 9A.Restrictions on certain transactions

      2. 9B.Restriction on creation of floating charges

  3. 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

      2. 14A. Power to participate in secured syndicated lending

    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.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    7. Other powers

      1. 23. Power to hedge

  4. Part IV

    Protection of Investors

    1. Investor Protection Scheme

      1. 24.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. 25A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      5. 27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 27A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. 29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      9. 29A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      10. 30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Other provisions

      1. 31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 32. Special provisions as regards investors

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

  5. Part V

    Powers to Provide Services

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

    2. 35.Prohibition on linking services

  6. Part VI

    Powers of Control of the Commission

    1. Powers in relation to principal purpose and nature limits

      1. 36. Power to direct restructuring of business etc

      2. 36A. Power to make prohibition orders

      3. 37. Powers to petition for winding up etc

    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.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 42.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. 42A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 42B. Power to direct transfers of engagements or business

      5. 42C.Variation and revocation of transfer directions

      6. 43.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 43A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. 43B.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      9. 44.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      10. 45.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. General functions of Commission

      1. 45AA.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 45A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. Notices, hearings and appeals

      1. 46A. Notices, hearings and appeals

    6. Advertising etc

      1. 50.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

    7. Information

      1. 52. Powers to obtain information and documents etc

      2. 52B. Entry of premises under warrant under section 176 of the Financial Services and Markets Act 2000

      3. 53A. Disclosure of information

      4. 54.Information disclosed to Authority from other sources

    8. Inspections, etc

      1. 55.Investigations on behalf of Authority

      2. 56. Inspections and special meetings: general

      3. 57. Inspections: supplementary provisions

  7. 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 retirements

      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. 66A. Transactions with directors and persons connected with them

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

      8. 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

  8. Part VIII

    Accounts and Audit

    1. Accounting records . .

      1. 71. Accounting records . .

    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 and the Authority

      3. 82.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  9. Part IX

    . . . Disputes

    1. 83.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 83A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 84.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 85. Settlement of disputes

  10. 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. 90A. Application of other companies insolvency legislation to building societies

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

      8. 92. Supplementary

    2. New business

      1. 92A. Acquisition or establishment of a business

    3. 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

    4. 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. 99A. Transfers of business: increased remuneration etc

      5. 100. Regulated terms etc: distributions and share rights

      6. 101. Protective provisions for specially formed successors

      7. 102. Transfer regulations

      8. 102A. Rights of second-named joint shareholders

      9. 102B. Protection of interests of beneficiaries in the case of trustee account holders

      10. 102C. Consequences of false declaration

      11. 102D. Provisions supplementary to sections 102B and 102C

    5. Cancellation of registration

      1. 103. Cancellation of registration

  11. Part XI

    Miscellaneous and Supplementary and Conveyancing Services

    1. Miscellaneous and supplementary

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

      2. 104A. Registration of charges: application of company law

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

      4. 106. Public file of the society

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

      6. 108.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 109. Exemption from stamp duty

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

      9. 111. Time limit for commencing proceedings

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

      11. 113. Evidence

      12. 114. Records

      13. 115. Service of notices

      14. 116. Form of documents

      15. 117. Financial year of building societies

      16. 118. Qualifying asset holding for certain powers

      17. 118A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      18. 119. Interpretation

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

      20. 121. Power to make transitional and saving provisions

      21. 122. Northern Ireland

      22. 123.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    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

  12. SCHEDULE 1

  13. SCHEDULE 2

    Establishment, Incorporation and Constitution of Building Societies

  14. SCHEDULE 2A

    Discharge of mortgages: supplementary provisions

  15. SCHEDULE 3

  16. SCHEDULE 4

  17. SCHEDULE 5

  18. SCHEDULE 6

  19. SCHEDULE 7

    Investors: Special Provisions

  20. SCHEDULE 7A

  21. SCHEDULE 8

    Powers to Provide Services

  22. SCHEDULE 8A

    Transfer directions: modifications of Part X

  23. SCHEDULE 9

    Directors: Requisite Particulars of Restricted Transactions

  24. SCHEDULE 10

    Requisite Particulars of Income or Related Businesses

  25. SCHEDULE 11

    Auditors: Appointment, Tenure, Qualifications

  26. SCHEDULE 12

  27. SCHEDULE 13

  28. SCHEDULE 14

    Settlement of Disputes

  29. SCHEDULE 15

    Application of Companies Winding Up Legislation to Building Societies

  30. SCHEDULE 15A

    Application of other companies insolvency legislation to building societies

  31. SCHEDULE 16

    Mergers: Supplementary Provisions

  32. SCHEDULE 17

    Transfers of Business: Supplementary Provisions

  33. SCHEDULE 18

    Amendments of Enactments

  34. SCHEDULE 19

    Repeals and Revocations

  35. SCHEDULE 20

    Transitional and Saving Provisions

  36. SCHEDULE 21

    Provision of Conveyancing Services by Recognised Institutions and Practitioners

An Act to make fresh provision with respect to building societies and further provision with respect to conveyancing services.

[25th July 1986]

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Annotations:

Modifications etc. (not altering text)

C1Act modified (temp.) by S.I. 1986/2168, art. 3(1)(2)(a)(b)

C2Act modified by S.I. 1986/2168, art. 4(1)(2)(b)(3) and by S.I. 1987/1498, art. 7

C3Act applied with modifications and modified by S.I. 1988/1394, arts. 2, 7, Schs. 1, 2

Act applied (N.I.) (1.10.1991) by S.I. 1989/2404, art. 12, Sch. 1 Pt. I para. 6; S.R. 1991/410, art. 1(2)

Act applied (N.I.) (1.10.1991) by S.I. 1990/1504, art. 111; S.R. 1991/438, art. 2(d)

Act applied with modifications (1.7.1992) by S.I. 1992/1547, arts. 5,6, Sch. 2

C4Act: definition applied (N.I.) (1.6.1992) by Northern Ireland (Emergency Provisions) Act 1991 (c. 24, SIF 39:1), ss. 55, 69(1)(2), Sch. 4 para. 7(4); S.I. 1992/1181, art. 2 (which 1991 Act was repealed (25.8.1996) by 1996 c. 22, ss. 59, 62(1), 63(3)(7), Sch. 7 Pt. I.

C5Act: definition applied by Finance Act 1991 (c. 31, SIF 63:2), s. 51, Sch. 10 para. 4(3).

C6Act: power to amend conferred (9.6.1997) by 1997 c. 32, s. 32(5)(c); S.I. 1997/1427, art. 2(g)

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