# Building Societies Act 1986, Paragraph 40

Extent: E+W+S+N.I.

(1) Article 93 (distribution of property) does not apply; and the following applies in its place.
(2) Subject to the provisions of Part V relating to preferential payments, a building society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors (including any liability resulting from the variation to the liquidator’s duty effected by section 28 or 31 of this Act) pari passu and, subject to that application, in accordance with the rules of the society.
(3) In sub-paragraph (2) the reference to the society’s liabilities to creditors includes a reference to the society’s liabilities to shareholding members of the society in respect of deposits which are not relevant deposits.

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Source: https://www.legislation.gov.uk/ukpga/1986/53/schedule/15/paragraph/40 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/schedule-15/paragraph-40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.