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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 101

Dissolution by consent.

101.(1) On the application in writing

(a)in the case of a building society having more than one thousand members, of
one hundred members of the society, or

(b)in the case of any other building society, of one-tenth of the whole number
of members of the society,

(2) Before beginning an investigation under subsection (1), the registrar
shall give not less than two months' notice in writing to the building society
at its registered chief office or place of meeting.

(3) If on such an investigation it appears that the building society is unable
to meet the claims of its members, and that it would be for their benefit that
it should be dissolved, the registrar

(a)may, if he considers it expedient to do so, award that the society be
dissolved, and shall in that case direct in what manner the affairs of the
society are to be wound up, or

(b)may suspend his award for such period as he thinks necessary to enable the
society to make such alterations of its rules as will, in the judgment of
the registrar, make such an award unnecessary.

(4) Where an award for dissolution is made under this section, the registrar
shall, within twenty-one days after the making thereof, cause notice of the
award to be advertised in the Belfast Gazette, and in a newspaper circulating
in the county in which the registered chief office or place of meeting of the
building society is situated.

© 1967 Crown Copyright

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