BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 102 Dissolution on award of Registrar.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 102

Dissolution on award of Registrar.

102.(1) The provisions of this section shall have effect in relation to the
dissolution of a building society under section 99 or 100.

(2) The provisions of this Act shall continue to apply in relation to the
building society as if the liquidators or other persons conducting the
dissolution of the society, or the trustees appointed under the instrument of
dissolution, as the case may be, were the board of directors of the society.

(3) The liquidators, trustees or other persons having the conduct of the
dissolution shall, within twenty-eight days from the termination of the
dissolution, send to the registrar an account and balance sheet signed and
certified by them as correct, and showing the assets and liabilities of the
society at the commencement of the dissolution, and the way in which those
assets and liabilities have been applied and discharged; and if they fail to
do so they shall each be liable on summary conviction to a fine not exceeding
five pounds for every day during which the default continues.

(4) Except with the consent of the registrar

(a)no resolution, instrument of dissolution or other proceeding for the
dissolution of a building society under section 99 or 100, and

(b)no alteration of an instrument of dissolution under section 100,

(5) Any provision in a resolution or document that members of a
building society proposed to be dissolved shall accept investments in another
society (whether in shares, deposits or any other form) in or towards
satisfaction of their rights in the dissolution shall be conclusive evidence
of such a purpose as is mentioned in subsection (4).

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 102