{
  "url": "https://openlegislation.uk/building-societies-act-1986/section-88",
  "json_url": "https://openlegislation.uk/building-societies-act-1986/section-88.json",
  "legislation": "ukpga/1986/53",
  "legislation_title": "Building Societies Act 1986",
  "legislation_url": "https://openlegislation.uk/building-societies-act-1986",
  "path": "section/88",
  "kind": "section",
  "number": "88",
  "heading": "Voluntary winding up.",
  "text": "(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 voluntarily, but a resolution may not be passed if—\n(a) the conditions in section 90D are not satisfied, or\n(b) the society is in building society insolvency or building society special administration.\n(1A) A resolution under subsection (1) shall have no effect without the prior approval of the court.\n(2) A copy of any special resolution passed for the voluntary winding up of a building society\"shall be sent by the society to the FCA and, if the society is a PRA-authorised person, the PRA within 15 days after it is passed; and the FCA must keep a copy in the public file of the society.\n(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.\n(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.\n(5) For the purposes of this section, a liquidator of the society shall be treated as an officer of it.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 88(1A) inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 4"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/53/section/88",
    "retrieved_at": "2026-10-29T09:54:49.368285+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}