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Building Societies Act 1986

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Building Societies Act 1986, Cross Heading: Statements to members is up to date with all changes known to be in force on or before 29 February 2020. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1 Statements to membersU.K.

Textual Amendments

F1Sch. 8A inserted (9.6.1997) by 1997 c. 32, s. 17(2), Sch. 4; S.I. 1997/1427, art. 2(c)

9(1)The following provisions of this paragraph shall apply in place of Part I of Schedule 17.U.K.

(2)The society shall send to every member entitled to notice of a meeting of the society, a statement containing—

(a)the particulars required, in relation to prescribed matters, by regulations under section 42B(8); and

(b)particulars of any other matters required by the [F2appropriate authority] in the case of the particular transfer of business,

with or without other particulars regarding that transfer.

[F3(2ZA)The PRA must consult the FCA before requiring any particulars under sub-paragraph (2)(b).]

[F4(2A)Where a statement is required to be sent to a member under sub-paragraph (2)—

(a)it may be sent to him electronically only if it is sent to an electronic address notified to the society by that member for the purpose;

(b)the requirement to send it shall also be treated as satisfied if the conditions set out in sub-paragraph (2B) are satisfied.

(2B)The conditions of this sub-paragraph are satisfied in the case of a statement if—

(a)the society and that person have agreed that statements that are required to be sent to him may instead be accessed by him on a web site;

(b)the agreement applies to the statement in question;

(c)F5...the society notifies him within the period specified in sub-paragraph (3) of—

(i)the publication of the notice and any statement on a web site,

(ii)the address of that web site,

(iii)the place on that web site where the documents may be accessed, and how they may be accessed; and

(d)that statement is published continuously on that web site throughout the period beginning with the giving of that notification and ending with the decision of the [F2appropriate authority] whether to confirm the transfer pursuant to section 98.

(2C)Where, in a case in which sub-paragraph (2A)(b) is relied on for compliance with a requirement of sub-paragraph (2)—

(a)a statement is published for a part, but not all, of the period mentioned in subparagraph (2B)(d), but

(b)the failure to publish it throughout that period is wholly attributable to circumstances which it would not be reasonable to have expected the society to prevent or avoid,

the failure shall not invalidate the proceedings of the meeting.]

(3)The statement shall be sent—

(a)where the [F2appropriate authority] has given the society a direction under [F6section 42B(1)(aa) or (b)] , within the period (not being less than 28 days) specified in [F7a final notice given by the [F2appropriate authority] under section 390 of the Financial Services and Markets Act 2000];

(b)where the [F2appropriate authority] has not given the society such a direction, within 14 days of the board of directors passing a resolution in pursuance of the direction.

[F8(3A)For the purposes of sub-paragraph (3) above, in a case in which sub-paragraph (2A)(b) is relied on for compliance with a requirement under sub-paragraph (2), a statement published on a web site in accordance with sub-paragraph (2B) is to be treated as sent to a person on the day that the notification is given in accordance with sub-paragraph (2B)(c).]

(4)No statement shall be sent unless its contents, so far as they concern the prescribed matters or any matter of which particulars are required to be given under sub-paragraph (2)(b) above, have been approved by the [F2appropriate authority] .

(5)A failure to comply with a requirement of this paragraph shall not invalidate the transfer of business; but, if the society fails without reasonable excuse to comply with such a requirement the society shall be liable on summary conviction to a fine not exceeding level 4 on the standard scale and so shall any officer who is also guilty of the offence.]

Textual Amendments

F6Words in Sch. 8A para. 9(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 56(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7Words in Sch. 8A para. 9(3)(a) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 204(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2

Modifications etc. (not altering text)

C1Sch. 8A para. 9 amended (2.3.1998) by S.I. 1998/212, reg. 5(1), Sch. 3

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