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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 11

Liability of members.

11.(1) The liability of a member of a building society in respect of a share
on which no advance has been made shall be limited to the amount actually
paid, or in arrear, on the share.

(2) The liability of a member of a building society in respect of a share on
which an advance has been made shall be limited to the amount payable thereon
under any mortgage or other security or under the rules of the society.

(3) The liability of a member of a building society to whom an advance is made
under rules made in pursuance of section 8 shall be no greater than it would
be if the rules treated him as being, by reason of the making of the advance,
the holder of a share in the society.

Business not to be commenced before incorporation.



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© 1967 Crown Copyright

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