Regulation 16 Accounts of building societies, industrial and provident societies and corporationsI1

United Kingdom

(1)

This regulation applies only in relation to an account opened before 1st January 1990.

(2)

A deposit may be made in the name of—

(a)

a building society within the meaning of the Building Societies Act 1986^f1 (or under enactments repealed by that Act);

(b)

in the name of a society registered under the Industrial and Provident Society Act 1965^f2, the Industrial and Provident Societies Act (Northern Ireland) 1969^f3 or the Co-operative and Community Benefit Societies and Credit Unions Act 2010^f4; or

(c)

subject to the approval of the Director of Savings, in the name of any other body corporate or in the name of a corporation sole.

(3)

In the case of a corporation sole, a declaration in the approved form must be made by the person constituting the corporation.

(4)

An application to withdraw or transfer deposits must be made—

(a)

in the case of a society or other body corporate—

(i)

under its seal;

(ii)

by the secretary or treasurer; or

(iii)

by two of the directors;

(b)

in the case of a corporation sole, by the person constituting the corporation.

Annotations

Commencement

I1: Reg. 16 in force at 6.4.2015, see reg. 1(1)

Footnotes

f1: 1986 c. 53.
f2: 1965 c.12.
f3: 1969 c.24.
f4: 2010 c. 7.