Search Legislation

Building Societies Act 1986

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes to legislation:

Building Societies Act 1986, Section 103 is up to date with all changes known to be in force on or before 16 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

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

103 Cancellation of registration.U.K.

(1)Where [F1, having consulted the PRA,] the [F2FCA] is satisfied, with respect to a building society—

(a)that the society has been dissolved by virtue of section 93(5), 94(10), 97(9) or 97(10), or

(b)that the society has been wound up under the applicable winding up legislation and dissolved, [F3or

(c)that the society has been dissolved following building society insolvency or building society special administration.]

the [F2FCA] shall cancel the registration of the society.

(2)Where [F4, having consulted the PRA,] the [F2FCA] is satisfied, with respect to a building society—

(a)that a certificate of incorporation has been obtained for the society by fraud or mistake and that the society [F5does not have permission under [F6Part 4A] of the Financial Services and Markets Act 2000 to accept deposits], or

(b)that the society has ceased to exist,

the [F2FCA] may cancel the registration of the society.

(3)Without prejudice to subsection (2) above, the [F2FCA] may, if it thinks fit [F7after consulting the PRA], cancel the registration of a building society at the request of the society, evidenced in such manner as the [F2FCA] may direct.

(4)Before cancelling the registration of a building society under subsection (2) above, the [F2FCA] shall give to the society not less than two months’ previous notice, specifying briefly the grounds of the proposed cancellation.

(5)Where the registration of a building society is cancelled under subsection (2) above, the society may appeal to—

(a)the High Court, where the principal office of the society is situated in England and Wales or in Northern Ireland, or

(b)the Court of Session, where that office is situated in Scotland.

and on any such appeal the High Court or the Court of Session, as the case may be, if it thinks it just to do so, may set aside the cancellation.

(6)Where the registration of a building society is cancelled under subsection (2) or (3) above, then, subject to the right of appeal conferred by subsection (5) above, the society, so far as it continues to exist, shall cease to be a society incorporated under this Act (and accordingly shall cease to be a building society within the meaning of this Act).

(7)Subsection (6) above shall have effect in relation to a building society without prejudice to any liability actually incurred by the society; and any such liability may be enforced against the society as if the cancellation had not taken place.

(8)Any cancellation of the registration of a building society under this section shall be effected in writing signed by the [F2FCA] .

(9)As soon as practicable after the cancellation of the registration of a society under this section the [F2FCA] shall cause notice thereof to be published in the London Gazette, the Edinburgh Gazette or the Belfast Gazette according to the situation of the society’s principal office, and if it thinks fit, in one or more newspapers.

Textual Amendments

F5Words in s. 103(2)(a) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, art. 13(1), Sch. 3 Pt. II para. 187(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)

Modifications etc. (not altering text)

C1S. 103 excluded by 2009 c. 1, s. 84D(7) (as inserted (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 2(3))

C2S. 103(5)(6)(7) applied by S.I. 1986/2168, art. 10(3)(b)

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources