BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 13 Minimum subscription by founding members.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 13

Minimum subscription by founding members.

13.(1) A building society incorporated after 1st October 1964, shall not
commence any business or borrow any money unless there has been produced to
the registrar evidence satisfying him that ten of the members of the society
who signed copies of the society's rules for transmission to the registrar as
mentioned in section 1(3)

(a)have each been issued with shares in the society to the value of
five hundred pounds on terms which comply with the requirements of Schedule 1;
and

(b)have each paid to the society in cash for those shares a sum of
five hundred pounds,

(2) If at the end of the period of two months beginning with the date on which
the building society became a body corporate the requisite evidence has not
been produced to the registrar under subsection (1), the registrar may if he
thinks fit cancel the registration of the building society, and the society
shall cease to enjoy the privileges of a society under this Act.

(3) Notice of the cancellation of registration of a society under subsection
(2) shall be published by the registrar in the Belfast, London and Edinburgh
Gazettes, and in such other ways as appear to the registrar expedient for
informing the public.

(4) The provisions of Schedule 1 shall have effect with respect to shares
issued in compliance with subsection (1) for the purpose of ensuring that the
conditions attaching to the shares are observed until the end of the period of
five years beginning with the date on which the registrar issued his
certificate to the building society under subsection (1).

(5) If a building society commences business or borrows any money in
contravention of this section, the building society shall be liable on
conviction on indictment or on summary conviction to a fine which, on summary
conviction, shall not exceed two hundred pounds; and every officer of the
building society who is in default shall be liable

(a)on conviction on indictment, to a fine, or to imprisonment for a term not
exceeding two years, or to both, or

(b)on summary conviction, to a fine not exceeding two hundred pounds, or to
imprisonment for a term not exceeding three months, or to both.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 13