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- Point in Time (09/06/1997)
- Original (As enacted)
Version Superseded: 17/08/2001
Point in time view as at 09/06/1997. This version of this provision has been superseded.
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1(1)At any time during the period beginning two months after the passing of this Act and ending with the commencement of sections 1 and 2 of this Act, a building society may, for the purposes of the transition to the 1986 Act as amended by those sections—
(a)by special resolution, alter its purpose or principal purpose, alter its powers and alter its rules; and
(b)send to the central office four copies of a record of the alterations accompanied by a statutory declaration by the secretary that the alterations were effected by a resolution passed as a special resolution and that the record is a true record of the resolution.
(2)On altering its purpose or principal purpose, its powers and its rules under this paragraph, the building society shall determine the date on which the society intends the alterations to take effect and the record of the alterations sent to the central office shall specify that date (in this paragraph referred to as “the specified date”).
(3)Subject to sub-paragraph (4) below, the central office, if satisfied that the alterations are in conformity with the 1986 Act as amended by sections 1 and 2 of this Act, shall—
(a)retain and register one copy of the record of the alterations;
(b)return another copy to the secretary of the society, together with a certificate of registration; and
(c)keep another copy, together with a copy of that registration certificate, in the public file of the society.
(4)No registration of a record of alterations shall be effected by the central office under sub-paragraph (3) above before the end of the period of 21 days beginning with the date on which it receives copies of the record under sub-paragraph (1) above.
(5)A record of alterations registered under this paragraph shall take effect on the specified date or, if registration of the record is not effected until a later date, that later date.
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