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Building Societies Act 1986
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Building Societies Act 1986, Section 91 is up to date with all changes known to be in force on or before 28 December 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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Changes and effects yet to be applied to Section 91:
- s. 5(11)-(14) inserted by 2007 c. 26 s. 1(2)
- s. 7(6A)-(6C) inserted by 2007 c. 26 s. 1(1)(a)
- s. 7(8A) inserted by 2007 c. 26 s. 1(1)(c)
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 5(11)-(14) inserted by 2007 c. 26 s. 1(2)
- s. 7(6A)-(6C) inserted by 2007 c. 26 s. 1(1)(a)
- s. 7(8A) inserted by 2007 c. 26 s. 1(1)(c)
91 Power of court to declare dissolution of building society void.U.K.
(1)Where a building society has been dissolved under section 87 or following a winding up, [F1building society insolvency or building society special administration,] the High Court or, in relation to a society whose principal office was in Scotland, the Court of Session, may, at any time within 12 years after the date on which the society was dissolved, make an order under this section declaring the dissolution to have been void.
(2)An order under this section may be made, on such terms as the court thinks fit, on an application by the trustees under section 87 or the liquidator, [F2building society liquidator or building society special administrator,] as the case may be, or by any other person appearing to the Court to be interested.
(3)When an order under this section is made, such proceedings may be taken as might have been taken if the society has not been dissolved.
(4)The person on whose application the order is made shall, within seven days of its being so made, or such further time as the Court may allow, [F3furnish the FCA and, if the society is a PRA-authorised person, the PRA] with a copy of the order; and the [F4FCA must keep a copy] in the public file of the society.
(5)If a person fails to comply with subsection (4) above, he shall be liable on summary conviction—
(a)to a fine not exceeding level 3 on the standard scale, and
(b)in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continues.
Textual Amendments
F1Words in s. 91(1) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 8(a)
F2Words in s. 91(2) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 8(b)
F3Words in s. 91(4) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 36(a) (with Sch. 12)
F4Words in s. 91(4) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 36(b) (with Sch. 12)
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