BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 34



34.(1) Subject to the provisions of this section, it shall not be lawful

(a)for a building society, or any officer, servant or agent of a
building society, to offer or give or agree to give to a person known to the
society, officer, servant or agent to have a financial interest in the
disposition of any freehold or leasehold estate, or to be a servant of a
person having such an interest, or

(b)for a person having such an interest, or a servant of such a person, to
receive or agree to receive from a building society, or from any officer,
servant or agent of a building society,

(2) Where a building society has a financial interest in the disposition of
any freehold or leasehold estate, subsection (1)

(a)does not prohibit the society, or any officer, servant or agent of the
society, from offering or giving or agreeing to give, in relation to the
disposition of that estate, any commission to a servant of the society,
unless, to the knowledge of the society, or of the officer, servant or agent
of the society, as the case may be, he is a disqualified person for the
purposes of this subsection, and

(b)does not prohibit a servant of the society, not being a disqualified person
for the purposes of this subsection, from receiving or agreeing to receive, in
relation to the disposition of that estate, a commission from the society or
from an officer, servant or agent of the society.

(3) Any reference in subsection (2) to a disqualified person for the purposes
of that subsection is a reference to a person who either himself has a
financial interest in the disposition of the estate in question or, in
addition to being a servant of the building society, is also a servant of
another person who has such an interest.

(4) For the purposes of this section a person who is employed, otherwise than
in pursuance of a contract of service, in connection with the disposition of
any freehold or leasehold estate by a person who has a financial interest in
the disposition thereof shall be treated, in relation to the disposition of
that estate, as a servant of the person having that interest, unless he
carries on, independently of that person, the business of a solicitor, estate
agent, surveyor or auctioneer.

(5) Any person who contravenes the provisions of this section shall be liable
on summary conviction to a fine not exceeding five hundred pounds, or to
imprisonment for a term not exceeding three months, or to both.

(6) In this section "commission" includes a gift.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 34