# Building Societies Act 1986, Section 88: Voluntary winding up.

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

(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—
(a) the conditions in section 90D are not satisfied, or
(b) the society is in building society insolvency or building society special administration.
(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 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.
(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.

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Source: https://www.legislation.gov.uk/ukpga/1986/53/section/88 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/section-88
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.