- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Building Societies Act 1997, Paragraph 56.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
56(1)Part I of Schedule 2 to the 1986 Act (establishment, incorporation and constitution) shall be amended as follows.U.K.
(2)For sub-paragraph (4) of paragraph 1 (requirements for establishment) there shall be substituted the following sub-paragraph—
“(4)In this Act “memorandum”, in relation to a building society, means the memorandum of the purpose and the extent of the powers of the society including the record of any alteration under paragraph 4 below.”
(3)For sub-paragraphs (1) to (3) of paragraph 2 (the memorandum) there shall be substituted the following sub-paragraphs—
“(1)The memorandum of a building society shall state the purpose or principal purpose of the society to be that of making loans which are secured on residential property and are funded substantially by its members.
(2)The memorandum of a building society shall specify—
(a)the name of the society and the address of its principal office;
(b)any purposes of the society other than that mentioned in sub-paragraph (1) above; and
(c)the powers of the society.”
(4)Sub-paragraph (5) of that paragraph shall cease to have effect.
(5)In sub-paragraph (4) of paragraph 3 (the rules)—
(a)in item 2 of the Table, for the words “stock or funds of the society is or are” there shall be substituted the words “ funds of the society are ”; and
(b)in item 5 of the Table, for the word “advances” there shall be substituted the word “ loans ” and for the word “advance” there shall be substituted the word “ loan ”.
(6)For sub-paragraph (1) of paragraph 4 (requirements for alteration of purpose, powers and rules) there shall be substituted the following sub-paragraph—
“(1)A building society may by special resolution alter its purposes, alter its powers or alter its rules.”
(7)In sub-paragraph (4) of that paragraph, the words “subject to paragraph 19 below” shall cease to have effect.
(8)In sub-paragraph (1) of paragraph 8 (joint borrowers), for the words “an advance” there shall be substituted the words “ a loan ”.
(9)In sub-paragraph (1)(b) of paragraph 11 (change of principal office), for the words “then at a general meeting specially called for the purpose in accordance with the rules” there shall be substituted the words “ by an ordinary resolution ”.
(10)For sub-paragraph (1) of paragraph 13 (register of members) there shall be substituted the following sub-paragraph—
“(1)Every building society shall maintain a register of members showing—
(a)the name and address of each member; and
(b)whether each member is a shareholding member or a borrowing member or both.”
Commencement Information
I1Sch. 7 para. 56 partly in force; Sch. 7 para. 56 not in force at Royal Assent see s. 47(3); Sch. 7 para. 56(9) in force at 9.6.1997 by S.I. 1997/1427, art. 2; Sch. 7 para. 56 in force at 1.12.1997 by S.I. 1997/2668, art. 2, Sch. Pt. II (subject as mentioned in art. 2(2)-(5) of that S.I.)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: