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Version Superseded: 13/10/2003
Point in time view as at 05/12/1997.
Building Societies Act 1986, Part I is up to date with all changes known to be in force on or before 08 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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Marginal Citations
1U.K.In section 9(1) of the Bankers’ Books Evidence Act 1879 (meaning of “bank” and “banker” for purposes of that Act), after paragraph (a) there shall be inserted the following—
“(aa)a building society (within the meaning of the Building Societies Act 1986);”.
2U.K.In section 25(1) (proprietor’s power to create charges) of the M2Land Registration Act 1925, in paragraph (b), for the words from “under” to “with” there shall be substituted “ (within the meaning of the Building Societies Act 1986), in accordance with. ”
Marginal Citations
3(1)This paragraph amends the M3 Payment of Wages Act 1960 as follows.U.K.
(2)In section 1(3) (authorised means of payment of wages), after paragraph (a) there shall be inserted—
“(aa)payment into an account at a building society, being an account standing in the name of the person to whom the payment is due, or an account standing in the name of that person jointly with one or more other persons,”.
(3)In section 2(1) (requirements applicable to authorised payments) after “bank” there shall be inserted “ or building society ”.
(4)In section 7(1) (interpretation)—
(a)after “way)” in the definition of “account”, there shall be inserted “ and, in relation to a building society, includes a share account and a deposit account (however described) ”,
(b)after the definition of “bank”, there shall be inserted—
““building society” means a building society within the meaning of the Building Societies Act 1986;” and
(c)in the definition of “branch”, after “head office of the bank” there shall be inserted, “ and, in relation to a building society, includes the principal office of the society; ”.
Marginal Citations
M38 & 9 Eliz. 2 c. 37.
4(1)This paragraph amends the M4Trustee Investments Act 1961 as follows.U.K.
(2)In Part II of Schedule 1 (narrower range investments requiring advice), for paragraph 12 there shall be substituted—
“12In deposits with a building society within the meaning of the Building Societies Act 1986.”.
(3)In Part III of Schedule 1 (wider range investments), for paragraph 2 there shall be substituted—
“2In shares in a building society within the meaning of the Building Societies Act 1986.”.
Marginal Citations
M49 & 10 Eliz. 2 c. 62.
5U.K.In section 1(4) of the M5Stock Transfer Act 1963 (simplified transfer of certain securities, not to apply to building society securities), for “1962” there shall be substituted “ 1986 ”.
Marginal Citations
6U.K.In section 31(b) of the M6Industrial and Provident Societies Act 1965 (authorised investments), for “society registered under the Building Societies Acts” there shall be substituted “ building society within the meaning of the Building Societies Act 1986 ”.
Marginal Citations
F17U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
8(1)This paragraph amends the M7Banking and Financial Dealings Act 1971 as follows.U.K.
(2)In section 2(1) (power to suspend financial dealings on bank holidays) after paragraph (g) there shall be inserted—
“; and
(h)a direction that, subject as aforesaid, no building society shall, on that day, except with permission so granted, effect in the course of its business any transaction or, according as may be specified in the order, a transaction of such kind as may be so specified.”
(3)In section 2(6) after the definition of “authorised dealer in gold” there shall be inserted—
““building society” means a building society within the meaning of the Building Societies Act 1986.”.
Marginal Citations
9U.K.In Schedule 12A (access to information: exempt information) to the M8Local Government Act 1972—
(a)in Part II, in paragraph 2(d) for “1962” there shall be substituted “ 1986 ”; and
(b)in Part III, in paragraph 1(1), after the definition of "protected informant’ there shall be inserted the following definition—
““registered”, in relation to information required to be registered under the Building Societies Act 1986, means recorded in the public file of any building society (within the meaning of that Act);”.
Marginal Citations
10(1)This paragraph amends the M9Consumer Credit Act 1974 as follows.U.K.
(2)In section 16(1) (consumer credit agreement with certain bodies exempt from regulation) the words “or building society” shall be omitted and, after paragraph (f), there shall be inserted the words “, or
(g)a building society.”.
(3)In section 16(3) (Secretary of State’s duty to consult before making orders), after paragraph (d) there shall be inserted the words “or
(e)under subsection (1)(g) without consulting the Building Societies Commission and the Treasury.”.
(4)In section 189(1) (definitions), for the definition of “building society” there shall be substituted the following definition—
““building society” means a building society within the meaning of the Building Societies Act 1986;”.
Marginal Citations
11(1)This paragraph amends the M10Solicitors Act 1974 as follows.U.K.
(2)In section 32 (accounts rules and trust accounts rules), in subsections (1) and (2), in paragraph (a), after “banks”, there shall be inserted “ or with building societies ” and, in the words following paragraph (c), the word “banks” shall be omitted.
(3)In section 33 (interest on clients’ money) in subsections (1) and (3), after “bank”, there shall be inserted “ or with a building society ”.
(4)In section 85 (bank accounts)—
(a)after “account with a bank” there shall be inserted “ or a building society ”, and
(b)in paragraphs (a) and (b) after “bank” there shall be inserted “ or society ”.
(5)In section 87(1) (interpretation), after the definition of “bank” there shall be inserted—
““building society” means a building society within the meaning of the Building Societies Act 1986; and a reference to an account with a building society is a reference to a deposit account.”.
Marginal Citations
[F212U.K.In section 3(1) (building society law) of the M11Home Purchase Assistance and Housing Corporation Guarantee Act 1978, after “determining” there shall be added the word “ (a) ” and at the end of that subsection there shall be added the words—
“(b)the classification of the advance, or any such further advance, for the purposes of Part III of the Building Societies Act 1986.”.]
Textual Amendments
F2Sch. 18 para. 12 repealed (S.) by Housing (Scotland) Act 1987 (c. 26, SIF 61), s. 339, Sch. 24
Marginal Citations
F313U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
14U.K.In section 6(1) (interpretation) of the M12Charging Orders Act 1979, in the definition of “building society”, for “1962” there shall be substituted “ 1986 ”.
Marginal Citations
F415U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F516U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Sch. 18 paras. 16, 17 repealed by Companies Act 1989 (c. 40, SIF 27), ss. 211(2)(b), 212, Sch. 24
F617U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Sch. 18 paras. 16, 17 repealed by Companies Act 1989 (c. 40, SIF 27), ss. 211(2)(b), 212, Sch. 24
18(1)This paragraph amends the M13Housing Act 1985 as follows.U.K.
(2)In section 442(5) (consultations by Secretary of State regarding forms of local authority indemnity agreement) for “Chief Registrar of Friendly Societies" in paragraph (a), there shall be substituted “Building Societies Commission".
(3)In section 447 (recognised lending institutions) and in section 448 (recognised savings institutions) for “designated building societies" there shall be substituted “building societies".
[F7(4)For section 450 (modifications of building society law) there shall be substituted the following section—
So much of an advance by a building society which is partly financed under section 445 (assistance for first-time buyers) or the corresponding Scottish or Northern Ireland provisions as is so financed shall be treated as not forming part of the advance for the purpose of determining—
(a)whether the advance, or any further advance made within two years of the date of purchase, is beyond the powers of the society, and
(b)the classification of the advance, or any such further advance, for the purposes of Part III of the Building Societies Act 1986.”.]
(5)In section 622 (minor definitions) for the definition of “building society" there shall be substituted—
““building society” means a building society within the meaning of the Building Societies Act 1986”.
Textual Amendments
F7Sch. 18 para. 18(4) repealed (1.12.1997 in specified cases and for specified purposes and otherwise in accordance with art. 2(2)(3)(5) of S.I. 1997/2668) by 1997 c. 32, ss. 46(2), 47(3), Sch. 9; S.I. 1997/2668, art. 2, Sch. Pt. II(y)(cc)(xx)
Marginal Citations
19(1)This paragraph amends the M14Housing Associations Act 1985 as follows.U.K.
(2)Sections 63 to 66 (building society advances) and in section 72 (minor definitions) the definitions of, and in section 73 (index of definitions) the entries relating to, “building society”, “Chief Registrar” and “officer” shall be omitted.
(3)In section 84(5) and 86(4) (consultation by Secretary of State regarding building society indemnities) for “Chief Registrar of Friendly Societies” there shall be substituted “ Building Societies Commission ”.
(4)In section 101 (minor definitions), for the definition of “building society” there shall be substituted—
““building society” means a building society within the meaning of the Building Societies Act 1986;”.
Marginal Citations
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