[8 Raising funds and borrowing]
Building Societies Act 1986 (1986 c 53) | Legislation

[8  Raising funds and borrowing]

[(1)     Subject to subsection (2) below, a building society shall not do any of the following things, namely—

(a)     accept a deposit from an individual;

(b)     raise funds from an individual otherwise than by the issue of shares; and

(c)     raise funds from a body corporate, or from a bare trustee (or, in Scotland, a simple trustee) for a body corporate or for persons who include a body corporate, otherwise than by the issue of deferred shares.

(2)     Nothing in subsection (1)(a) above shall apply in relation to—

(a)     the maintenance on behalf of an individual of a current account, or a deposit account which contains in its title the word “client” or the word “trust” or “trustee”;

(b)     the issue to an individual of a transferable instrument;

(c)     the acceptance from an individual of a qualifying time deposit or an overseas deposit; or

(d)     in the case of a building society which has announced publicly that it intends, in accordance with section 97 and the other applicable provisions of this Act, to transfer the whole of its business to a

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