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Building Societies Act 1986, Cross Heading: Voluntary winding up is up to date with all changes known to be in force on or before 27 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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38(1)Article 529 does not apply.
(2)In the enactments as applied to a building society, the expression “resolution for voluntary winding up” means a resolution passed under section 88(1) of this Act.
39Articles 539, 540 and 551 (liquidator accepting shares, etc. as consideration for sale for company property) do not apply.
40In the application of Article 548 (committees of inspection) to building societies, a committee of inspection shall exercise only those functions conferred by or under the Order as so applied.
41(1)Article 555 (distribution of property) does not apply; and the following applies in its place.
(2)Subject to the provisions of Part XX relating to preferential payments, a building society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors (including any liability resulting from the variation to the liquidator’s duty effected by section 28 or 31 of this Act) pari passu and subject to that application, in accordance with the rules of the society.
42Article 562 (saving for certain rights) shall also apply in relation to the dissolution by consent of a building society as it applies in relation to its voluntary winding up.
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