- Latest available (Revised)
- Point in Time (09/06/1997)
- Original (As enacted)
No versions valid at: 09/06/1997
Point in time view as at 09/06/1997. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Building Societies Act 1997, Paragraph 3.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Valid from 01/12/1997
3(1)If the central office has not, before the end of the transitional period, received from an existing building society copies of a record of alterations in accordance with paragraph 1 or 2 above, the society shall be treated as having, by special resolution—
(a)altered its purpose or principal purpose to that required by section 5(1) of the 1986 Act as amended by section 1(1) of this Act;
(b)so altered its powers as to include all powers which were exercisable by it immediately before the commencement of sections 1 and 2 of this Act; and
(c)made such alteration of its rules as, in conformity with model rules made under this paragraph, the central office directs.
(2)The Commission may, by order made by a statutory instrument made with the consent of the Treasury, prescribe model rules for building societies for the purposes of this paragraph.
(3)Where, under this paragraph, a society is treated as having by special resolution, altered its purpose or principal purpose, its powers and its rules, the central office shall prepare three copies of a record of the alterations and shall—
(a)retain and register one copy;
(b)return another to the secretary of the society, together with a certificate of registration; and
(c)keep another copy, together with a copy of that certificate, in the public file of the society.
(4)A record of alterations so registered shall have effect for all purposes of the society’s memorandum and rules until further alterations are made under paragraph 4 of Schedule 2 to the 1986 Act.
(5)Such fee as is prescribed shall be due from the society to the Chief Registrar for the registration of a record of alterations under this paragraph.
(6)In this paragraph—
“existing building society” means a building society registered under the 1986 Act immediately before the commencement of sections 1 and 2 of this Act;
“prescribed”—
except in sub-paragraph (5) above, means prescribed by the Commission, with the consent of the Treasury, by order made by statutory instrument; and
in that sub-paragraph, means prescribed by the Chief Registrar, with the consent of the Treasury, by order so made;
“the transitional period” means the period beginning with that commencement and expiring with such day as is prescribed.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: