BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 128 Financial year of building societies.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 128

Financial year of building societies.

128.(1) In this Act the following expressions have the meanings hereby
assigned to them respectively, that is to say

"advertisement", in relation to a building society, means an advertisement in
any medium inviting business or making known the activities of the society,
and includes in particular a circular or handbill inviting business or making
known the society's activities;

"additional security", in relation to an advance made by a building society,
means any security for the advance other than a mortgage of freehold or
leasehold estate, whether effected by the person to whom the advance is made
or by any other person and whether it is a legal or an equitable mortgage;

"alteration", in relation to the rules of a building society, includes any
addition to the rules, and also includes the rescission of all or any of the
rules, with or without the substitution of one or more new rules for any rules
rescinded;

"annual return" has the meaning assigned to it by section 88;

"assurance company" means an assurance company within the meaning of [Part II
of the Insurance Companies Act 1974], or an insurance company to which the
Insurance Companies Act 1958 applies;

"banking or finance company" means any body corporate or partnership whose
ordinary business includes the business of banking and any other body
corporate whose ordinary business includes the business of lending money;

"basic advance", in relation to any advance made or to be made for the purpose
of its being used in defraying the purchase price of freehold or leasehold
estate, means the maximum amount which the building society would consider
proper to advance on the security of that estate if no other security were
taken by the society;

"board of directors", in relation to a building society managed by a committee
of management, means that committee;

"building society", has the meaning assigned to it by section 1;

"continuing arrangement" means any arrangement made between a building society
and another person whereby, in contemplation of a series of advances
comprising excess advances being made by the society to members for the
purpose of their being used in defraying the purchase prices of freehold or
leasehold estates, that person undertakes to give to the society a series of
guarantees, each of which is to secure sums payable to the society in respect
of such an advance;

"the court", in relation to a building society, means the county court for the
division in which the chief office or place of meeting for the business of the
society is situated;

"director", in relation to a building society, includes a member of a
committee of management and any other person occupying the position of
director by whatever name called;

"disposition", in relation to any freehold or leasehold estate, means any
disposition of that estate inter vivos, and includes both the grant and the
assignment of a lease or underlease, and "acquisition" has a corresponding
meaning;

"excess advance" means, in relation to any advance, the amount by which the
advance exceeds the basic advance;

"financial year" has the meaning assigned to it by section 127;

"member", in relation to a building society, includes any person who for the
time being holds a share (whether advanced or not) in the society;

"the Ministry" means the Ministry of Commerce;

"mortgage" includes a charge on registered land created under section 40 of
the Local Registration of Title (Ireland) Act 1891;

"officer", in relation to a building society, includes a director, manager or
secretary of the society, and, in so far as Part VI so provides, also includes
an auditor of the society;

"policy of life assurance" means a policy of life assurance issued by an
assurance company or by a friendly society which is a registered society for
the purposes of the Friendly Societies Act, 1896, in its application to
Northern Ireland or to Great Britain;

"purchase price", in relation to leasehold estate, means any sum payable as
the consideration, or as part of the consideration, for the grant or
assignment of the lease;

"the registrar" means the officer appointed to perform the functions of
registrar of building societies;

"share" includes stock;

"society of Great Britain" means a building society (not being a
building society specified in paragraph (a)(b) or (c) of section 1(4) of
this Act) which is incorporated under the Building Societies Act 1962 or under
the enactments repealed by that Act;

"special advance" has the meaning assigned to it by section 21;

"special resolution" has the meaning assigned to it by section 69.

(2) For the purposes of any enactment in this Act which provides that an
officer of a building society who is in default shall be liable to a fine or
penalty, "officer who is in default" means any officer of the society who
knowingly and wilfully authorises or permits the default, refusal or
contravention mentioned in the enactment.

(3) For the purposes of this Act the value of the assets of a building society
shall be the value at which the assets are taken into account in the latest
balance sheet, and not any alternative values shown in that balance sheet.

(4) For the purposes of any reference in this Act to a person holding shares
in a building society up to a specified value

(a)any shares which are fully paid up shall be taken at their nominal value;

(b)any shares which are partly paid up shall be taken at the amount which has
been paid up on them respectively; and

(c)any share held by a person to whom, as the holder of the share, the society
has made an advance, shall be disregarded.

(5) For the purposes of this Act a person shall be taken to have a financial
interest in the disposition of any freehold or leasehold estate if, but only
if, he would, on a disposition of that estate, be entitled (whether directly
or indirectly, and whether in possession or remainder) to the whole or part of
the proceeds of the disposition.

(6) Sections 11(1) and 29(1) of the Interpretation Act (Northern Ireland)
1954, shall, in like manner as they apply to a statutory provision or
transferred provision within the meaning of that Act, apply to any reference
in this Act to an enactment of the Parliament of the United Kingdom which does
not extend to Northern Ireland.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 128