BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 104

1960 c.22

104.(1) Where in the exercise of any power conferred by this Act the registrar
presents a petition for the winding up of a building society under the
Companies Act (Northern Ireland) 1960, the court may, if it thinks fit, having
regard to the interests of those members of the society, if any, who were not
responsible for the relevant default, and to all the other circumstances,
refuse to make an order for winding up, and may make its refusal subject to
any conditions.

(2) The conditions which the court may impose under subsection (1), or under
section 230 of the Companies Act (Northern Ireland) 1960 (which authorises
the court to stay proceedings after the making of an order for winding up) may
include conditions for securing

(a)that the building society be dissolved in accordance with section 99 or
100; or

(b)that the building society unite under section 18 with another
building society, or that it transfer its engagements to another
building society under section 19 or to a society of Great Britian under
section 124;

(3) In this section "the court" means the High Court, and "the relevant
default" means the default which was the occasion of the petition being
presented.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 104