{
  "url": "https://openlegislation.uk/building-societies-act-1997-commencement-no-3-order-1997/schedule/part-II",
  "json_url": "https://openlegislation.uk/building-societies-act-1997-commencement-no-3-order-1997/schedule/part-II.json",
  "legislation": "uksi/1997/2668",
  "legislation_title": "The Building Societies Act 1997 (Commencement No. 3) Order 1997",
  "legislation_url": "https://openlegislation.uk/building-societies-act-1997-commencement-no-3-order-1997",
  "path": "schedule/part/II",
  "kind": "part",
  "number": "II",
  "heading": "PROVISIONS COMING INTO FORCE IN ACCORDANCE WITH ARTICLE 2(2),(3) AND (5)",
  "text": "Provision\nSubject matter\n(a) Section 1.\nPrincipal purpose and powers.\n(b) Section 2.\nMembership and liability of members.\n(c) Section 3 and Schedule 1.\nCapacity etc.\n(d) Section 4.\nThe lending limit.\n(e) Section 5.\nLoans secured on land.\n(f) Section 6.\nLoans fully secured on land.\n(g) Section 8.\nThe funding limit\n(h) Section 9.\nRaising funds and borrowing.\n(i) Section 10.\nRestrictions on certain transactions.\n(j) Section 12(1), so far as not already in force, and (3).\nSuperseded provisions of the 1986 Act.\n(k) Section 13 and Schedule 3.\nPower to direct restructuring of business etc.\n(l) Section 14.\nPower to make prohibition orders.\n(m) Section 15.\nPower to petition for winding up etc.\n(n) Section 21.\nThe criteria of prudent management.\n(o) Section 23, so far as not already in force.\nRights of appeal.\n(p) Section 24, so far as not already in force.\nDetermination of appeals.\n(q) Section 25.\nSpecial meeting on members' requisition.\n(r) Section 26.\nFailure to comply with members' requisition.\n(s) Section 27.\nElection of directors: general.\n(t) Section 28.\nElection of directors: supplementary.\n(u) Section 29.\nAcquisition or establishment of a business.\n(v) Section 38.\nTransactions with directors and persons connected with them.\n(w) Section 43, so far as it relates to the provisions of Schedule 7 specified in this Part of this Schedule.\nAmendments of the 1986 Act.\n(x) Section 45(2).\nAmendment of the Finance Act 1988.\n(y) Section 46, so far as it relates to the provisions of Schedules 8 and 9 specified in this Part of this Schedule.\nTransitional provisions, savings and repeals etc.\n(z) In Schedule 7—\n(i) Paragraph 1.\nThe Building Societies Commission.\n(ii) Paragraph 3(1), (2) and (3).\nAuthorisation to raise funds and borrow money.\n(iii) Paragraph 11.\nVoluntary schemes.\n(iv) Paragraph 12(2), (4) and (5).\nPower to direct application to renew authorisation.\n(v) Paragraph 13(1).\nImposition of conditions on current authorisation.\n(vi) Paragraph 15(1), (3) and (4).\nReauthorisation.\n(vii) Paragraph 16.\nPowers to avoid apparent association with other bodies.\n(viii) Paragraph 17, so far as not already in force.\nPowers to obtain information and documents etc.\n(ix) Paragraph 19(3).\nConfidentiality of information obtained by the Commission.\n(x) Paragraph 21.\nInvestigation on behalf of the Commission.\n(xi) Paragraph 22.\nInspections and special meetings: general.\n(xii) Paragraph 23.\nInspections: supplementary provisions.\n(xiii) Paragraph 24.\nRestrictions on loans etc. to directors.\n(xiv) Paragraph 25.\nDirectors etc. not to accept commissions in connection with loans.\n(xv) Paragraph 27(1).\nRecords of income of related business.\n(xvi) Paragraph 29(1), (3) and (4).\nAccounting records and systems of business control etc.\n(xvii) Paragraph 30.\nContents and form of annual accounts.\n(xviii) Paragraph 31.\nDuty of directors to prepare annual business statement.\n(xix) Paragraph 32.\nDirectors' Report.\n(xx) Paragraph 33(1).\nSummary financial statement for members and depositors.\n(xxi) Paragraph 34.\nAuditor’s report and powers.\n(xxii) Paragraph 35.\nAuditor’s duties to Commission and related rights.\n(xxiii) Paragraph 39.\nWinding up: grounds and petitioners.\n(xxiv) Paragraph 40.\nWinding up or dissolution: supplementary.\n(xxv) Paragraph 41(b).\nAmalgamations.\n(xxvi) Paragraph 42.\nTransfer of engagements.\n(xxvii) Paragraph 45(2) and (3).\nTransfer of business to commercial company.\n(xxviii) Paragraph 47.\nDistribution and share rights.\n(xxix) Paragraph 49.\nLimited power to anticipate future statutory instrument powers.\n(xxx) Paragraph 52.\nQualifying asset holding for certain powers.\n(xxxi) Paragraph 53, so far as not already in force.\nInterpretation.\n(xxxii) Paragraph 54.\nNorthern Ireland.\n(xxxiii) Paragraph 56, so far as not already in force.\nEstablishment, incorporation and constitution.\n(xxxiv) Paragraph 57.\nMeetings, resolutions and postal ballots.\n(xxxv) Paragraph 59.\nDirectors: requisite particulars of restricted transactions.\n(xxxvi) Paragraph 60(2) and (3).\nRequisite particulars of income of related business.\n(xxxvii) Paragraph 64(1), (2), (3) and (4).\nSettlement of disputes.\n(xxxviii) Paragraph 66(1)(a).\nMergers: supplementary provisions.\n(xxxix) Paragraph 67(a) and, so far as it relates to paragraphs 7 to 13, 15 and 17 of Schedule 20 to the 1986 Act, (b).\nTransitional and saving provisions.\n(aa) In Schedule 8—\n(i) Paragraph 4.\nExisting members to whom advances have been made.\n(ii) Paragraph 5.\nExisting borrowing members which are corporations.\n(iii) Paragraph 6.\nExisting fully secured loans.\n(iv) Paragraph 7.\nExisting shareholders.\n(v) Paragraph 8.\nExisting depositors and shareholders.\n(bb) In Schedule 9, the repeals and revocation of the following provisions—\n(i) Section 3(1)(b) of the House Purchase Assistance and Housing Corporation Guarantee Act 1978.\n(ii) Article 155 of the Housing (Northern Ireland) Order 1981.\n(iii) Section 450 of the Housing Act 1985.\n(iv) In the Banking Act 1987, paragraph 26(1) and (8) of Schedule 6.\n(v) In the Deregulation and Contracting Out Act 1994, sections 16 and 17 and paragraph 7(6) of Schedule 11.\n(cc) In Schedule 9, the repeals of the following provisions of the 1986 Act—\n(i) In section 9(3), paragraph (d) and the word “or” immedi-ately preceding that paragraph.\n(ii) Part III, so far as not already repealed.\n(iii) Section 33.\n(iv) Part V.\n(v) Sections 38 to 40.\n(vi) Section 51.\n(vii) Section 52(3).\n(viii) In section 60(17), the definition of “ordinary resolution”.\n(ix) In section 65(10), the word “and” immediately following the definition of “provision of funds”.\n(x) Section 71(10A).\n(xi) Section 79(5).\n(xii) In section 82, in subsection (2), paragraph (c) and the word “and” immediately preceding that paragraph and, in subsection (3), paragraph (d).\n(xiii) In section 97(3), the words from “and for the purposes” to the end.\n(xiv) Section 105.\n(xv) Section 118.\n(xvi) In section 119, in subsection (1), the definitions of “adopt”, “adopted”, “adoptable powers”, “advance secured on land”, “advance fully secured on land”, “advance secured on third party land”, “mobile home loan”, “qualifying asset holding”, “subsidiary” and “total commercial assets”.\n(xvii) In section 122(1), the words “section 15,”.\n(xviii) In Schedule 2, paragraph 2(5), in paragraph 4(4), the words “subject to paragraph 19 below” and, in paragraph 30(3), the words “has been duly given”.\n(xix) In Schedule 10, in paragraphs 1, 2, 5 and 6, the words “under section 6, 10, 17 or 19”.\n(xx) In Schedule 18, paragraphs 18(4) and 23(3).\n(xxi) In Schedule 20, in paragraph 1, the definitions of “existing society” and “existing rules”, and paragraphs 7 to 13, 15 and 17.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1988 c. 39."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1978 c. 27."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "S.I. 1981/156 (N.I. 3)."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1985 c. 68."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1987 c. 22."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "1994 c. 40."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/2668/schedule/part/II",
    "retrieved_at": "2026-10-29T11:43:19.770440+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."
}