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Modifications etc. (not altering text)
C1Sch. 15 applied (with modifications) (7.4.2010) by The Building Societies (Financial Assistance) Order 2010 (S.I. 2010/1188), arts. 1(2), 9
Textual Amendments
F1Sch. 15 paras. 34-55E substituted (N.I.) (1.10.1991) for Sch. 15 paras. 34-55 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
Textual Amendments
F2Words in Sch. 15 Pt. III heading substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 2(3)(e)
35(1)Article 61 (liability of members) is modified as follows.U.K.
(2)In paragraph (1), the reference to any past member shall be omitted.
(3)Sub-paragraphs (a) to (d) of paragraph (2) shall be omitted; and so shall paragraph (3).
[F3(3A)In sub-paragraph (f) of paragraph (2) the reference to a sum due to a member of the company by way of dividends, profits or otherwise does not include a sum due to a shareholding member of a building society in respect of a deposit.]
(4)The extent of the liability of a member of a building society in a winding up shall not exceed the extent of his liability under paragraph 6 of Schedule 2 to this Act.
Textual Amendments
F3Sch. 15 para. 35(3A) inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 34(3) (with art. 3)
36U.K.Articles 62 to 65 and 69 in Chapter I of Part V (miscellaneous provisions not relevant to building societies) do not apply.
37U.K.In the enactments as applied to a building society, โcontributoryโโ
(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 ofโ
(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 177 (imputed responsibility for fraudulent trading) or Article 178 (wrongful trading).]