Building Societies Act 1986

91 Power of court to declare dissolution of building society void.U.K.

(1)Where a building society has been dissolved under section 87 or following a winding up, [F1building society insolvency or building society special administration,] the High Court or, in relation to a society whose principal office was in Scotland, the Court of Session, may, at any time within 12 years after the date on which the society was dissolved, make an order under this section declaring the dissolution to have been void.

(2)An order under this section may be made, on such terms as the court thinks fit, on an application by the trustees under section 87 or the liquidator, [F2building society liquidator or building society special administrator,] as the case may be, or by any other person appearing to the Court to be interested.

(3)When an order under this section is made, such proceedings may be taken as might have been taken if the society has not been dissolved.

(4)The person on whose application the order is made shall, within seven days of its being so made, or such further time as the Court may allow, [F3furnish the FCA and, if the society is a PRA-authorised person, the PRA] with a copy of the order; and the [F4FCA must keep a copy] in the public file of the society.

(5)If a person fails to comply with subsection (4) above, he shall be liable on summary conviction—

(a)to a fine not exceeding level 3 on the standard scale, and

(b)in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continues.

Textual Amendments