Part I General
Building Societies Act 1986 (1986 c 53) | Legislation

SCHEDULE 2 Establishment, Incorporation and Constitution of Building Societies

Sections 5, 93, 94, 97

Part I General

Requirements for establishment

1

(1)     Any ten or more persons may establish a society under this Act by taking the following steps—

(a)     agreeing upon the purpose or principal purpose of the society and upon the extent of its powers in a memorandum the provisions of which comply with the requirements of this Part of this Schedule;

(b)     agreeing upon rules for the regulation of the society which comply with the requirements of this Part of this Schedule;

(c)     sending to the [FCA] [three] copies of the memorandum and the rules, each copy signed by at least ten of those persons (or, if there are only ten, by all of them) and by the intended secretary.

(2)     Where copies of the memorandum and rules are sent to the [FCA] in accordance with sub-paragraph (1)(c) above, the [FCA], if satisfied that—

(a)     the provisions of the memorandum are in conformity with this Act and any instruments under it,

(b)     the rules are in conformity with this Act,

(c)     the intended name of the society is not, in its opinion, undesirable,

shall

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