BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 111 Land acquired by foreclosure etc., to be sold.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 111

Land acquired by foreclosure etc., to be sold.

111.(1) In the circumstances mentioned in subsection (2), the registrar, with
the consent of the Ministry, may appoint an inspector to inquire into and
report on the affairs of a building society, or may call a special meeting of
a building society, or may (either on the same or on different occasions) both
appoint such an inspector and call such a meeting.

(2) The powers conferred by subsection (1) may be exercised in relation to a
building society either

(a)on the application of the requisite number of members of the society; or

(b)where no such application has been made, but the registrar is of the
opinion that an investigation should be held into the affairs of the society,
or that the affairs of the society call for consideration by a meeting of the
members.

(3) For the purposes of subsection (2)(a) the requisite number of members

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

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

(4) The following provisions shall have effect where an application is made as
mentioned in subsection (2)(a), that is to say,

(a)the application shall be supported by such evidence as the registrar may
direct for the purpose of showing that the applicants have good reason for
requiring an inspection or a special meeting, as the case may be, and that
they are not actuated by malicious motives in their application;

(b)such notice of the application shall be given to the building society as
the registrar may direct;

(c)the registrar shall require the applicants to give security for the costs
of the proposed inspection or meeting before the inspector is appointed or the
meeting is called; and

(d)all expenses of and incidental to the inspection or meeting shall be
defrayed by the applicants, or out of the funds of the society, or by the
members or officers or former members or officers of the society, in such
proportions as the registrar may direct.

(5) Before exercising his powers in a case falling within subsection (2)(b)
the registrar shall inform the building society of the action which he
proposes to take, and of the grounds on which he proposes to take it, and the
society shall, within fourteen days of receiving the information, be entitled
to give the registrar an explanatory statement in writing by way of a reply.

(6) An inspector appointed under this section may require the production of
all or any of the books, accounts, securities and documents of the
building society, and may examine on oath its officers, members, agents and
servants in relation to its business, and may administer an oath accordingly.

(7) If a building society fails to allow an inspector appointed under this
section to do anything which he is authorised to do under subsection (6), the
society, and every officer of the society who is in default, shall be liable
on summary conviction to a fine not exceeding two hundred pounds.

(8) Where a special meeting is called under this section

(a)the registrar may direct at what time and place the meeting is to be held,
and what matters are to be discussed and determined at the meeting, and may
give such other directions as he thinks fit with respect to the calling,
holding and conduct of the meeting;

(b)the registrar may appoint a person to be chairman at the meeting, or, in
default of such an appointment, the meeting may appoint its own chairman;

(c)the meeting shall have all the powers of a meeting called according to the
rules of the building society;

Inspections and special meetings.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 111