OpenLegislation

Building Societies Act 1986

1986 c. 53 · Enacted 25 July 1986 · Extends to United Kingdom

Not fully up to date. 13 changes made by later legislation have not yet been written into this text, which is revised to 6 January 2025.

See the changes not yet applied
ProvisionChangeMade by
s. 124repealedCourts and Legal Services Act 1990 Sch. 20
s. 35repealedCourts and Legal Services Act 1990 Sch. 20
Sch. 21 para. 9(f)repealed (EW) (prosp.)Family Law Act 1996 s. 66(3) Sch. 10
Sch. 18 para. 18(2)repealed (prosp.)Housing Act 1996 s. 227 Sch. 19 Pt. 14
s. 5(11)-(14)insertedBuilding Societies (Funding) and Mutual Societies (Transfers) Act 2007 s. 1(2)
s. 7(6A)-(6C)insertedBuilding Societies (Funding) and Mutual Societies (Transfers) Act 2007 s. 1(1)(a)
s. 7(8)words insertedBuilding Societies (Funding) and Mutual Societies (Transfers) Act 2007 s. 1(1)(b)
s. 7(8A)insertedBuilding Societies (Funding) and Mutual Societies (Transfers) Act 2007 s. 1(1)(c)
Sch. 2 para. 3(4) tablewords substitutedThe Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026 art. 2(3)
Sch. 2 para. 9(1)omittedThe Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026 art. 2(4)
Sch. 2 Pt. 2AinsertedThe Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026 art. 2(5)
s. 5(8)(ba)insertedThe Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026 art. 2(1)(b)
s. 5(8)(b)word omittedThe Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026 art. 2(1)(a)

An Act to make fresh provision with respect to building societies and further provision with respect to conveyancing services.

[25th July 1986]

C1C2C3C4C5Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C6C7C8C9C10

Annotations to the whole text

Modifications

C1

Act modified (temp.) by S.I. 1986/2168, art. 3(1)(2)(a)(b)

C2

Act modified by S.I. 1986/2168, art. 4(1)(2)(b)(3) and by S.I. 1987/1498, art. 7

C3

Act applied (with modifications) and modified by S.I. 1988/1394, arts. 2, 7, Schs. 1, 2

Act applied (N.I.) (1.10.1991) by S.I. 1989/2404, art. 12, Sch. 1 Pt. I para. 6; S.R. 1991/410, art. 1(2)

Act applied (N.I.) (1.10.1991) by S.I. 1990/1504, art. 111; S.R. 1991/438, art. 2(d)

Act applied (with modifications) (1.7.1992) by S.I. 1992/1547, arts. 5, 6, Sch. 2

C4

Act: definition applied (N.I.) (1.6.1992) by Northern Ireland (Emergency Provisions) Act 1991 (c. 24, SIF 39:1), ss. 55, 69(1)(2), Sch. 4 para. 7(4); S.I. 1992/1181, art. 2 (which 1991 Act was repealed (25.8.1996) by 1996 c. 22, ss. 59, 62(1), 63(3)(7), Sch. 7 Pt. I)

C5

Act: definition applied by Finance Act 1991 (c. 31, SIF 63:2), s. 51, Sch. 10 para. 4(3)

C6

Power to amend Act conferred (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455), arts. 1(3), 4(b); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)

C7

Power to modify Act conferred (21.2.2008) by Banking (Special Provisions) Act 2008 (c. 2), s. 11

C8

Power to amend Act conferred (17.2.2009 for specified purposes, 21.2.2009 in so far as not already in force) by Banking Act 2009 (c. 1), ss. 158(2)(a), 251, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3

C9

Power to amend Act conferred (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 50(2)(h), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1

C10

Act: power to amend conferred (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 7(2)(a), 148(5); S.I. 2018/1306, art. 2(f)

Contents

  1. Part I: FUNCTIONS OF THE Financial Conduct Authority and the Prudential Regulation Authority
  2. 1Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to building societies.
  3. 2Financial provision for Commission.
  4. 3Accounts of Commission and audit.
  5. 4Annual and other reports.
  6. Part II: Constitution of Building Societies
  7. Establishment
  8. 5Establishment, constitution and powers.
  9. Making loans
  10. 6The lending limit.
  11. 6ALoans secured on land.
  12. 6BLoans fully secured on land.
  13. 6CDischarge of mortgages.
  14. Raising funds and borrowing
  15. 7The funding limit.
  16. 8Raising funds and borrowing.
  17. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. Restrictions on powers
  19. 9ARestrictions on certain transactions.
  20. 9BRestriction on creation of floating charges. Repealed
  21. Part III: Advances, Loans and Other Assets
  22. Class 1 advances and class 2 advances secured on land
  23. 10Advances secured on land.
  24. 11Class 1 and class 2 advances
  25. 12Class 1 and class 2 advances: supplementary provisions.
  26. 13Security for advances: valuation and supplementary and related provisions.
  27. Other advances secured on land
  28. 14Power to make advances secured on land overseas.
  29. 14APower to participate in secured syndicated lending.
  30. Other commercial assets
  31. 15Loans for mobile homes.
  32. 16Power to lend to individuals otherwise than by class 1 or class 2 advances etc.
  33. 17Power to hold and develop land as commercial asset.
  34. 18Power to invest in subsidiaries and other associated bodies.
  35. 19Power for Treasury to add powers to hold other descriptions of class 3 assets.
  36. Commercial asset structure requirements
  37. 20Commercial asset structure requirements for building societies.
  38. Liquid assets
  39. 21Liquid assets.
  40. Liabilities of associated bodies
  41. 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  42. Other powers
  43. 23Power to hedge.
  44. Part IV: Protection of Investors
  45. Investor Protection Scheme
  46. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  47. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  48. 25A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  49. 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  50. 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  51. 27A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  52. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  53. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  54. 29A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  55. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  56. Other provisions
  57. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  58. 32Special provisions as regards investors.
  59. 33Assistance by building societies to other building societies.
  60. Part V: Powers to Provide Services
  61. 34Powers to provide financial services or services relating to land.
  62. 35Prohibition on linking services.
  63. Part VI: Powers of Control of the appropriate authority
  64. Powers in relation to principal purpose and nature limits
  65. 36Power to direct restructuring of business etc.
  66. 36APower to make prohibition orders.
  67. 37Powers to petition for winding up etc.
  68. Power to determine extent of building society powers
  69. 38Power to determine building society’s powers.
  70. 39The determination: notification, effect, appeal.
  71. 40Power to make prohibition orders.
  72. Powers in relation to authorisation
  73. 41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  74. 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  75. 42A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  76. 42BPower to direct transfers of engagements or business.
  77. 42CVariation and revocation of transfer directions
  78. 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  79. 43A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  80. 43B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  81. 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  82. 45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  83. General functions of Commission
  84. 45AA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  85. 45A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  86. Notices, hearings and appeals
  87. 46ANotices, hearings and appeals.
  88. 46Rights of appeal.
  89. 47Determination of appeals.
  90. 48Costs, procedure and evidence.
  91. 49Further appeals on points of law.
  92. Advertising etc.
  93. 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  94. 51Powers to avoid apparent association with other bodies.
  95. Information
  96. 52Powers to obtain information and documents etc.
  97. 52BEntry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.
  98. 53ADisclosure of information.
  99. 54Information disclosed to FCA or PRA from other sources.
  100. Inspections, etc
  101. 55Investigations on behalf of FCA or PRA .
  102. 56Inspections and special meetings: general.
  103. 57Inspections: supplementary provisions.
  104. Part VII: Management of Building Societies
  105. Directors and other officers
  106. 58Directors: number.
  107. 59Chief executive and secretary.
  108. 60Directors: elections and retirements.
  109. 61Directors: supplementary provisions as to elections, etc.
  110. Dealings with directors
  111. 62Prohibition of tax-free payments to directors.
  112. 63Directors to disclose interests in contracts and other transactions.
  113. 64Substantial property transactions involving directors and connected persons.
  114. 65Restriction on loans, etc. to directors and persons connected with them.
  115. 66Sanctions for breach of s. 65.
  116. 66ATransactions with directors and persons connected with them.
  117. 67Directors, etc, not to accept commissions in connection with loans.
  118. 68Records of loans, etc. for directors falling within s. 65.
  119. Disclosure and record of related businesses
  120. 69Disclosure and record of income of related businesses.
  121. Interpretation
  122. 70Interpretation of this Part.
  123. Part VIII: Accounts and Audit
  124. Accounting records . . .
  125. 71Accounting records . . .
  126. Accounts
  127. 72Duty of directors to prepare annual accounts. Repealed
  128. 72ADuty to prepare individual accounts
  129. 72BBuilding Societies Act individual accounts
  130. 72CForm and contents of Building Societies Act individual accounts
  131. 72DIAS individual accounts
  132. 72EDuty to prepare group accounts
  133. 72FBuilding Societies Act group accounts
  134. 72GForm and contents of Building Societies Act group accounts
  135. 72HIAS group accounts
  136. 72IConsistency of accounts
  137. 72JDisclosures relating to directors, other officers and employees of society required in notes to accounts
  138. 72KDisclosures about related undertakings required in notes to accounts
  139. 72LDisclosures relating to off-balance-sheet arrangements required in notes to accounts
  140. 72MDisclosure of auditor remuneration required in notes to accounts
  141. 73Contents and form of annual accounts. Repealed
  142. 74Duty of directors to prepare annual business statement.
  143. 75Directors’ report.
  144. 75ABusiness review
  145. 76Summary financial statement for members and depositors.
  146. Auditors and audit of accounts
  147. 77Auditors: appointment, tenure ... , etc.
  148. 78Auditor’s report .
  149. 78ASignature of auditors' report
  150. 78BSenior statutory auditor
  151. 78CNames to be stated in copies of auditor’s report filed or published
  152. 78DCircumstances in which names may be omitted
  153. 79Auditor’s duties and powers .
  154. Procedure on completion of accounts
  155. 80Signing of balance sheet: documents to be annexed.
  156. 81Laying and furnishing accounts, etc., to members , the FCA and the PRA .
  157. 81ARequirements in connection with publication of accounts
  158. 81BInterpretation of Part 8
  159. 82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  160. Part IX: . . . Disputes
  161. 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  162. 83A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  163. 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  164. 85Settlement of disputes.
  165. Part X: Dissolution, Winding Up, Mergers and Transfer of Business
  166. Dissolution and winding up
  167. 86Modes of dissolution and winding up.
  168. 87Dissolution by consent.
  169. 88Voluntary winding up.
  170. 89Winding up by court: grounds and petitioners.
  171. 89ABuilding society insolvency as alternative order
  172. 90Application of winding up legislation to building societies.
  173. 90AApplication of other companies insolvency legislation to building societies.
  174. 90BPower to alter priorities on dissolution and winding up
  175. 90CApplication of bank insolvency and administration legislation to building societies
  176. 90DNotice to the FCA and the PRA of preliminary steps
  177. 90EDisqualification of directors
  178. 91Power of court to declare dissolution of building society void.
  179. 92Supplementary.
  180. New business
  181. 92AAcquisition or establishment of a business.
  182. Mergers
  183. 93Amalgamations.
  184. 94Transfer of engagements.
  185. 95Mergers; provisions supplementing ss. 93 and 94.
  186. 96Mergers: compensation for loss of office and bonuses to members.
  187. Transfer of business to commercial company
  188. 97Transfer of business to commercial company.
  189. 98Transfers of business: supplementary provisions.
  190. 99Regulated terms: compensation for loss of office, etc.
  191. 99ATransfers of business: increased remuneration etc.
  192. 100Regulated terms etc: distributions and share rights.
  193. 101Protective provisions for specially formed successors.
  194. 102Transfer regulations.
  195. 102ARights of second-named joint shareholders.
  196. 102BProtection of interests of beneficiaries in the case of trustee account holders.
  197. 102CConsequences of false declaration.
  198. 102DProvisions supplementary to sections 102B and 102C.
  199. Cancellation of registration
  200. 103Cancellation of registration.
  201. Part XI: Miscellaneous and Supplementary and Conveyancing Services
  202. Miscellaneous and supplementary
  203. 104Power to amend, etc. to assimilate to company law.
  204. 104ARegistration of charges: application of company law.
  205. 105Limited power to anticipate future statutory instrument powers.
  206. 106Public file of the society.
  207. 107Restriction of use of certain names and descriptions.
  208. 108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  209. 109Exemption from stamp duty.
  210. 109AExemptions from stamp duty land tax
  211. 110Officers and auditors not to be exempted from liability
  212. 111Time limit for commencing proceedings.
  213. 112Offences: liability of officers and defence of due diligence.
  214. 113Evidence.
  215. 114Records.
  216. 115Service of notices.
  217. 115ADeemed agreement to use of web site
  218. 115BRight to hard copy version
  219. 115COther agreed forms of communication
  220. 116Form of documents.
  221. 117Financial year of building societies.
  222. 117AAlteration of financial year
  223. 118Qualifying asset holding for certain powers.
  224. 118A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  225. 119Interpretation.
  226. 119AMeaning of “associated undertaking”
  227. 120Amendments, repeals, revocations and transitional and saving provisions.
  228. 121Power to make transitional and saving provisions.
  229. 122Northern Ireland
  230. 123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  231. Provision of conveyancing services by recognised institutions and practitioners
  232. 124Recognition of building societies, other institutions and individuals as suitable to provide conveyancing services. Not yet in force
  233. General
  234. 125Short title.
  235. 126Commencement.
  236. Schedule 1
  237. Status
  238. 1Paragraph 1
  239. The First Commissioner, etc.
  240. 2Paragraph 2
  241. Tenure of office of member
  242. 3Paragraph 3
  243. 4Paragraph 4
  244. Remuneration and pensions, etc. for part-time members
  245. 5Paragraph 5
  246. 6Paragraph 6
  247. Parliamentary disqualification
  248. 7Paragraph 7
  249. Staff
  250. 8Paragraph 8
  251. Proceedings
  252. 9Paragraph 9
  253. 10Paragraph 10
  254. Performance of functions
  255. 11Paragraph 11
  256. 12Paragraph 12
  257. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  258. Instruments
  259. 14Paragraph 14
  260. 15Paragraph 15
  261. Schedule 2: Establishment, Incorporation and Constitution of Building Societies
  262. Part I: General
  263. Requirements for establishment
  264. 1Paragraph 1
  265. The memorandum
  266. 2Paragraph 2
  267. The rules
  268. 3Paragraph 3
  269. Requirements for alteration of purpose, powers and rules
  270. 4Paragraph 4
  271. Membership
  272. 5Paragraph 5
  273. Liability of members
  274. 6Paragraph 6
  275. Joint shareholders
  276. 7Paragraph 7
  277. Joint borrowers
  278. 8Paragraph 8
  279. Use and change of name
  280. 9Paragraph 9
  281. Offences relating to society’s name
  282. 10Paragraph 10
  283. Restrictions on business names
  284. 10AParagraph 10A
  285. Use of business names: required disclosure
  286. 10BParagraph 10B
  287. Use of business names: supplementary
  288. 10CParagraph 10C
  289. Change of principal office
  290. 11Paragraph 11
  291. Societies to supply copies of rules etc.
  292. 12Paragraph 12
  293. Register of members
  294. 13Paragraph 13
  295. Exception to duties to send documents
  296. 14Paragraph 14
  297. Right of members to obtain particulars from the register
  298. 15Paragraph 15
  299. Part II: Capacity of society and power of directors to bind it
  300. Capacity of society not limited by its memorandum
  301. 16Paragraph 16
  302. Power of directors to bind society
  303. 17Paragraph 17
  304. No duty to enquire as to capacity of society etc.
  305. 18Paragraph 18
  306. Powers of central office
  307. 19Paragraph 19
  308. Part III: Meetings, Resolutions and Postal Ballots
  309. Annual general meeting
  310. 20Paragraph 20
  311. Special meeting on members’ requisition
  312. 20AParagraph 20A
  313. Failure to comply with members’ requisition
  314. 20BParagraph 20B
  315. Length of notice for calling meetings
  316. 21Paragraph 21
  317. Persons entitled to notice of meetings
  318. 22Paragraph 22
  319. Transmission of notice of meeting to an electronic address
  320. 22AParagraph 22A
  321. Publication of notice of meeting on a web site
  322. 22BParagraph 22B
  323. Members’ entitlement to vote on resolutions
  324. 23Paragraph 23
  325. Proxies
  326. 24Paragraph 24
  327. Right to demand a poll
  328. 25Paragraph 25
  329. Special resolutions
  330. 26Paragraph 26
  331. 27Paragraph 27
  332. 27AParagraph 27A
  333. Borrowing members’ resolutions
  334. 28Paragraph 28
  335. 29Paragraph 29
  336. Transfer resolutions
  337. 30Paragraph 30
  338. Members’ right to propose and circulate resolutions
  339. 31Paragraph 31
  340. Members’ resolutions: supplementary provisions
  341. 32Paragraph 32
  342. Postal ballots
  343. 33Paragraph 33
  344. Electronic ballots
  345. 33AParagraph 33A
  346. Declarations to be made in proxy and ballot forms
  347. 34Paragraph 34
  348. 34AParagraph 34A
  349. Advertising requirements in lieu of notice of meetings, etc.
  350. 35Paragraph 35
  351. The prescribed amount
  352. 36Paragraph 36
  353. Schedule 2A: Discharge of mortgages: supplementary provisions
  354. Main provisions
  355. 1Paragraph 1
  356. Application of paragraph 1 to Northern Ireland
  357. 2Paragraph 2
  358. Power to prescribe form of documents
  359. 3Paragraph 3
  360. Schedule 3
  361. Part I: Preliminary
  362. 1Paragraph 1
  363. Part II: Authorisation
  364. Procedure for authorisation
  365. 2Paragraph 2
  366. Offences in connection with application
  367. 3Paragraph 3
  368. Part III: Imposition of Conditions
  369. 4Paragraph 4
  370. 5Paragraph 5
  371. Part IV: Revocation of Authorisation
  372. Procedure for revocation
  373. 6Paragraph 6
  374. 7Paragraph 7
  375. 8Paragraph 8
  376. Part V: Supplementary
  377. Imposition of conditions on appeal
  378. 9Paragraph 9
  379. Notice to directors and chief executives
  380. 10Paragraph 10
  381. Schedule 4
  382. Provisions as to sale of mortgaged property
  383. 1Paragraph 1
  384. Discharge of mortgages
  385. 2Paragraph 2
  386. Power to prescribe form of documents
  387. 3Paragraph 3
  388. Schedule 5
  389. Constitution
  390. 1Paragraph 1
  391. Appointment and tenure of office
  392. 2Paragraph 2
  393. Allowances
  394. 3Paragraph 3
  395. Proceedings
  396. 4Paragraph 4
  397. 5Paragraph 5
  398. Performance of functions
  399. 5AParagraph 5A
  400. Accounts, audit and annual report
  401. 6Paragraph 6
  402. Schedule 6
  403. 1Paragraph 1
  404. 2Paragraph 2
  405. 3Paragraph 3
  406. 4Paragraph 4
  407. 5Paragraph 5
  408. 6Paragraph 6
  409. 7Paragraph 7
  410. 8Paragraph 8
  411. Schedule 7: Investors: Special Provisions
  412. Members or depositors dying
  413. 1Paragraph 1
  414. Receipts by depositors under age
  415. 2Paragraph 2
  416. Schedule 7A
  417. Preliminary
  418. 1Paragraph 1
  419. Procedure for giving proposed direction
  420. 2Paragraph 2
  421. Procedure for giving different direction
  422. 3Paragraph 3
  423. Different directions on appeal
  424. 4Paragraph 4
  425. Notice to directors and chief executives
  426. 5Paragraph 5
  427. Schedule 8: Powers to Provide Services
  428. Part I: The Services
  429. 1Paragraph 1
  430. 2Paragraph 2
  431. 3Paragraph 3
  432. 4Paragraph 4
  433. 5Paragraph 5
  434. 6Paragraph 6
  435. Part II: General Restrictions On Services
  436. 1Paragraph 1
  437. 2Paragraph 2
  438. 3Paragraph 3
  439. 4Paragraph 4
  440. 5Paragraph 5
  441. 6Paragraph 6
  442. Part III: Restrictions In Relation To Certain Services
  443. Banking services
  444. 1Paragraph 1
  445. Investment services
  446. 2Paragraph 2
  447. Trusteeship
  448. 3Paragraph 3
  449. Land services
  450. 4Paragraph 4
  451. 5Paragraph 5
  452. Part IV: Supplementary
  453. Powers—general
  454. 1Paragraph 1
  455. Powers—specific services
  456. 2Paragraph 2
  457. Banking—particular provisions
  458. 3Paragraph 3
  459. 4Paragraph 4
  460. 5Paragraph 5
  461. Land services—sanction
  462. 6Paragraph 6
  463. Interpretation
  464. 7Paragraph 7
  465. 8Paragraph 8
  466. Schedule 8A: Transfer directions: modifications of Part X
  467. Part I: Directions under section 42B(3)
  468. Preliminary
  469. 1Paragraph 1
  470. Compensation for loss of office
  471. 2Paragraph 2
  472. Statements to members
  473. 3Paragraph 3
  474. Application for confirmation
  475. 4Paragraph 4
  476. Grounds for not confirming transfer
  477. 5Paragraph 5
  478. Part II: Directions under section 42B(4)
  479. Preliminary
  480. 6Paragraph 6
  481. Compensation for loss of office
  482. 7Paragraph 7
  483. Increased remuneration
  484. 8Paragraph 8
  485. Statements to members
  486. 9Paragraph 9
  487. Application for confirmation
  488. 10Paragraph 10
  489. Grounds for not confirming transfer
  490. 11Paragraph 11
  491. Schedule 9: Directors: Requisite Particulars of Restricted Transactions
  492. Preliminary
  493. 1Paragraph 1
  494. The requisite particulars
  495. 2Paragraph 2
  496. Schedule 10: Requisite Particulars of Income or Related Businesses
  497. Part I: Requisite Particulars Where no Adoption of Part II
  498. Conveyancers
  499. 1Paragraph 1
  500. Valuers and surveyors
  501. 2Paragraph 2
  502. Accountants
  503. 3Paragraph 3
  504. Insurance agents, etc.
  505. 4Paragraph 4
  506. Part II: Requisite Particulars on Adoption of This Part
  507. Conveyancers
  508. 5Paragraph 5
  509. Valuers and surveyors
  510. 6Paragraph 6
  511. Accountants
  512. 7Paragraph 7
  513. Insurance agents, etc.
  514. 8Paragraph 8
  515. Part III: Supplementary
  516. Power to prescribe bands for Part II particulars
  517. 9Paragraph 9
  518. Interpretation
  519. 10Paragraph 10
  520. Schedule 10A: Disclosures about directors, other officers and employees in notes to accounts
  521. Part 1: Emoluments of and dealings with directors and other officers
  522. Aggregate amount of director’s remuneration etc
  523. 1Paragraph 1
  524. 1AParagraph 1A
  525. Details of individual directors' remuneration etc
  526. 2Paragraph 2
  527. Excess retirement benefits of directors and past directors
  528. 3Paragraph 3
  529. Compensation to directors for loss of office
  530. 4Paragraph 4
  531. Sums paid to third parties in respect of directors' services
  532. 5Paragraph 5
  533. Supplementary provisions regarding directors' remuneration
  534. 6Paragraph 6
  535. 7Paragraph 7
  536. 8Paragraph 8
  537. Interpretation of provisions regarding directors remuneration
  538. 9Paragraph 9
  539. Directors' loans and transactions
  540. 10Paragraph 10
  541. Disclosure of auditors' remuneration
  542. 11Paragraph 11 Repealed
  543. Persons who are to be regarded as associates of a society’s auditors
  544. 12Paragraph 12 Repealed
  545. Part 2: Information about employees
  546. 13Paragraph 13
  547. Schedule 10B: Disclosures about related undertakings required in note to accounts
  548. Part 1: Societies not required to prepare consolidated group accounts
  549. Subsidiary undertakings
  550. 1Paragraph 1
  551. Holdings in subsidiary undertakings
  552. 2Paragraph 2
  553. Financial information about subsidiary undertakings
  554. 3Paragraph 3
  555. Financial years of subsidiary undertakings
  556. 4Paragraph 4
  557. Significant holdings in undertakings other than subsidiary undertakings
  558. 5Paragraph 5
  559. 6Paragraph 6
  560. 7Paragraph 7
  561. Construction of references to shares held by society
  562. 8Paragraph 8
  563. Part 2: Societies required to prepare consolidated group accounts
  564. Subsidiary undertakings
  565. 9Paragraph 9
  566. Holdings in subsidiary undertakings
  567. 10Paragraph 10
  568. Financial information about subsidiary undertakings not included in the consolidation
  569. 11Paragraph 11
  570. Associated undertakings
  571. 12Paragraph 12
  572. Other significant holdings of society or group
  573. 13Paragraph 13
  574. 14Paragraph 14
  575. 15Paragraph 15
  576. 16Paragraph 16
  577. 17Paragraph 17
  578. 18Paragraph 18
  579. Construction of references to shares held by society or group
  580. 19Paragraph 19
  581. Interpretation: general
  582. 20Paragraph 20
  583. Schedule 10C: Disclosure of auditor remuneration etc required in notes to accounts
  584. Disclosure required
  585. 1Paragraph 1
  586. Types of service
  587. 2Paragraph 2
  588. Disclosure not required of remuneration for certain services provided by distant associate
  589. 3Paragraph 3
  590. Duty of auditor to supply information
  591. 4Paragraph 4
  592. Meaning of “associate” and “distant associate” of auditor
  593. 5Paragraph 5
  594. Interpretation
  595. 6Paragraph 6
  596. Schedule 11: Auditors: Appointment, Tenure...
  597. Appointment
  598. 1Paragraph 1
  599. 2Paragraph 2
  600. 3Paragraph 3
  601. 3AParagraph 3A Repealed
  602. 3BParagraph 3B
  603. 3CParagraph 3C
  604. 3DParagraph 3D
  605. 3DAParagraph 3DA
  606. 3EParagraph 3E
  607. 4Paragraph 4
  608. Qualification and disqualification of auditors
  609. 5Paragraph 5 Repealed
  610. Tenure
  611. 5AParagraph 5A Repealed
  612. 5BMaximum engagement period: transitional arrangements Repealed
  613. Removal of auditors
  614. 6Paragraph 6
  615. 6ZAApplication to court to remove auditor from office
  616. Removal of auditor on improper grounds
  617. 6AParagraph 6A
  618. Resignation of auditors
  619. 7Paragraph 7
  620. 8Paragraph 8
  621. Duty of auditor to notify appropriate audit authority
  622. 8AParagraph 8A
  623. Duty of building society to notify appropriate audit authority
  624. 8BParagraph 8B
  625. Interpretation
  626. 8CParagraph 8C
  628. 9Paragraph 9
  629. Schedule 12
  630. IMatters to be Provided for in Schemes
  631. Administration
  632. 1Paragraph 1
  633. 2Paragraph 2
  634. 3Paragraph 3
  635. The adjudicator
  636. 4Paragraph 4
  637. Scope of scheme
  638. 5Paragraph 5
  639. Functions of adjudicator
  640. 6Paragraph 6
  641. 7Paragraph 7
  642. 8Paragraph 8
  643. Determinations and their effects
  644. 9Paragraph 9
  645. 10Paragraph 10
  646. Reports by investigators to administering body
  647. 11Paragraph 11
  648. Amendment or revocation of scheme
  649. 12Paragraph 12
  650. Accession to membership
  651. 13Paragraph 13
  652. Withdrawal from membership
  653. 14Paragraph 14
  654. Part II: Requirements for Recognised Schemes:Matters of Complaint
  655. Share accounts
  656. 1Paragraph 1
  657. Deposit accounts
  658. 2Paragraph 2
  659. Borrowing members: class 1 or class 2 advances
  660. 3Paragraph 3
  661. Borrowers: mobile home loans
  662. 4Paragraph 4
  663. Borrowers: other loans
  664. 5Paragraph 5
  665. Money transmission services
  666. 6Paragraph 6
  667. Foreign exchange facilities
  668. 7Paragraph 7
  669. Agency payments and receipts
  670. 8Paragraph 8
  671. Provision of credit
  672. 9Paragraph 9
  673. Part III: Minimum Requirements for Recognised Schemes: Other Provisions
  674. Grounds of complaint
  675. 1Paragraph 1
  676. Permissible exclusions from investigation
  677. 2Paragraph 2
  678. Functions of adjudicator
  679. 3Paragraph 3
  680. 4Paragraph 4
  681. 5Paragraph 5
  682. Effect of determinations and their communication
  683. 6Paragraph 6
  684. 7Paragraph 7
  685. Reports by adjudicator to administering body
  686. 8Paragraph 8
  687. Publication
  688. 9Paragraph 9
  689. Schedule 13
  690. Preliminary
  691. 1Paragraph 1
  692. 2Paragraph 2
  693. The register of recognised schemes
  694. 3Paragraph 3
  695. Procedure for recognition: Commission’s initiative
  696. 4Paragraph 4
  697. Procedure for recognition: submission by societies
  698. 5Paragraph 5
  699. Procedure on accession to schemes
  700. 6Paragraph 6
  701. Withdrawal of recognition
  702. 7Paragraph 7
  703. 8Paragraph 8
  704. 9Paragraph 9
  705. Withdrawal from membership
  706. 10Paragraph 10
  707. Schedule 14: Settlement of Disputes
  708. Part I: Proceedings in Court
  709. Jurisdiction of the court
  710. 1Paragraph 1
  711. 2Paragraph 2
  712. Right of FCA and PRA to be heard
  713. 3Paragraph 3
  714. Part II: Arbitration
  715. Circulation of election addresses, resolutions and statements
  716. 4Paragraph 4
  717. Calling of special meeting
  718. 4AParagraph 4A
  719. Procedure on a reference to arbitration
  720. 5Paragraph 5
  721. Access to register of members
  722. 6Paragraph 6
  723. Disputes cognizable under a scheme
  724. 7Paragraph 7 Repealed
  725. General
  726. 8Paragraph 8
  727. Schedule 15: Application of Companies Winding Up Legislation to Building Societies
  728. Part I: General Mode of Application
  729. 1Paragraph 1
  730. 1AParagraph 1A
  731. 2Paragraph 2
  732. 3Paragraph 3
  733. 4Paragraph 4
  734. 5Paragraph 5
  735. Part II: Modified Application of Insolvency Act 1986
  736. Chapter Parts IV , 6, 7, 12 and 13 and Schedule 10
  737. Preliminary
  738. 6Paragraph 6
  739. 6ZAParagraph 6ZA
  740. 6AParagraph 6A
  741. Members of a building society as contributories in winding up
  742. 7Paragraph 7
  743. 8Paragraph 8
  744. 9Paragraph 9
  745. Voluntary winding up
  746. 10Paragraph 10
  747. 11Paragraph 11
  748. 12Paragraph 12
  749. 13Paragraph 13
  750. 14Paragraph 14
  751. Winding up by the court
  752. 15Paragraph 15
  753. 16Paragraph 16
  754. 17Paragraph 17
  755. 18Paragraph 18
  756. 19Paragraph 19
  757. 20Paragraph 20
  758. 21Paragraph 21
  759. 22Paragraph 22
  760. 23Paragraph 23
  761. 23AParagraph 23A
  762. 24Paragraph 24
  763. 25Paragraph 25
  764. 26Paragraph 26 Repealed
  765. Winding up: general
  766. 27Paragraph 27
  767. 28Paragraph 28
  768. 29Paragraph 29
  769. Penal provisions
  770. 30Paragraph 30
  771. 31Paragraph 31
  772. 32Paragraph 32
  773. Protection of supplies
  774. 32AParagraph 32A
  775. Preferential debts
  776. 33Paragraph 33
  777. Insolvency practitioners: their qualification and regulation
  778. 33AParagraph 33A
  779. 33BParagraph 33B
  780. Part III: Modified application of Insolvency (Northern Ireland) Order 1989
  781. Chapter Parts V , 11 and 12
  782. Preliminary
  783. 34Paragraph 34
  784. 34AParagraph 34A
  785. Members of a building society as contributories in winding up
  786. 35Paragraph 35
  787. 36Paragraph 36
  788. 37Paragraph 37
  789. Voluntary winding up
  790. 38Paragraph 38
  791. 39Paragraph 39
  792. 40Paragraph 40
  793. 41Paragraph 41
  794. 42Paragraph 42
  795. Winding up by the High Court
  796. 43Paragraph 43
  797. 44Paragraph 44
  798. 45Paragraph 45
  799. 46Paragraph 46
  800. 47Paragraph 47
  801. 48Paragraph 48
  802. 49Paragraph 49
  803. 50Paragraph 50
  804. 50AParagraph 50A
  805. 51Paragraph 51
  806. 52Paragraph 52
  807. 53Paragraph 53 Repealed
  808. Winding up: general
  809. 54Paragraph 54
  810. 55Paragraph 55
  811. 55AParagraph 55A
  812. Penal provisions
  813. 55BParagraph 55B
  814. 55CParagraph 55C
  815. 55DParagraph 55D
  816. Protection of supplies
  817. 55DAParagraph 55DA
  818. Preferential debts
  819. 55EParagraph 55E
  820. Insolvency practitioners: their qualification and regulation
  821. 55FParagraph 55F
  822. 55GParagraph 55G
  823. Part IV: Dissolution of Building Society wound up (England and Wales, Scotland and Northern Ireland)
  824. 56Paragraph 56
  825. 57Paragraph 57
  826. Insolvency rules and fees: England and Wales and Scotland
  827. 58Paragraph 58
  828. Insolvency rules and fees: Northern Ireland
  829. 59Paragraph 59
  830. Schedule 15A: Application of other companies insolvency legislation to building societies
  831. Part I: General mode of application
  832. 1Paragraph 1
  833. 2Paragraph 2
  834. 3Paragraph 3
  835. 4Paragraph 4
  836. 5Paragraph 5
  837. 5AParagraph 5A
  838. Part II: Modified Application of Parts I to III , 6, 7, 12 and 13 of Insolvency Act 1986
  839. Preliminary
  840. 6Paragraph 6
  841. 6AParagraph 6A
  842. Voluntary arrangements
  843. 7Paragraph 7
  844. 8Paragraph 8
  845. 8AParagraph 8A
  846. 9Paragraph 9
  847. 9AParagraph 9A
  848. Administration orders
  849. 10Paragraph 10
  850. 11Paragraph 11
  851. 12Paragraph 12
  852. 13Paragraph 13
  853. 14Paragraph 14
  854. 15Paragraph 15
  855. 16Paragraph 16
  856. 17Paragraph 17
  857. 18Paragraph 18 Repealed
  858. 19Paragraph 19
  859. 20Paragraph 20 Repealed
  860. 21Paragraph 21
  861. 22Paragraph 22
  862. 23Paragraph 23
  863. 24Paragraph 24
  864. Receivers and managers
  865. 25Paragraph 25
  866. 26Paragraph 26
  867. 27Paragraph 27
  868. 27AParagraph 27A
  869. 27BParagraph 27B
  870. 27CParagraph 27C
  871. 27DParagraph 27D
  872. 27EParagraph 27E
  873. 27FParagraph 27F
  874. Protection of supplies
  875. 27FAParagraph 27FA
  876. Insolvency practitioners: their qualification and regulation
  877. 27GParagraph 27G
  878. 27HParagraph 27H
  879. 27IParagraph 27I
  880. Part III: Modified Application of Parts II, III , 4 and 12 of Insolvency (Northern Ireland) Order 1989
  881. Preliminary
  882. 28Paragraph 28
  883. Voluntary arrangements
  884. 29Paragraph 29
  885. 30Paragraph 30
  886. 30AParagraph 30A
  887. 31Paragraph 31
  888. 31AParagraph 31A
  889. Administration orders
  890. 32Paragraph 32
  891. 33Paragraph 33
  892. 34Paragraph 34
  893. 35Paragraph 35
  894. 36Paragraph 36
  895. 37Paragraph 37
  896. 38Paragraph 38
  897. 39Paragraph 39
  898. 40Paragraph 40 Repealed
  899. 41Paragraph 41
  900. 42Paragraph 42 Repealed
  901. 43Paragraph 43
  902. 44Paragraph 44
  903. 45Paragraph 45
  904. 46Paragraph 46
  905. Receivers and managers
  906. 47Paragraph 47
  907. 48Paragraph 48
  908. 49Paragraph 49
  909. 50Paragraph 50
  910. 51Paragraph 51
  911. 52Paragraph 52
  912. Protection of supplies
  913. 52AParagraph 52A
  914. Insolvency practitioners: their qualification and regulation
  915. 53Paragraph 53
  916. 54Paragraph 54
  917. 55Paragraph 55
  918. Schedule 16: Mergers: Supplementary Provisions
  919. Part I: Issue of Statements to Members
  920. 1Paragraph 1
  921. Part II: Notification of Proposals for Merger
  922. Preliminary
  923. 2Paragraph 2
  924. Duty to notify members
  925. 3Paragraph 3
  926. 4Paragraph 4
  927. Duty to notify appropriate authority
  928. 5Paragraph 5
  929. Penalty
  930. 6Paragraph 6
  931. Part III: Confirmation by appropriate authority : Procedure
  932. 7Paragraph 7
  933. 8Paragraph 8
  934. 9Paragraph 9
  935. Schedule 17: Transfers of Business: Supplementary Provisions
  936. Part I: Issue of statement or summary to members
  937. Preliminary
  938. 1Paragraph 1
  939. Duty to send transfer statements or summaries to members
  940. 2Paragraph 2
  941. 3Paragraph 3
  942. 4Paragraph 4
  943. 5Paragraph 5
  944. Part IA: Notification of proposals for transfers of business
  945. Preliminary
  946. 5AParagraph 5A
  947. Duty to notify members
  948. 5BParagraph 5B
  949. 5CParagraph 5C
  950. Duty to notify appropriate authority
  951. 5DParagraph 5D
  952. Penalty
  953. 5EParagraph 5E
  954. Part II: Confirmation by appropriate authority : Procedure
  955. 6Paragraph 6
  956. 7Paragraph 7
  957. 8Paragraph 8
  958. Schedule 18: Amendments of Enactments
  959. Part I: United Kingdom
  960. Bankers’ Books Evidence Act 1879 (c.11)
  961. 1Paragraph 1
  962. Land Registration Act 1925 (c.21)
  963. 2Paragraph 2 Repealed
  964. Payment of Wages Act 1960 (c. 37)
  965. 3Paragraph 3 Repealed
  966. Trustee Investments Act 1961 (c. 62)
  967. 4Paragraph 4
  968. Stock Transfer Act 1963 (c.18)
  969. 5Paragraph 5
  970. Industrial and Provident Societies Act 1965 (c.12)
  971. 6Paragraph 6 Repealed
  972. Income and Corporation Taxes Act 1970 (c.10)
  973. 7Paragraph 7 Repealed
  974. Banking and Financial Dealings Act 1971 (c.80)
  975. 8Paragraph 8
  976. Local Government Act 1972 (c.70)
  977. 9Paragraph 9
  978. Consumer Credit Act 1974 (c. 39)
  979. 10Paragraph 10
  980. Solicitors Act 1974 (c.47)
  981. 11Paragraph 11
  982. Home Purchase Assistance and Housing Corporation Guarantee Act 1978 (c.27)
  983. 12Paragraph 12
  984. Banking Act 1979 (c.37)
  985. 13Paragraph 13 Repealed
  986. Charging Orders Act 1979 (c.53)
  987. 14Paragraph 14
  988. Finance Act 1982 (c.39)
  989. 15Paragraph 15 Repealed
  990. Companies Act 1985 (c.6)
  991. 16Paragraph 16 Repealed
  992. Insolvency Act 1985 (c.65)
  993. 17Paragraph 17 Repealed
  994. Housing Act 1985 (c. 68)
  995. 18Paragraph 18
  996. Housing Associations Act 1985 (c.69)
  997. 19Paragraph 19
  998. Part II: Northern Ireland
  999. Industrial and Provident Societies Act (Northern Ireland)1969 (c.24 N.I.)
  1000. 20Paragraph 20
  1001. Payment of Wages Act (Northern Ireland 1970
  1002. 21Paragraph 21 Repealed
  1003. Private Streets (Northern Ireland) Order 1980 (S.I. 1980/1086 (N.I.12))
  1004. 22Paragraph 22
  1005. Housing (Northern Ireland) Order 1981 (S.I. 1981/156 (N.I.3))
  1006. 23Paragraph 23
  1007. Property (Discharge of Mortgage by Receipt) (Northern Ireland) Order 1983 (S.I. 1983/766 (N.I.9))
  1008. 24Paragraph 24
  1009. Housing (Northern Ireland) Order 1983 (S.I. 1983/1118 (N.I.15))
  1010. 25Paragraph 25
  1011. Companies (Northern Ireland) Order 1986
  1012. 26Paragraph 26 Repealed
  1013. Schedule 19: Repeals and Revocations
  1014. IRepeals: General
  1015. IIRevocation Extending to Great Britain
  1016. IIIRepeals and Revocations Extending Only to Northern Ireland
  1017. Schedule 20: Transitional and Saving Provisions
  1018. Preliminary
  1019. 1Paragraph 1
  1020. Adoption of powers and alteration of rules
  1021. 2Paragraph 2 Repealed
  1022. 3Paragraph 3 Repealed
  1023. Default powers
  1024. 4Paragraph 4 Repealed
  1025. Registration with existing authorities
  1026. 5Paragraph 5
  1027. Authorisation under existing enactments
  1028. 6Paragraph 6
  1029. Anticipation of powers: declaratory provision
  1030. 7Paragraph 7
  1031. Unlawful anticipation of powers
  1032. 8Paragraph 8
  1033. Penalty for breach of undertaking
  1034. 9Paragraph 9
  1035. Penalty for false declaration
  1036. 10Paragraph 10
  1037. Powers of central office
  1038. 11Paragraph 11
  1039. Permissible securities for advances
  1040. 12Paragraph 12
  1041. 13Paragraph 13
  1042. Existing business names
  1043. 14Paragraph 14 Repealed
  1044. Directors in office
  1045. 15Paragraph 15
  1046. Existing financial years
  1047. 16Paragraph 16 Repealed
  1048. Qualifying assets
  1049. 17Paragraph 17
  1050. Provision of conveyancing services for building societies
  1051. 18Paragraph 18 Repealed
  1052. Schedule 21: Provision of Conveyancing Services by Recognised Institutions and Practitioners Not yet in force
  1053. ... Not yet in force
  1054. Paragraph Not yet in force
  1055. Not yet in force
  1056. Paragraph Not yet in force
  1057. Not yet in force
  1058. Paragraph Not yet in force
  1059. Not yet in force
  1060. Paragraph Not yet in force
  1061. Not yet in force
  1062. Paragraph Not yet in force
  1063. Not yet in force
  1064. Paragraph Not yet in force
  1065. Not yet in force
  1066. Paragraph Not yet in force
  1067. Not yet in force
  1068. Paragraph Not yet in force
  1069. Not yet in force
  1070. Paragraph Not yet in force
  1071. Not yet in force
  1072. Paragraph Not yet in force
  1073. Not yet in force
  1074. Paragraph Not yet in force
  1075. Not yet in force
  1076. Paragraph Not yet in force
  1077. Not yet in force
  1078. Paragraph Not yet in force
  1079. Not yet in force
  1080. Paragraph Not yet in force