Building Societies Act 1986

The memorandum

2 (1) The memorandum of a building society shall specify—

(a) the name of the society and the address of its principal office;

(b) the purpose or principal purpose of the society;

(c) the adoptable powers (if any) which the society has adopted, including the restrictions (if any) on their extent which it has assumed ; and

(d) the restrictions (if any) which it has assumed on the extent of any of its other powers under this Act

(2) Subject to sub-paragraph (3) below, in order to comply with sub-paragraph (1)(c) and (d) above the terms of each adoptable power and of each restriction on the extent of any power must be set out in the memorandum.

(3) For compliance with sub-paragraph (1)(c) above as respects the powers conferred by section 18 or under section 23, it shall be sufficient—

(a) in the case of section 18, to specify (as the case may be) the fact that the power of investment or support or both the powers of investment and support has or have been adopted in the case of companies, industrial and provident societies, corresponding European bodies and bodies included in designation orders under that section respectively, specifying, in the case of designated bodies, or descriptions of designated bodies, the body or description of body in relation to which the power or powers is or are exercisable ;

(b) in the case of section 23, to specify the power in terms of subsection (1) of that section.

(4) The provisions of the memorandum of a building society, as read with the provisions of this 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.

(5) 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 central office which shall keep the copy in the public file of the society.