SCHEDULES

C1SCHEDULE 2 Establishment, Incorporation and Constitution of Building Societies

Annotations:
Modifications etc. (not altering text)
C1

Sch. 2 modified (3.1.1995) by 1994 c. 40, ss. 17(3), 82(2)

Part I General

Liability of members

F16

1

The liability at any time of a shareholding member of a building society shall be limited to the amount which, at that time, has been actually paid, or is in arrear, on his shares in the society.

2

The liability at any time of a borrowing member of a building society shall be limited to the amount which, at that time, is payable under the mortgage or other security by which his indebtedness to the society in respect of the loan is secured.