88 Voluntary winding up.U.K.
(1)A building society may be wound up voluntarily under the applicable winding up legislation if it resolves by special resolution that it be wound up voluntarily[F1, but a resolution may not be passed if—
(a)the conditions in section 90D are not satisfied, or
(b)the society is in building society insolvency or building society special administration.]
[F2(1A)A resolution under subsection (1) shall have no effect without the prior approval of the court.]
(2)A copy of any special resolution passed for the voluntary winding up of a building society"shall be sent by the society [F3to the FCA and, if the society is a PRA-authorised person, the PRA] within 15 days after it is passed; and the [F4FCA must keep a copy] in the public file of the society.
(3)A copy of any such resolution shall be annexed to every copy of the memorandum or of the rules issued after the passing of the resolution.
(4)If a building society fails to comply with subsection (2) or (3) above the society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and so shall any officer who is also guilty of the offence.
(5)For the purposes of this section, a liquidator of the society shall be treated as an officer of it.
Textual Amendments
F1Words in s. 88(1) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 4
F2S. 88(1A) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 4
F3Words in s. 88(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 32(a) (with Sch. 12)
F4Words in s. 88(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 32(b) (with Sch. 12)