Building Societies Act 1986

Valid from 01/12/1997

[F1 Voluntary arrangements U.K.

Textual Amendments

F1 Sch. 15A inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6; S.I. 1997/2668, art. 2, Sch. Pt. I(i)

29 U.K. Article 14 of the Order (proposals for voluntary arrangements) has effect as if—

(a) it required any proposal under Part II of the Order to be so framed as to enable a building society to comply with the requirements of this Act; and

(b) any reference to debts included a reference to liabilities owed to the holders of shares in a building society.

30 U.K. In Article 15 (procedure where nominee is not liquidator or administrator) and Article 16 (summoning of meetings) of the Order as applied to a building society, any reference to meetings of the society is a reference to—

(a) a meeting of both shareholding and borrowing members of the society; and

(b) a meeting of shareholding members alone.

Valid from 02/02/2004

[F2 30A U.K. In paragraph (2) of Article 17A of the Order (approval of arrangement) as applied to a building society, sub-paragraph (b) and the word “or” immediately preceding that sub-paragraph are omitted.]

Textual Amendments

F2 Sch. 15A para. 30A inserted (prosp.) by S.I. 2002/3152, arts. 1(2)(3), 4, Sch. 2 para. 14(3)

31 U.K. In Article 19 of the Order (challenge of decisions) 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 High Court under Article 177 (imputed responsibility for fraudulent trading) or Article 178 (wrongful trading) of the Order.

Valid from 02/02/2004

[F3 31A U.K. In Article 20A of the Order (prosecution of delinquent officers) as applied to a building society—

(a) in paragraph (2) for the words “the Department”, in each place where they occur, there are substituted the words “ the Financial Services Authority ”,

(b) paragraphs (3) to (7) are omitted,

(c) in paragraph (8)—

(i) after the words “Northern Ireland” there are inserted the words “ or the Financial Services Authority ”, and

(ii) after the words “Northern Ireland” and the words “the Director”, in the second place where they occur, there are inserted the words “ or the Financial Services Authority ”,

(d) in paragraph (9) after the words “for Northern Ireland” there are inserted the words “ or the Financial Services Authority ”.]]

Textual Amendments

F3 Sch. 15A para. 31A inserted (prosp.) by S.I. 2002/3152, arts. 1(2)(3), 4, Sch. 2 para. 14(4)