BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 14 Commencement of advertising.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 14

Commencement of advertising.

14.(1) A building society incorporated after 1st October 1964, shall not issue
or cause to be issued any advertisement until the registrar has given to the
society permission in writing to commence advertising on an application in
writing made in accordance with subsection (2).

(2) An application for permission under this section

(a)may not be made in the financial year in which the building society is
incorporated, or, unless it was incorporated on the first day of any year, in
the financial year next following that in which it was incorporated; and

(b)may not be made at any time in any financial year before the society has,
in accordance with the provisions of this Act, sent to the registrar its
return (with the auditors' report annexed) for the last preceding
financial year, and a copy of the corresponding balance sheet, including every
document required by law to be annexed or attached thereto.

(3) On an appliction by a building society under this section the registrar
shall grant permission if all the requirements set out in Schedule 2 are
fulfilled in relation to the society.

(4) If a building society contravenes subsection (1), the society, and every
officer of the society who is in default, shall be guilty of an offence under
this section; and if, after any person has been convicted of an offence under
this section in respect of an advertisement which is on display in any public
place, the society does not take all practicable steps to have the
advertisement removed, the society, and every officer of the society who is in
default, shall be guilty of a further offence under this section.

(5) If a building society is guilty of an offence under this section, it 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 if an
officer of a building society is guilty of an offence under this section he
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.

Building society to use its registered name.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 14