SCHEDULES
C1SCHEDULE 2 Establishment, Incorporation and Constitution of Building Societies
Part I General
The memorandum
2
F11
The memorandum of a building society shall state the purpose or principal purpose of the society to be that of making loans which are secured on residential property and are funded substantially by its members.
2
The memorandum of a building society shall specify—
a
the name of the society and the address of its principal office;
b
any purposes of the society other than that mentioned in sub-paragraph (1) above; and
c
the powers of the society.
4
The provisions of the memorandum of a building society, as read with the provisions of ths Act as in force for the time being, are binding upon—
a
each of the members and officers of the society; and
b
all persons claiming on account of a member or under the rules;
and all such members, officers and persons so claiming and all persons dealing with the society shall be taken to have notice of those provisions.
F25
Where any adoptable power conferred by virtue of an instrument under a provision of this Act ceases, by reason of the amendment or revocation of the instrument, to be available to building societies or building societies of any description, every society affected by the amendment or revocation shall annex to its memorandum a note of the fact that, as from the operative date of the instrument, it no longer has that power and shall send a copy of the note to the F3Authority which shall keep the copy in the public file of the society.
Sch. 2 modified (3.1.1995) by 1994 c. 40, ss. 17(3), 82(2)