Building Societies Act 1986 (c. 53)

SCHEDULES

SCHEDULE 15 U.K. Application of Companies Winding Up Legislation to Building Societies

[F1 Part III U.K. Modified Application Of The Companies (Northern Ireland) Order 1986, Part XX]

Textual Amendments

F1 Sch. 15 paras. 34–55 substituted (N.I.) (1.10.1991) by S.I. 1989/2405 (N.I. 19), arts. 2(1), 381, Sch. 9 Pt. II para. 45(c); S.R. 1991/411, art. 2

Members of building society as contributories in winding up U.K.

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

(2) In the enactments as applied to a building society, “contributory”—

(a) means every person liable to contribute to the assets of the society in the event of its being wound up, and

(b) for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory, and

(c) includes persons who are liable to pay or contribute to the payment of—

(i) any debt or liability of the building society being wound up, or

(ii) any sum for the adjustment of rights of members among themselves, or

(iii) the expenses of the winding up;

but does not include persons liable to contribute by virtue of a declaration by the court under Article 583 (imputed responsibility for fraudulent trading).