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Building Societies Act 1986

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I The Building Societies Commission

    1. 1.The Building Societies Commission

    2. 2.Financial provision for Commission

    3. 3.Accounts of Commission and audit

    4. 4.Annual and other reports

  3. Part II Constitution of Building Societies

    1. Establishment

      1. 5.Establishment, constitution and powers

      2. 6.Power to hold land etc. for purposes of its business

    2. Raising funds and borrowing

      1. 7.Power to raise funds and borrow money and limit on non-retail funds and borrowing

      2. 8.Proportion of liabilities to be in form of shares

      3. 9.Initial authorisation to raise funds and borrow money

  4. Part III Advances, Loans and other Assets

    1. Class 1 advances and class 2 advances secured on land

      1. 10.Advances secured on land

      2. 11.Class 1 and class 2 advances

      3. 12.Class 1 and class 2 advances: supplementary provisions

      4. 13.Security for advances: valuation and supplementary and related provisions

    2. Other advances secured on land

      1. 14.Power to make advances secured on land overseas

    3. Other commercial assets

      1. 15.Loans for mobile homes

      2. 16.Power to lend to individuals otherwise than by class 1 or class 2 advances etc

      3. 17.Power to hold and develop land as commercial asset

      4. 18.Power to invest in subsidiaries and other associated bodies

      5. 19.Power for Treasury to add powers to hold other descriptions of class 3 assets

    4. Commercial asset structure requirements

      1. 20.Commercial asset structure requirements for building societies

    5. Liquid assets

      1. 21.Liquid assets

    6. Liabilities of associated bodies

      1. 22.Obligation to meet liabilities of associated bodies

    7. Other powers

      1. 23.Power to hedge

  5. Part IV Protection of Investors

    1. Investor Protection Scheme

      1. 24.The Building Societies Investor Protection Board

      2. 25.The Investor Protection Fund

      3. 26.Power to levy contributions and to borrow money in event of insolvency

      4. 27.Payments to investors

      5. 28.Liability of insolvent society in respect of payments by Board

      6. 29.Repayments in respect of contributions

      7. 30.Tax treatment of contributions and repayments

    2. Other provisions

      1. 31.Voluntary schemes

      2. 32.Special provisions as regards investors

      3. 33.Assistance by building societies to other building societies

  6. Part V Powers to Provide Services

    1. 34.Powers to provide financial services or services relating to land

    2. 35.Prohibition on linking services

  7. Part VI Powers of Control of Commission

    1. Powers in relation to asset or liability structure requirements

      1. 36.Powers in event of breach of limits on certain assets and liabilities

      2. 37.Powers in event of breach of limits on assets or liabilities or abuse of purpose of building society

    2. Power to determine extent of building society powers

      1. 38.Power to determine building society's powers

      2. 39.The determination: notification, effect, appeal

      3. 40.Power to make prohibition orders

    3. Powers in relation to authorisation

      1. 41.Power to direct application to renew authorisation

      2. 42.Imposition of conditions on current authorisation

      3. 43.Revocation of authorisation

      4. 44.Reauthorisation

      5. 45.The criteria for prudent management

    4. Appeals

      1. 46.Rights of appeal

      2. 47.Determination of appeals

      3. 48.Costs, procedure and evidence

      4. 49.Further appeals on points of law

    5. Advertising etc

      1. 50.Powers to control advertising

      2. 51.Power to avoid apparent association with other bodies

    6. Information

      1. 52.Powers to obtain information and documents etc

      2. 53.Confidentiality of certain information obtained by Commission

      3. 54.Information disclosed to Commission from other sources

    7. Inspections, etc

      1. 55.Investigations on behalf of Commission

      2. 56.Inspections and special meetings: general

      3. 57.Inspections: supplementary provisions

  8. Part VII Management of Building Societies

    1. Directors and other officers

      1. 58.Directors: number

      2. 59.Chief executive and secretary

      3. 60.Directors: elections and retirement

      4. 61.Directors: supplementary provisions as to elections, etc

    2. Dealings with directors

      1. 62.Prohibition of tax-free payments to directors

      2. 63.Directors to disclose interests in contracts and other transactions

      3. 64.Substantial property transactions involving directors and connected persons

      4. 65.Restriction on loans, etc. to directors and persons connected with them

      5. 66.Sanctions for breach of s. 65

      6. 67.Directors, etc. not to accept commissions in connection with loans

      7. 68.Records of loans, etc. for directors falling within s. 65

    3. Disclosure and record of related businesses

      1. 69.Disclosure and record of income of related businesses

    4. Interpretation

      1. 70.Interpretation of this Part

  9. Part VIII Accounts and Audit

    1. Accounting records and systems of business control, etc

      1. 71.Accounting records and systems of business control, etc

    2. Accounts

      1. 72.Duty of directors to prepare annual accounts

      2. 73.Contents and form of annual accounts

      3. 74.Duty of directors to prepare annual business statement

      4. 75.Directors' report

      5. 76.Summary financial statement for members and depositors

    3. Auditors and audit of accounts

      1. 77.Auditors: appointment, tenure, qualifications, etc

      2. 78.Auditors' report

      3. 79.Auditors' duties and powers

    4. Procedure on completion of accounts

      1. 80.Signing of balance sheet: documents to be annexed

      2. 81.Laying and furnishing accounts, etc. to members, Commission and central office

      3. 82.Auditors' duties to Commission and related rights

  10. Part IX Complaints and Disputes

    1. 83.Schemes for investigation of complaints

    2. 84.Investigation of complaints: supplementary provisions

    3. 85.Settlement of disputes

  11. Part X Dissolution, Winding Up, Mergers, Transfer of Business

    1. Dissolution and winding up

      1. 86.Modes of dissolution and winding up

      2. 87.Dissolution by consent

      3. 88.Voluntary winding up

      4. 89.Winding up by court: grounds and petitioners

      5. 90.Application of winding up legislation to building societies

      6. 91.Power of court to declare dissolution of building society void

      7. 92.Supplementary

    2. Mergers

      1. 93.Amalgamations

      2. 94.Transfer of engagements

      3. 95.Mergers: provisions supplementing ss. 93 and 94

      4. 96.Mergers: compensation for loss of office and bonuses to members

    3. Transfer of business to commercial company

      1. 97.Transfer of business to commercial company

      2. 98.Transfers of business: supplementary provisions

      3. 99.Regulated terms: compensation for loss of office, etc

      4. 100.Regulated terms: distributions and share rights

      5. 101.Protective provisions for specially formed successors

      6. 102.Transfer regulations

    4. Cancellation of registration

      1. 103.Cancellation of registration

  12. Part XI Miscellaneous and Supplementary and Conveyancing Services

    1. Miscellaneous and supplementary

      1. 104.Power to amend, etc. to assimilate to company law

      2. 105.Limited power to anticipate future statutory instrument powers

      3. 106.Public file of the society

      4. 107.Restriction of use of certain names and descriptions

      5. 108.Power to require building society to change misleading name

      6. 109.Exemption from stamp duty

      7. 110.Officers and auditors not to be exempted from liability

      8. 111.Time limit for commencing proceedings

      9. 112.Offences: liability of officers and defence of due diligence

      10. 113.Evidence

      11. 114.Records

      12. 115.Service of notices

      13. 116.Form of documents and power to prescribe fees

      14. 117.Financial year of building societies

      15. 118.Qualifying asset holding for certain powers

      16. 119.Interpretation

      17. 120.Amendments, repeals, revocations and transitional and saving provisions

      18. 121.Power to make transitional and saving provisions

      19. 122.Northern Ireland

      20. 123.Expenses

    2. Provision of conveyancing services by recognised institutions and practitioners

      1. 124.Recognition of building societies, other institutions and individuals as suitable to provide conveyancing services

    3. General

      1. 125.Short title

      2. 126.Commencement

  13. Schedules

    1. Schedule 1

      The Building Societies Commission

    2. Schedule 2

      Establishment, incorporation and constitution of building societies

    3. Schedule 3

      Authorisation: supplementary provisions

    4. Schedule 4

      Advances: supplementary provisions

    5. Schedule 5

      The Building Societies Investor Protection Board

    6. Schedule 6

      Insolvency payments; trusts and joint or client account holdings

    7. Schedule 7

      Investors: special provisions

    8. Schedule 8

      Powers to provide services

    9. Schedule 9

      Directors: requisite particulars of restricted transactions

    10. Schedule 10

      Requisite particulars of income of related businesses

    11. Schedule 11

      Auditors: appointment, tenure, qualifications

    12. Schedule 12

      Schemes for investigation of complaints

    13. Schedule 13

      Schemes for investigation of complaints: recognition, accession, etc

    14. Schedule 14

      Settlement of disputes

    15. Schedule 15

      Winding up: supplementary provisions

    16. Schedule 16

      Mergers: supplementary provisions

    17. Schedule 17

      Transfers of business: supplementary provisions

    18. Schedule 18

      Amendments of enactments

    19. Schedule 19

      Repeals and revocations

    20. Schedule 20

      Transitional and saving provisions

    21. Schedule 21

      Provision of conveyancing services by recognised institutions and practitioners

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