Building Societies Act 1997

Cited authorities (44)

Cited in

Amendments (396)

Jurisdiction	UK Non-devolved
Citation	1997 c. 32
Year	1997

Contenidos

Building Societies Act 1997
Part I: Constitution and powers

1: Principal purpose and powers.

2: Membership and liability of members.

3: Capacity etc.

4: The lending limit.
5: Loans secured on land.
6: Loans fully secured on land.
7: Discharge of mortgages.

8: The funding limit.
9: Raising funds and borrowing.
10: Restrictions on certain transactions.
11: Restriction on creation of floating charges.
12: Superseded provisions of 1986 Act.

Part II: Powers of control of Commission

13: Power to direct restructuring of business etc.

14: Power to make prohibition orders.
15: Powers to petition for winding up etc.
16: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17: Power to direct transfers of engagements or business.

18: Notification and confirmation of transfer directions.
19: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part III: Accountability to members

25: Special meeting on members’ requisition.
26: Failure to comply with members’ requisition.
27: Election of directors: general.

28: Election of directors: supplementary.

29: Acquisition or establishment of a business.
30: Information about transfers or proposed transfers of business.

31: Transfers of business: increased remuneration etc.

Part IV: Protection of investors and investigation of complaints

32: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part V: Miscellaneous and supplemental

Miscellaneous

36: Registered and business names.
37: Access to registers of members.
38: Transactions with directors and persons connected with them.
39: Application of certain insolvency legislation.
40: Abolition of priority liquidation distribution rights.: In section 100 of the 1986 Act (distribution and share rights), the following provisions (which confer rights to priority liquidation distributions) shall cease to have effect, namely—
41: Protective provisions for specially formed successors.
42: Registration of charges by building societies.
43: Other amendments of 1986 Act.

Supplemental

44: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45: Minor and consequential amendments.
46: Transitional provisions, savings and repeals etc.
47: Short title, interpretation, commencement and extent.

SCHEDULES

SCHEDULE 1 Section 3(2).
[Part II of Schedule 2 to 1986 Act]
SCHEDULE 2 Section 7(2).
[Schedule 2a to 1986 Act]
SCHEDULE 3
. . .
SCHEDULE 4 Section 17(2).
[Schedule 8a to 1986 Act]
SCHEDULE 5 Section 30(3).
Information about transfers or proposed transfers of business

Part I: [Part I of Schedule 17 to 1986 Act]
Part II: [Part IA of Schedule 17 to 1986 Act]

SCHEDULE 6 Section 39(2).
[Schedule 15a to 1986 Act]
SCHEDULE 7 Section 43.
Other amendments of 1986 Act

The Building Societies Commission
Annual and other reports
Authorisation to raise funds and borrow money
The Building Societies Investor Protection Board
The Investor Protection Fund
Meaning of “insolvency” etc.
Payments to investors
Membership of insolvency committees etc
Liability of insolvent society in respect of payments made by Board
Power to obtain information
Voluntary schemes
Power to direct application to renew authorisation
Imposition of conditions on current authorisation
Revocation of authorisation
Reauthorisation
Powers to avoid apparent association with other bodies
Powers to obtain information and documents etc.
Right of entry to obtain information and documents
Confidentiality of information obtained by Commission
Information disclosed to Commission from other sources
Investigations on behalf of Commission
Inspections and special meetings: general
Inspections: supplementary provisions
Restrictions on loans etc. to directors
Directors etc. not to accept commissions in connection with loans
Records of loans etc. for directors
Records of income of related businesses
Interpretation of Part VII
Accounting records and systems of business control etc.
Contents and form of annual accounts
Duty of directors to prepare annual business statement
Directors’ report
Summary financial statement for members and depositors
Auditor’s report and powers
Auditor’s duties to Commission and related rights
Investigation of complaints: supplementary provisions
Settlement of disputes
Dissolution by consent
Winding up: grounds and petitioners
Winding up or dissolution: supplementary
Amalgamations
Transfer of engagements
Mergers: provisions supplementing sections 93 and 94
Mergers: compensation for loss of office etc.
Transfer of business to commercial company
Regulated terms: compensation for loss of office etc.
Distribution and share rights
Power to amend etc. to assimilate to company law
Limited power to anticipate future statutory instrument powers
Power to require building society to change misleading name
Offences: liability of officers etc.
Qualifying asset holding for certain powers
Interpretation
Northern Ireland
The Commission
Establishment, incorporation and constitution
Meetings, resolutions and postal ballots
The Building Societies Investor Protection Board
Directors: requisite particulars of restricted transactions
Requisite particulars of income of related business
Auditors: appointment, tenure and qualifications
Schemes for investigation of complaints
Recognition etc. of schemes for investigation of complaints
Settlement of disputes
Application of companies winding up legislation to building societies
Mergers: supplementary provisions
Transitional and saving provisions

SCHEDULE 8 Section 46(1).
Transitional provisions and savings

Alterations of purpose, powers and rules
Default powers
Existing members to whom advances have been made
Existing borrowing members which are corporations
Existing fully secured loans
Existing shareholders
Existing depositors and shareholders
Existing transfer statements referring to the abolition of priority liquidation distribution rights
Existing specially formed successor companies

SCHEDULE 9 Section 46(2).
Repeals and revocations

Building Societies Act 1997

1997 c. 32

An Act to amend the Building Societies Act 1986; to make provision for amalgamating the Building Societies Investor Protection Board and the Deposit Protection Board into a single board and the Building Societies Investor Protection Fund and the Deposit Protection Fund into a single fund; and for connected purposes.

[21st March 1997]

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Annotations:

Part I: Constitution and...

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Building Societies Act 1997

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