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Building Societies Act 1997

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  1. Introductory Text

  2. Part I Constitution and powers

    1. 1. Principal purpose and powers.

    2. 2. Membership and liability of members.

    3. 3. Capacity etc.

    4. 4. The lending limit.

    5. 5. Loans secured on land.

    6. 6. Loans fully secured on land.

    7. 7. Discharge of mortgages.

    8. 8. The funding limit.

    9. 9. Raising funds and borrowing.

    10. 10. Restrictions on certain transactions.

    11. 11. Restriction on creation of floating charges.

    12. 12. Superseded provisions of 1986 Act.

  3. Part II Powers of control of Commission

    1. 13. Power to direct restructuring of business etc.

    2. 14. Power to make prohibition orders.

    3. 15. Powers to petition for winding up etc.

    4. 16. Imposition or variation of conditions in urgent cases.

    5. 17. Power to direct transfers of engagements or business.

    6. 18. Notification and confirmation of transfer directions.

    7. 19. Revocation: supplementary directions.

    8. 20. Notification and confirmation of supplementary directions.

    9. 21. The criteria of prudent management.

    10. 22. Statements of principles etc. by Commission.

    11. 23. Rights of appeal.

    12. 24. Determination of appeals.

  4. Part III Accountability to members

    1. 25. Special meeting on members’ requisition.

    2. 26. Failure to comply with members’ requisition.

    3. 27. Election of directors: general.

    4. 28. Election of directors: supplementary.

    5. 29. Acquisition or establishment of a business.

    6. 30. Information about transfers or proposed transfers of business.

    7. 31. Transfers of business: increased remuneration etc.

  5. Part IV Protection of investors and investigation of complaints

    1. 32. Amalgamation of building society and banking protection schemes.

    2. 33. Liability of insolvent society in respect of payments made by Board.

    3. 34. Recognised schemes for investigation of complaints.

    4. 35. Persons entitled to have complaints investigated.

  6. Part V Miscellaneous and supplemental

    1. Miscellaneous

      1. 36. Registered and business names.

      2. 37. Access to registers of members.

      3. 38. Transactions with directors and persons connected with them.

      4. 39. Application of certain insolvency legislation.

      5. 40. Abolition of priority liquidation distribution rights.

      6. 41. Protective provisions for specially formed successors.

      7. 42. Registration of charges by building societies.

      8. 43. Other amendments of 1986 Act.

    2. Supplemental

      1. 44. Financial provisions.

      2. 45. Minor and consequential amendments.

      3. 46. Transitional provisions, savings and repeals etc.

      4. 47. Short title, interpretation, commencement and extent.

  7. SCHEDULES

    1. SCHEDULE 1

      [Part II of Schedule 2 to 1986 Act]

    2. SCHEDULE 2

      [Schedule 2a to 1986 Act]

    3. SCHEDULE 3

      [Schedule 7a to 1986 Act]

    4. SCHEDULE 4

      [Schedule 8a to 1986 Act]

    5. SCHEDULE 5

      Information about transfers or proposed transfers of business

      1. Part I [Part I of Schedule 17 to 1986 Act]

        1. Issue of statement or summary to members Preliminary In this Part of this Schedule— “prescribed matters” in relation...

      2. Part II [Part IA of Schedule 17 to 1986 Act]

        1. Notification of proposals for transfers of business Preliminary In this Part of this Schedule— “requisite particulars”, in relation...

    6. SCHEDULE 6

      [Schedule 15a to 1986 Act]

    7. SCHEDULE 7

      Other amendments of 1986 Act

      1. The Building Societies Commission

        1. 1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Annual and other reports

        1. 2.In section 4 of the 1986 Act (annual and other...

      3. Authorisation to raise funds and borrow money

        1. 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. The Building Societies Investor Protection Board

        1. 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      5. The Investor Protection Fund

        1. 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. Meaning of “insolvency” etc.

        1. 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. Payments to investors

        1. 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. Membership of insolvency committees etc

        1. 8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      9. Liability of insolvent society in respect of payments made by Board

        1. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      10. Power to obtain information

        1. 10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      11. Voluntary schemes

        1. 11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      12. Power to direct application to renew authorisation

        1. 12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      13. Imposition of conditions on current authorisation

        1. 13.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      14. Revocation of authorisation

        1. 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      15. Reauthorisation

        1. 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      16. Powers to avoid apparent association with other bodies

        1. 16.Section 51 of the 1986 Act (powers to avoid apparent...

      17. Powers to obtain information and documents etc.

        1. 17.(1) In subsection (1)(a) of section 52 of the 1986...

      18. Right of entry to obtain information and documents

        1. 18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      19. Confidentiality of information obtained by Commission

        1. 19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      20. Information disclosed to Commission from other sources

        1. 20.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      21. Investigations on behalf of Commission

        1. 21.In subsection (2) of section 55 of the 1986 Act...

      22. Inspections and special meetings: general

        1. 22.(1) In subsection (1) of section 56 of the 1986...

      23. Inspections: supplementary provisions

        1. 23.In subsection (1) of section 57 of the 1986 Act...

      24. Restrictions on loans etc. to directors

        1. 24.(1) In subsection (1) of section 65 of the 1986...

      25. Directors etc. not to accept commissions in connection with loans

        1. 25.(1) In subsection (1) of section 67 of the 1986...

      26. Records of loans etc. for directors

        1. 26.In subsection (6) of section 68 of the 1986 Act...

      27. Records of income of related businesses

        1. 27.(1) In subsection (2) of section 69 of the 1986...

      28. Interpretation of Part VII

        1. 28.In subsection (3)(a) of section 70 of the 1986 Act...

      29. Accounting records and systems of business control etc.

        1. 29.(1) In subsection (3)(c) of section 71 of the 1986...

      30. Contents and form of annual accounts

        1. 30.In subsection (8)(c) of section 73 of the 1986 Act...

      31. Duty of directors to prepare annual business statement

        1. 31.In subsection (2) of section 74 of the 1986 Act...

      32. Directors’ report

        1. 32.(1) In subsection (1) of section 75 (directors’ report)—

      33. Summary financial statement for members and depositors

        1. 33.(1) In subsection (2) of section 76 of the 1986...

      34. Auditor’s report and powers

        1. 34.(1) In subsection (4) of section 79 of the 1986...

      35. Auditor’s duties to Commission and related rights

        1. 35.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      36. Investigation of complaints: supplementary provisions

        1. 36.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      37. Settlement of disputes

        1. 37.In subsection (1) of section 85 of the 1986 Act...

      38. Dissolution by consent

        1. 38.In subsection (8) of section 87 of the 1986 Act...

      39. Winding up: grounds and petitioners

        1. 39.In subsection (4) of section 89 of the 1986 Act...

      40. Winding up or dissolution: supplementary

        1. 40.For section 92 of the 1986 Act there shall be...

      41. Amalgamations

        1. 41.In subsection (2) of section 93 of the 1986 Act...

      42. Transfer of engagements

        1. 42.In subsections (2), (4) and (5) of section 94 of...

      43. Mergers: provisions supplementing sections 93 and 94

        1. 43.(1) In subsection (3) of section 95 of the 1986...

      44. Mergers: compensation for loss of office etc.

        1. 44.(1) In subsection (1) of section 96 (mergers: compensation for...

      45. Transfer of business to commercial company

        1. 45.(1) In subsection (2) of section 97 of the 1986...

      46. Regulated terms: compensation for loss of office etc.

        1. 46.In subsection (6) of section 99 of the 1986 Act...

      47. Distribution and share rights

        1. 47.In subsection (4) of section 100 of the 1986 Act...

      48. Power to amend etc. to assimilate to company law

        1. 48.In subsection (2) of section 104 of the 1986 Act...

      49. Limited power to anticipate future statutory instrument powers

        1. 49.Section 105 of the 1986 Act (limited power to anticipate...

      50. Power to require building society to change misleading name

        1. 50.Section 108 of the 1986 Act (power to require building...

      51. Offences: liability of officers etc.

        1. 51.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      52. Qualifying asset holding for certain powers

        1. 52.Section 118 of the 1986 Act (qualifying asset holding for...

      53. Interpretation

        1. 53.(1) In subsection (1) of section 119 of the 1986...

      54. Northern Ireland

        1. 54.In subsection (1) of section 122 of the 1986 Act...

      55. The Commission

        1. 55.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      56. Establishment, incorporation and constitution

        1. 56.(1) Part I of Schedule 2 to the 1986 Act...

      57. Meetings, resolutions and postal ballots

        1. 57.(1) Part III of Schedule 2 to the 1986 Act...

      58. The Building Societies Investor Protection Board

        1. 58.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      59. Directors: requisite particulars of restricted transactions

        1. 59.In paragraph 2(2)(c) of Schedule 9 to the 1986 Act...

      60. Requisite particulars of income of related business

        1. 60.(1) In paragraphs 1 to 8 of Schedule 10 to...

      61. Auditors: appointment, tenure and qualifications

        1. 61.In paragraph 5 of Schedule 11 to the 1986 Act...

      62. Schemes for investigation of complaints

        1. 62.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      63. Recognition etc. of schemes for investigation of complaints

        1. 63.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      64. Settlement of disputes

        1. 64.(1) In paragraph 1(4) of Schedule 14 to the 1986...

      65. Application of companies winding up legislation to building societies

        1. 65.In paragraph 3(2) of Schedule 15 to the 1986 Act...

      66. Mergers: supplementary provisions

        1. 66.(1) In paragraph 1 of Schedule 16 to the 1986...

      67. Transitional and saving provisions

        1. 67.In Schedule 20 to the 1986 Act (transitional and saving...

    8. SCHEDULE 8

      Transitional provisions and savings

      1. Alterations of purpose, powers and rules

        1. 1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Default powers

        1. 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. Existing members to whom advances have been made

        1. 4.(1) Nothing in section 2 of this Act shall affect...

      4. Existing borrowing members which are corporations

        1. 5.Nothing in section 2 of this Act shall affect the...

      5. Existing fully secured loans

        1. 6.(1) Subject to subsection (7) of section 6B of the...

      6. Existing shareholders

        1. 7.Unless the contrary is shown, a building society may assume...

      7. Existing depositors and shareholders

        1. 8.(1) Nothing in section 9 of this Act shall affect...

      8. Existing transfer statements referring to the abolition of priority liquidation distribution rights

        1. 9.(1) Where before the commencement of section 40 of this...

      9. Existing specially formed successor companies

        1. 10.(1) This paragraph applies where before the passing of this...

    9. SCHEDULE 9

      Repeals and revocations

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