Section 88 Voluntary winding up.

United Kingdom

(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 voluntarilyF1, 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.

Annotations

Textual amendments

F1: Words in s. 88(1) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 4
F2: S. 88(1A) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 4
F3: Words 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)
F4: Words 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)