Paragraph 37 F1

In the enactments as applied to a building society, “contributory”—

(a)

means every person liable to contribute to the assets of the society in the event of its being wound up, and

(b)

for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory, and

(c)

includes persons who are liable to pay or contribute to the payment of—

(i)

any debt or liability of the building society being wound up, or

(ii)

any sum for the adjustment of rights of members among themselves, or

(iii)

the expenses of the winding up;

but does not include persons liable to contribute by virtue of a declaration by the Court under Article 177 (imputed responsibility for fraudulent trading) or Article 178 (wrongful trading).

Annotations

Textual amendments

F1: Sch. 15 paras. 34-55E substituted (N.I.) (1.10.1991) for Sch. 15 paras. 34-55 by S.I. 1989/2405 (N.I. 19), arts. 2(1), 381, Sch. 9 Pt. II para. 45(c); S.R. 1991/411, art. 2

Notes on Schedule 15

Modifications

C1: Sch. 15 applied (with modifications) (7.4.2010) by The Building Societies (Financial Assistance) Order 2010 (S.I. 2010/1188), arts. 1(2), 9

Notes on Chapter Parts V , 11 and 12

Textual amendments

F2: Words in Sch. 15 Pt. III heading substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 2(3)(e)