Building Societies Act 1997
Building Societies Act 1997 (1997 c. 32)
- Building Societies Act 1997 (1997 c. 32)
- Part I Constitution and powers
- 1 Principal purpose and powers.
- 2 Membership and liability of members.
- 3 Capacity etc.
- 4 The lending limit.
- 5 Loans secured on land.
- 6 Loans fully secured on land.
- 7 Discharge of mortgages.
- 8 The funding limit.
- 9 Raising funds and borrowing.
- 10 Restrictions on certain transactions.
- 11 Restriction on creation of floating charges.
- 12 Superseded provisions of 1986 Act.
- Part II Powers of control of Commission
- 13 Power to direct restructuring of business etc.
- 14 Power to make prohibition orders.
- 15 Powers to petition for winding up etc.
- 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 17 Power to direct transfers of engagements or business.
- 18 Notification and confirmation of transfer directions.
- 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part III Accountability to members
- 25 Special meeting on members’ requisition.
- 26 Failure to comply with members’ requisition.
- 27 Election of directors: general.
- 28 Election of directors: supplementary.
- 29 Acquisition or establishment of a business.
- 30 Information about transfers or proposed transfers of business.
- 31 Transfers of business: increased remuneration etc.
- Part IV Protection of investors and investigation of complaints
- 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part V Miscellaneous and supplemental
- Miscellaneous
- 36 Registered and business names.
- 37 Access to registers of members.
- 38 Transactions with directors and persons connected with them.
- 39 Application of certain insolvency legislation.
- 40 Abolition of priority liquidation distribution rights.
- 41 Protective provisions for specially formed successors.
- 42 Registration of charges by building societies.
- 43 Other amendments of 1986 Act.
- Supplemental
- 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 45 Minor and consequential amendments.
- 46 Transitional provisions, savings and repeals etc.
- 47 Short title, interpretation, commencement and extent.
- SCHEDULES
- SCHEDULE 1 [Part II of Schedule 2 to 1986 Act]
- SCHEDULE 2 [Schedule 2a to 1986 Act]
- SCHEDULE 3 . . .
- SCHEDULE 4 [Schedule 8a to 1986 Act]
- SCHEDULE 5 Information about transfers or proposed transfers of business
- Part I [Part I of Schedule 17 to 1986 Act]
- Part II [Part IA of Schedule 17 to 1986 Act]
- SCHEDULE 6 [Schedule 15a to 1986 Act]
- SCHEDULE 7 Other amendments of 1986 Act
- The Building Societies Commission
- Annual and other reports
- Authorisation to raise funds and borrow money
- The Building Societies Investor Protection Board
- The Investor Protection Fund
- Meaning of “insolvency” etc.
- Payments to investors
- Membership of insolvency committees etc
- Liability of insolvent society in respect of payments made by Board
- Power to obtain information
- Voluntary schemes
- Power to direct application to renew authorisation
- Imposition of conditions on current authorisation
- Revocation of authorisation
- Reauthorisation
- Powers to avoid apparent association with other bodies
- Powers to obtain information and documents etc.
- Right of entry to obtain information and documents
- Confidentiality of information obtained by Commission
- Information disclosed to Commission from other sources
- Investigations on behalf of Commission
- Inspections and special meetings: general
- Inspections: supplementary provisions
- Restrictions on loans etc. to directors
- Directors etc. not to accept commissions in connection with loans
- Records of loans etc. for directors
- Records of income of related businesses
- Interpretation of Part VII
- Accounting records and systems of business control etc.
- Contents and form of annual accounts
- Duty of directors to prepare annual business statement
- Directors’ report
- Summary financial statement for members and depositors
- Auditor’s report and powers
- Auditor’s duties to Commission and related rights
- Investigation of complaints: supplementary provisions
- Settlement of disputes
- Dissolution by consent
- Winding up: grounds and petitioners
- Winding up or dissolution: supplementary
- Amalgamations
- Transfer of engagements
- Mergers: provisions supplementing sections 93 and 94
- Mergers: compensation for loss of office etc.
- Transfer of business to commercial company
- Regulated terms: compensation for loss of office etc.
- Distribution and share rights
- Power to amend etc. to assimilate to company law
- Limited power to anticipate future statutory instrument powers
- Power to require building society to change misleading name
- Offences: liability of officers etc.
- Qualifying asset holding for certain powers
- Interpretation
- Northern Ireland
- The Commission
- Establishment, incorporation and constitution
- Meetings, resolutions and postal ballots
- The Building Societies Investor Protection Board
- Directors: requisite particulars of restricted transactions
- Requisite particulars of income of related business
- Auditors: appointment, tenure and qualifications
- Schemes for investigation of complaints
- Recognition etc. of schemes for investigation of complaints
- Settlement of disputes
- Application of companies winding up legislation to building societies
- Mergers: supplementary provisions
- Transitional and saving provisions
- SCHEDULE 8 Transitional provisions and savings
- Alterations of purpose, powers and rules
- Default powers
- Existing members to whom advances have been made
- Existing borrowing members which are corporations
- Existing fully secured loans
- Existing shareholders
- Existing depositors and shareholders
- Existing transfer statements referring to the abolition of priority liquidation distribution rights
- Existing specially formed successor companies
- SCHEDULE 9 Repeals and revocations
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