5 Establishment, constitution and powers
Building Societies Act 1986 (1986 c 53) | Legislation

Part II Constitution of Building Societies

Establishment

5  Establishment, constitution and powers

[(1)     A society may be established under this Act if (and only if) it complies with the following requirements, namely—

(a)     its purpose or principal purpose is that of making loans which are secured on residential property and are funded substantially by its members; and

(b)     its principal office is in the United Kingdom.]

(2)     A society is established under this Act on compliance by the persons establishing it with the scheduled requirements and is incorporated under this Act as from the date of registration by the [FCA].

(3)     A society incorporated under this Act is referred to in this Act as a “building society”.

(4)     A society incorporated under the repealed enactments whose principal office, as registered with the central office immediately before the

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Pre-trial and case management hearings in the Crown Court

Pre-trial and case management hearings in the Crown CourtCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the Coronavirus Act 2020 (CA 2020). CA 2020, among other measures, makes provision for the extended use of live links and audio links in criminal proceedings.

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can

LEXISNEXIS

Indirect effect of EU law

Indirect effect of EU lawWhat is indirect effect of EU law?The doctrine of indirect effect, or consistent interpretation, is a duty that national courts have, as part of the Member State responsible for fulfilment of EU obligations, to interpret national law in light of EU law, especially with

LEXISNEXIS

Interim injunctions—the American Cyanamid guidelines

Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim