Building Societies Act 1986 (c. 53)

SCHEDULES

SCHEDULE 15 U.K. Application of Companies Winding Up Legislation to Building Societies

[F1 Part III U.K. Modified Application Of The Companies (Northern Ireland) Order 1986, Part XX]

Textual Amendments

F1 Sch. 15 paras. 34–55 substituted (N.I.) (1.10.1991) by S.I. 1989/2405 (N.I. 19), arts. 2(1), 381, Sch. 9 Pt. II para. 45(c); S.R. 1991/411, art. 2

Voluntary winding up U.K.

38 (1) Article 529 does not apply.

(2) In the enactments as applied to a building society, the expression “resolution for voluntary winding up” means a resolution passed under section 88(1) of this Act.

39 Articles 539, 540 and 551 (liquidator accepting shares, etc. as consideration for sale for company property) do not apply.

40 In the application of Article 548 (committees of inspection) to building societies, a committee of inspection shall exercise only those functions conferred by or under the Order as so applied.

41 (1) Article 555 (distribution of property) does not apply; and the following applies in its place.

(2) Subject to the provisions of Part XX relating to preferential payments, a building society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors (including any liability resulting from the variation to the liquidator’s duty effected by section 28 or 31 of this Act) pari passu and subject to that application, in accordance with the rules of the society.

42 Article 562 (saving for certain rights) shall also apply in relation to the dissolution by consent of a building society as it applies in relation to its voluntary winding up.