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1.(1) The purpose for which a society may be established under this Act is that of raising, by the subscriptions of its members, a stock or fund for making advances to its members out of the funds of the society upon security by way of mortgage of freehold or leasehold estate. (2) A society so established may be either (a)a permanent society, that is to say, a society which has not by its rules any fixed date at which, or specified result on the attainment of which, it is to terminate, or (b)a terminating society, that is to say, a society which by its rules is to terminate at a fixed date, or when a result specified in the rules is attained. (3) Any number of persons, not being less than ten, may establish a society under this Act by (a)agreeing upon rules for the government of the society, being rules which comply with the requirements of this Act relating to rules of building societies, and (b)sending to the registrar two copies of those rules, signed by not less than ten of those persons (or, if there are only ten, by all of them) and by the intended secretary or other officer. (4) In this Act "building society" means (a)a society registered and incorporated under this Act, (b)a society registered and incorporated in Northern Ireland after 1st January 1922 under the enactments repealed by this Act, (c)a society which was, on 1st January 1922, incorporated under the Building Societies Acts 1874 to 1894 and which is deemed to be registered in Northern Ireland, Registration of society and its rules.
© 1967 Crown Copyright
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