OpenLegislation

Building Societies Act 1986 in Scotland

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. 35repealedCourts and Legal Services Act 1990 Sch. 20
s. 124repealedCourts 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Sch. 21 para. 9(f)repealed (EW) (prosp.)Family Law Act 1996 s. 66(3) Sch. 10
Sch. 18 para. 18(2)repealed (prosp.)Housing Act 1996 s. 227 Sch. 19 Pt. 14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. 7(8)words insertedBuilding Societies (Funding) and Mutual Societies (Transfers) Act 2007 s. 1(1)(b)
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(8A)insertedBuilding Societies (Funding) and Mutual Societies (Transfers) Act 2007 s. 1(1)(c)
s. 5(8)(b)word omittedBuilding Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) 2026 art. 2(1)(a)
s. 5(8)(ba)insertedBuilding Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) 2026 art. 2(1)(b)
Sch. 2 para. 3(4) tablewords substitutedBuilding Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) 2026 art. 2(3)
Sch. 2 para. 9(1)omittedBuilding Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) 2026 art. 2(4)
Sch. 2 Pt. 2AinsertedBuilding Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) 2026 art. 2(5)

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. Application of paragraph 1 to Northern Ireland
  355. 2Paragraph 2
  356. Power to prescribe form of documents
  357. 3Paragraph 3
  358. Schedule 3
  359. Part I: Preliminary
  360. 1Paragraph 1
  361. Part II: Authorisation
  362. Procedure for authorisation
  363. 2Paragraph 2
  364. Offences in connection with application
  365. 3Paragraph 3
  366. Part III: Imposition of Conditions
  367. 4Paragraph 4
  368. 5Paragraph 5
  369. Part IV: Revocation of Authorisation
  370. Procedure for revocation
  371. 6Paragraph 6
  372. 7Paragraph 7
  373. 8Paragraph 8
  374. Part V: Supplementary
  375. Imposition of conditions on appeal
  376. 9Paragraph 9
  377. Notice to directors and chief executives
  378. 10Paragraph 10
  379. Schedule 4
  380. Provisions as to sale of mortgaged property
  381. 1Paragraph 1
  382. Discharge of mortgages
  383. 2Paragraph 2
  384. Power to prescribe form of documents
  385. 3Paragraph 3
  386. Schedule 5
  387. Constitution
  388. 1Paragraph 1
  389. Appointment and tenure of office
  390. 2Paragraph 2
  391. Allowances
  392. 3Paragraph 3
  393. Proceedings
  394. 4Paragraph 4
  395. 5Paragraph 5
  396. Performance of functions
  397. 5AParagraph 5A
  398. Accounts, audit and annual report
  399. 6Paragraph 6
  400. Schedule 6
  401. 1Paragraph 1
  402. 2Paragraph 2
  403. 3Paragraph 3
  404. 4Paragraph 4
  405. 5Paragraph 5
  406. 6Paragraph 6
  407. 7Paragraph 7
  408. 8Paragraph 8
  409. Schedule 7: Investors: Special Provisions
  410. Members or depositors dying
  411. 1Paragraph 1
  412. Receipts by depositors under age
  413. 2Paragraph 2
  414. Schedule 7A
  415. Preliminary
  416. 1Paragraph 1
  417. Procedure for giving proposed direction
  418. 2Paragraph 2
  419. Procedure for giving different direction
  420. 3Paragraph 3
  421. Different directions on appeal
  422. 4Paragraph 4
  423. Notice to directors and chief executives
  424. 5Paragraph 5
  425. Schedule 8: Powers to Provide Services
  426. Part I: The Services
  427. 1Paragraph 1
  428. 2Paragraph 2
  429. 3Paragraph 3
  430. 4Paragraph 4
  431. 5Paragraph 5
  432. 6Paragraph 6
  433. Part II: General Restrictions On Services
  434. 1Paragraph 1
  435. 2Paragraph 2
  436. 3Paragraph 3
  437. 4Paragraph 4
  438. 5Paragraph 5
  439. 6Paragraph 6
  440. Part III: Restrictions In Relation To Certain Services
  441. Banking services
  442. 1Paragraph 1
  443. Investment services
  444. 2Paragraph 2
  445. Trusteeship
  446. 3Paragraph 3
  447. Land services
  448. 4Paragraph 4
  449. 5Paragraph 5
  450. Part IV: Supplementary
  451. Powers—general
  452. 1Paragraph 1
  453. Powers—specific services
  454. 2Paragraph 2
  455. Banking—particular provisions
  456. 3Paragraph 3
  457. 4Paragraph 4
  458. 5Paragraph 5
  459. Land services—sanction
  460. 6Paragraph 6
  461. Interpretation
  462. 7Paragraph 7
  463. 8Paragraph 8
  464. Schedule 8A: Transfer directions: modifications of Part X
  465. Part I: Directions under section 42B(3)
  466. Preliminary
  467. 1Paragraph 1
  468. Compensation for loss of office
  469. 2Paragraph 2
  470. Statements to members
  471. 3Paragraph 3
  472. Application for confirmation
  473. 4Paragraph 4
  474. Grounds for not confirming transfer
  475. 5Paragraph 5
  476. Part II: Directions under section 42B(4)
  477. Preliminary
  478. 6Paragraph 6
  479. Compensation for loss of office
  480. 7Paragraph 7
  481. Increased remuneration
  482. 8Paragraph 8
  483. Statements to members
  484. 9Paragraph 9
  485. Application for confirmation
  486. 10Paragraph 10
  487. Grounds for not confirming transfer
  488. 11Paragraph 11
  489. Schedule 9: Directors: Requisite Particulars of Restricted Transactions
  490. Preliminary
  491. 1Paragraph 1
  492. The requisite particulars
  493. 2Paragraph 2
  494. Schedule 10: Requisite Particulars of Income or Related Businesses
  495. Part I: Requisite Particulars Where no Adoption of Part II
  496. Conveyancers
  497. 1Paragraph 1
  498. Valuers and surveyors
  499. 2Paragraph 2
  500. Accountants
  501. 3Paragraph 3
  502. Insurance agents, etc.
  503. 4Paragraph 4
  504. Part II: Requisite Particulars on Adoption of This Part
  505. Conveyancers
  506. 5Paragraph 5
  507. Valuers and surveyors
  508. 6Paragraph 6
  509. Accountants
  510. 7Paragraph 7
  511. Insurance agents, etc.
  512. 8Paragraph 8
  513. Part III: Supplementary
  514. Power to prescribe bands for Part II particulars
  515. 9Paragraph 9
  516. Interpretation
  517. 10Paragraph 10
  518. Schedule 10A: Disclosures about directors, other officers and employees in notes to accounts
  519. Part 1: Emoluments of and dealings with directors and other officers
  520. Aggregate amount of director’s remuneration etc
  521. 1Paragraph 1
  522. 1AParagraph 1A
  523. Details of individual directors' remuneration etc
  524. 2Paragraph 2
  525. Excess retirement benefits of directors and past directors
  526. 3Paragraph 3
  527. Compensation to directors for loss of office
  528. 4Paragraph 4
  529. Sums paid to third parties in respect of directors' services
  530. 5Paragraph 5
  531. Supplementary provisions regarding directors' remuneration
  532. 6Paragraph 6
  533. 7Paragraph 7
  534. 8Paragraph 8
  535. Interpretation of provisions regarding directors remuneration
  536. 9Paragraph 9
  537. Directors' loans and transactions
  538. 10Paragraph 10
  539. Disclosure of auditors' remuneration
  540. 11Paragraph 11 Repealed
  541. Persons who are to be regarded as associates of a society’s auditors
  542. 12Paragraph 12 Repealed
  543. Part 2: Information about employees
  544. 13Paragraph 13
  545. Schedule 10B: Disclosures about related undertakings required in note to accounts
  546. Part 1: Societies not required to prepare consolidated group accounts
  547. Subsidiary undertakings
  548. 1Paragraph 1
  549. Holdings in subsidiary undertakings
  550. 2Paragraph 2
  551. Financial information about subsidiary undertakings
  552. 3Paragraph 3
  553. Financial years of subsidiary undertakings
  554. 4Paragraph 4
  555. Significant holdings in undertakings other than subsidiary undertakings
  556. 5Paragraph 5
  557. 6Paragraph 6
  558. 7Paragraph 7
  559. Construction of references to shares held by society
  560. 8Paragraph 8
  561. Part 2: Societies required to prepare consolidated group accounts
  562. Subsidiary undertakings
  563. 9Paragraph 9
  564. Holdings in subsidiary undertakings
  565. 10Paragraph 10
  566. Financial information about subsidiary undertakings not included in the consolidation
  567. 11Paragraph 11
  568. Associated undertakings
  569. 12Paragraph 12
  570. Other significant holdings of society or group
  571. 13Paragraph 13
  572. 14Paragraph 14
  573. 15Paragraph 15
  574. 16Paragraph 16
  575. 17Paragraph 17
  576. 18Paragraph 18
  577. Construction of references to shares held by society or group
  578. 19Paragraph 19
  579. Interpretation: general
  580. 20Paragraph 20
  581. Schedule 10C: Disclosure of auditor remuneration etc required in notes to accounts
  582. Disclosure required
  583. 1Paragraph 1
  584. Types of service
  585. 2Paragraph 2
  586. Disclosure not required of remuneration for certain services provided by distant associate
  587. 3Paragraph 3
  588. Duty of auditor to supply information
  589. 4Paragraph 4
  590. Meaning of “associate” and “distant associate” of auditor
  591. 5Paragraph 5
  592. Interpretation
  593. 6Paragraph 6
  594. Schedule 11: Auditors: Appointment, Tenure...
  595. Appointment
  596. 1Paragraph 1
  597. 2Paragraph 2
  598. 3Paragraph 3
  599. 3AParagraph 3A Repealed
  600. 3BParagraph 3B
  601. 3CParagraph 3C
  602. 3DParagraph 3D
  603. 3DAParagraph 3DA
  604. 3EParagraph 3E
  605. 4Paragraph 4
  606. Qualification and disqualification of auditors
  607. 5Paragraph 5 Repealed
  608. Tenure
  609. 5AParagraph 5A Repealed
  610. 5BMaximum engagement period: transitional arrangements Repealed
  611. Removal of auditors
  612. 6Paragraph 6
  613. 6ZAApplication to court to remove auditor from office
  614. Removal of auditor on improper grounds
  615. 6AParagraph 6A
  616. Resignation of auditors
  617. 7Paragraph 7
  618. 8Paragraph 8
  619. Duty of auditor to notify appropriate audit authority
  620. 8AParagraph 8A
  621. Duty of building society to notify appropriate audit authority
  622. 8BParagraph 8B
  623. Interpretation
  624. 8CParagraph 8C
  626. 9Paragraph 9
  627. Schedule 12
  628. IMatters to be Provided for in Schemes
  629. Administration
  630. 1Paragraph 1
  631. 2Paragraph 2
  632. 3Paragraph 3
  633. The adjudicator
  634. 4Paragraph 4
  635. Scope of scheme
  636. 5Paragraph 5
  637. Functions of adjudicator
  638. 6Paragraph 6
  639. 7Paragraph 7
  640. 8Paragraph 8
  641. Determinations and their effects
  642. 9Paragraph 9
  643. 10Paragraph 10
  644. Reports by investigators to administering body
  645. 11Paragraph 11
  646. Amendment or revocation of scheme
  647. 12Paragraph 12
  648. Accession to membership
  649. 13Paragraph 13
  650. Withdrawal from membership
  651. 14Paragraph 14
  652. Part II: Requirements for Recognised Schemes:Matters of Complaint
  653. Share accounts
  654. 1Paragraph 1
  655. Deposit accounts
  656. 2Paragraph 2
  657. Borrowing members: class 1 or class 2 advances
  658. 3Paragraph 3
  659. Borrowers: mobile home loans
  660. 4Paragraph 4
  661. Borrowers: other loans
  662. 5Paragraph 5
  663. Money transmission services
  664. 6Paragraph 6
  665. Foreign exchange facilities
  666. 7Paragraph 7
  667. Agency payments and receipts
  668. 8Paragraph 8
  669. Provision of credit
  670. 9Paragraph 9
  671. Part III: Minimum Requirements for Recognised Schemes: Other Provisions
  672. Grounds of complaint
  673. 1Paragraph 1
  674. Permissible exclusions from investigation
  675. 2Paragraph 2
  676. Functions of adjudicator
  677. 3Paragraph 3
  678. 4Paragraph 4
  679. 5Paragraph 5
  680. Effect of determinations and their communication
  681. 6Paragraph 6
  682. 7Paragraph 7
  683. Reports by adjudicator to administering body
  684. 8Paragraph 8
  685. Publication
  686. 9Paragraph 9
  687. Schedule 13
  688. Preliminary
  689. 1Paragraph 1
  690. 2Paragraph 2
  691. The register of recognised schemes
  692. 3Paragraph 3
  693. Procedure for recognition: Commission’s initiative
  694. 4Paragraph 4
  695. Procedure for recognition: submission by societies
  696. 5Paragraph 5
  697. Procedure on accession to schemes
  698. 6Paragraph 6
  699. Withdrawal of recognition
  700. 7Paragraph 7
  701. 8Paragraph 8
  702. 9Paragraph 9
  703. Withdrawal from membership
  704. 10Paragraph 10
  705. Schedule 14: Settlement of Disputes
  706. Part I: Proceedings in Court
  707. Jurisdiction of the court
  708. 1Paragraph 1
  709. 2Paragraph 2
  710. Right of FCA and PRA to be heard
  711. 3Paragraph 3
  712. Part II: Arbitration
  713. Circulation of election addresses, resolutions and statements
  714. 4Paragraph 4
  715. Calling of special meeting
  716. 4AParagraph 4A
  717. Procedure on a reference to arbitration
  718. 5Paragraph 5
  719. Access to register of members
  720. 6Paragraph 6
  721. Disputes cognizable under a scheme
  722. 7Paragraph 7 Repealed
  723. General
  724. 8Paragraph 8
  725. Schedule 15: Application of Companies Winding Up Legislation to Building Societies
  726. Part I: General Mode of Application
  727. 1Paragraph 1
  728. 1AParagraph 1A
  729. 2Paragraph 2
  730. 3Paragraph 3
  731. 4Paragraph 4
  732. 5Paragraph 5
  733. Part II: Modified Application of Insolvency Act 1986
  734. Chapter Parts IV , 6, 7, 12 and 13 and Schedule 10
  735. Preliminary
  736. 6Paragraph 6
  737. 6ZAParagraph 6ZA
  738. 6AParagraph 6A
  739. Members of a building society as contributories in winding up
  740. 7Paragraph 7
  741. 8Paragraph 8
  742. 9Paragraph 9
  743. Voluntary winding up
  744. 10Paragraph 10
  745. 11Paragraph 11
  746. 12Paragraph 12
  747. 13Paragraph 13
  748. 14Paragraph 14
  749. Winding up by the court
  750. 15Paragraph 15
  751. 16Paragraph 16
  752. 17Paragraph 17
  753. 18Paragraph 18
  754. 19Paragraph 19
  755. 20Paragraph 20
  756. 21Paragraph 21
  757. 22Paragraph 22
  758. 23Paragraph 23
  759. 23AParagraph 23A
  760. 24Paragraph 24
  761. 25Paragraph 25
  762. 26Paragraph 26 Repealed
  763. Winding up: general
  764. 27Paragraph 27
  765. 28Paragraph 28
  766. 29Paragraph 29
  767. Penal provisions
  768. 30Paragraph 30
  769. 31Paragraph 31
  770. 32Paragraph 32
  771. Protection of supplies
  772. 32AParagraph 32A
  773. Preferential debts
  774. 33Paragraph 33
  775. Insolvency practitioners: their qualification and regulation
  776. 33AParagraph 33A
  777. 33BParagraph 33B
  778. Part III: Modified application of Insolvency (Northern Ireland) Order 1989
  779. Chapter Parts V , 11 and 12
  780. Preliminary
  781. 34Paragraph 34
  782. 34AParagraph 34A
  783. Members of a building society as contributories in winding up
  784. 35Paragraph 35
  785. 36Paragraph 36
  786. 37Paragraph 37
  787. Voluntary winding up
  788. 38Paragraph 38
  789. 39Paragraph 39
  790. 40Paragraph 40
  791. 41Paragraph 41
  792. 42Paragraph 42
  793. Winding up by the High Court
  794. 43Paragraph 43
  795. 44Paragraph 44
  796. 45Paragraph 45
  797. 46Paragraph 46
  798. 47Paragraph 47
  799. 48Paragraph 48
  800. 49Paragraph 49
  801. 50Paragraph 50
  802. 50AParagraph 50A
  803. 51Paragraph 51
  804. 52Paragraph 52
  805. 53Paragraph 53 Repealed
  806. Winding up: general
  807. 54Paragraph 54
  808. 55Paragraph 55
  809. 55AParagraph 55A
  810. Penal provisions
  811. 55BParagraph 55B
  812. 55CParagraph 55C
  813. 55DParagraph 55D
  814. Protection of supplies
  815. 55DAParagraph 55DA
  816. Preferential debts
  817. 55EParagraph 55E
  818. Insolvency practitioners: their qualification and regulation
  819. 55FParagraph 55F
  820. 55GParagraph 55G
  821. Part IV: Dissolution of Building Society wound up (England and Wales, Scotland and Northern Ireland)
  822. 56Paragraph 56
  823. 57Paragraph 57
  824. Insolvency rules and fees: England and Wales and Scotland
  825. 58Paragraph 58
  826. Insolvency rules and fees: Northern Ireland
  827. 59Paragraph 59
  828. Schedule 15A: Application of other companies insolvency legislation to building societies
  829. Part I: General mode of application
  830. 1Paragraph 1
  831. 2Paragraph 2
  832. 3Paragraph 3
  833. 4Paragraph 4
  834. 5Paragraph 5
  835. 5AParagraph 5A
  836. Part II: Modified Application of Parts I to III , 6, 7, 12 and 13 of Insolvency Act 1986
  837. Preliminary
  838. 6Paragraph 6
  839. 6AParagraph 6A
  840. Voluntary arrangements
  841. 7Paragraph 7
  842. 8Paragraph 8
  843. 8AParagraph 8A
  844. 9Paragraph 9
  845. 9AParagraph 9A
  846. Administration orders
  847. 10Paragraph 10
  848. 11Paragraph 11
  849. 12Paragraph 12
  850. 13Paragraph 13
  851. 14Paragraph 14
  852. 15Paragraph 15
  853. 16Paragraph 16
  854. 17Paragraph 17
  855. 18Paragraph 18 Repealed
  856. 19Paragraph 19
  857. 20Paragraph 20 Repealed
  858. 21Paragraph 21
  859. 22Paragraph 22
  860. 23Paragraph 23
  861. 24Paragraph 24
  862. Receivers and managers
  863. 25Paragraph 25
  864. 26Paragraph 26
  865. 27Paragraph 27
  866. 27AParagraph 27A
  867. 27BParagraph 27B
  868. 27CParagraph 27C
  869. 27DParagraph 27D
  870. 27EParagraph 27E
  871. 27FParagraph 27F
  872. Protection of supplies
  873. 27FAParagraph 27FA
  874. Insolvency practitioners: their qualification and regulation
  875. 27GParagraph 27G
  876. 27HParagraph 27H
  877. 27IParagraph 27I
  878. Part III: Modified Application of Parts II, III , 4 and 12 of Insolvency (Northern Ireland) Order 1989
  879. Preliminary
  880. 28Paragraph 28
  881. Voluntary arrangements
  882. 29Paragraph 29
  883. 30Paragraph 30
  884. 31Paragraph 31
  885. Administration orders
  886. 32Paragraph 32
  887. 33Paragraph 33
  888. 34Paragraph 34
  889. 35Paragraph 35
  890. 36Paragraph 36
  891. 37Paragraph 37
  892. 38Paragraph 38
  893. 39Paragraph 39
  894. 40Paragraph 40 Repealed
  895. 41Paragraph 41
  896. 42Paragraph 42 Repealed
  897. 43Paragraph 43
  898. 44Paragraph 44
  899. 45Paragraph 45
  900. 46Paragraph 46
  901. Receivers and managers
  902. 47Paragraph 47
  903. 48Paragraph 48
  904. 49Paragraph 49
  905. 50Paragraph 50
  906. 51Paragraph 51
  907. 52Paragraph 52
  908. Protection of supplies
  909. 52AParagraph 52A
  910. Insolvency practitioners: their qualification and regulation
  911. 53Paragraph 53
  912. 54Paragraph 54
  913. 55Paragraph 55
  914. Schedule 16: Mergers: Supplementary Provisions
  915. Part I: Issue of Statements to Members
  916. 1Paragraph 1
  917. Part II: Notification of Proposals for Merger
  918. Preliminary
  919. 2Paragraph 2
  920. Duty to notify members
  921. 3Paragraph 3
  922. 4Paragraph 4
  923. Duty to notify appropriate authority
  924. 5Paragraph 5
  925. Penalty
  926. 6Paragraph 6
  927. Part III: Confirmation by appropriate authority : Procedure
  928. 7Paragraph 7
  929. 8Paragraph 8
  930. 9Paragraph 9
  931. Schedule 17: Transfers of Business: Supplementary Provisions
  932. Part I: Issue of statement or summary to members
  933. Preliminary
  934. 1Paragraph 1
  935. Duty to send transfer statements or summaries to members
  936. 2Paragraph 2
  937. 3Paragraph 3
  938. 4Paragraph 4
  939. 5Paragraph 5
  940. Part IA: Notification of proposals for transfers of business
  941. Preliminary
  942. 5AParagraph 5A
  943. Duty to notify members
  944. 5BParagraph 5B
  945. 5CParagraph 5C
  946. Duty to notify appropriate authority
  947. 5DParagraph 5D
  948. Penalty
  949. 5EParagraph 5E
  950. Part II: Confirmation by appropriate authority : Procedure
  951. 6Paragraph 6
  952. 7Paragraph 7
  953. 8Paragraph 8
  954. Schedule 18: Amendments of Enactments
  955. Part I: United Kingdom
  956. Bankers’ Books Evidence Act 1879 (c.11)
  957. 1Paragraph 1
  958. Land Registration Act 1925 (c.21)
  959. 2Paragraph 2 Repealed
  960. Payment of Wages Act 1960 (c. 37)
  961. 3Paragraph 3 Repealed
  962. Trustee Investments Act 1961 (c. 62)
  963. 4Paragraph 4
  964. Stock Transfer Act 1963 (c.18)
  965. 5Paragraph 5
  966. Industrial and Provident Societies Act 1965 (c.12)
  967. 6Paragraph 6 Repealed
  968. Income and Corporation Taxes Act 1970 (c.10)
  969. 7Paragraph 7 Repealed
  970. Banking and Financial Dealings Act 1971 (c.80)
  971. 8Paragraph 8
  972. Local Government Act 1972 (c.70)
  973. 9Paragraph 9
  974. Consumer Credit Act 1974 (c. 39)
  975. 10Paragraph 10
  976. Solicitors Act 1974 (c.47)
  977. 11Paragraph 11
  978. Home Purchase Assistance and Housing Corporation Guarantee Act 1978 (c.27)
  979. 12Paragraph 12
  980. Banking Act 1979 (c.37)
  981. 13Paragraph 13 Repealed
  982. Charging Orders Act 1979 (c.53)
  983. 14Paragraph 14
  984. Finance Act 1982 (c.39)
  985. 15Paragraph 15 Repealed
  986. Companies Act 1985 (c.6)
  987. 16Paragraph 16 Repealed
  988. Insolvency Act 1985 (c.65)
  989. 17Paragraph 17 Repealed
  990. Housing Act 1985 (c. 68)
  991. 18Paragraph 18
  992. Housing Associations Act 1985 (c.69)
  993. 19Paragraph 19
  994. Part II: Northern Ireland
  995. Industrial and Provident Societies Act (Northern Ireland)1969 (c.24 N.I.)
  996. 20Paragraph 20
  997. Payment of Wages Act (Northern Ireland 1970
  998. 21Paragraph 21 Repealed
  999. Private Streets (Northern Ireland) Order 1980 (S.I. 1980/1086 (N.I.12))
  1000. 22Paragraph 22
  1001. Housing (Northern Ireland) Order 1981 (S.I. 1981/156 (N.I.3))
  1002. 23Paragraph 23
  1003. Property (Discharge of Mortgage by Receipt) (Northern Ireland) Order 1983 (S.I. 1983/766 (N.I.9))
  1004. 24Paragraph 24
  1005. Housing (Northern Ireland) Order 1983 (S.I. 1983/1118 (N.I.15))
  1006. 25Paragraph 25
  1007. Companies (Northern Ireland) Order 1986
  1008. 26Paragraph 26 Repealed
  1009. Schedule 19: Repeals and Revocations
  1010. IRepeals: General
  1011. IIRevocation Extending to Great Britain
  1012. IIIRepeals and Revocations Extending Only to Northern Ireland
  1013. Schedule 20: Transitional and Saving Provisions
  1014. Preliminary
  1015. 1Paragraph 1
  1016. Adoption of powers and alteration of rules
  1017. 2Paragraph 2 Repealed
  1018. 3Paragraph 3 Repealed
  1019. Default powers
  1020. 4Paragraph 4 Repealed
  1021. Registration with existing authorities
  1022. 5Paragraph 5
  1023. Authorisation under existing enactments
  1024. 6Paragraph 6
  1025. Anticipation of powers: declaratory provision
  1026. 7Paragraph 7
  1027. Unlawful anticipation of powers
  1028. 8Paragraph 8
  1029. Penalty for breach of undertaking
  1030. 9Paragraph 9
  1031. Penalty for false declaration
  1032. 10Paragraph 10
  1033. Powers of central office
  1034. 11Paragraph 11
  1035. Permissible securities for advances
  1036. 12Paragraph 12
  1037. 13Paragraph 13
  1038. Existing business names
  1039. 14Paragraph 14 Repealed
  1040. Directors in office
  1041. 15Paragraph 15
  1042. Existing financial years
  1043. 16Paragraph 16 Repealed
  1044. Qualifying assets
  1045. 17Paragraph 17
  1046. Provision of conveyancing services for building societies
  1047. 18Paragraph 18 Repealed
  1048. Schedule 21: Provision of Conveyancing Services by Recognised Institutions and Practitioners Not yet in force
  1049. ... Not yet in force
  1050. Paragraph Not yet in force
  1051. Not yet in force
  1052. Paragraph 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