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Version Superseded: 01/04/2013
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Building Societies Act 1986, Section 90D is up to date with all changes known to be in force on or before 10 July 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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(1)An application for an administration order in respect of a building society may not be determined unless the conditions below are satisfied.
(2)A petition for a winding up order in respect of a building society may not be determined unless the conditions below are satisfied.
(3)A resolution for voluntary winding up of a building society may not be passed unless the conditions below are satisfied.
(4)An administrator of a building society may not be appointed unless the conditions below are satisfied.
(5)Condition 1 is that the Authority has been notified—
(a)by the applicant for an administration order, that the application has been made,
(b)by the petitioner for a winding up order, that the petition has been presented,
(c)by the building society, that a resolution for voluntary winding up may be passed, or
(d)by the person proposing to appoint an administrator, of the proposed appointment.
(6)Condition 2 is that a copy of the notice complying with Condition 1 has been filed with the court (and made available for public inspection by the court).
(7)Condition 3 is that—
(a)the period of 2 weeks, beginning with the day on which the notice is received, has ended, or
(b)both—
(i)the Authority has informed the person who gave the notice that it does not intend to apply for a building society insolvency order (under section 95 of the Banking Act 2009 as applied by section 90C above), and
(ii)the Bank of England has informed the person who gave the notice that it does not intend to apply for a building society insolvency order or to exercise a stabilisation power under Part 1 of the Banking Act 2009.
(8)Condition 4 is that no application for a building society insolvency order is pending.
(9)Arranging for the giving of notice in order to satisfy Condition 1 can be a step with a view to minimising the potential loss to a building society’s creditors for the purpose of section 214 of the Insolvency Act 1986 (wrongful trading) or Article 178 (wrongful trading) of the Insolvency (Northern Ireland) Order 1989 as applied in relation to building societies by section 90 of, and Schedule 15 to, this Act.
(10)Where the Authority receives notice under Condition 1—
(a)the Authority shall inform the Bank of England,
(b)the Authority shall inform the person who gave the notice, within the period in Condition 3(a), whether it intends to apply for a building society insolvency order, and
(c)if the Bank of England decides to apply for a building society insolvency order or to exercise a stabilisation power under Part 1 of the Banking Act 2009, the Bank shall inform the person who gave the notice, within the period in Condition 3(a).]
Textual Amendments
F1Ss. 90D, 90E inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 6
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