BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 38 Application of Part II to societies of Great Britain.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 38

Application of Part II to societies of Great Britain.

38. In sections 28, 29, 30, 31, 34, 36(1) and (2) and 37 "building society"
includes a society of Great Britain but in relation to a
society of Great Britain subsection (1) of section 36 shall have effect as if
paragraph (b) of that subsection were omitted.

(i).(1) Subject to the provisions of this Act, a building society may borrow
money, and accordingly may receive deposits or loans, at interest, to be
applied for the purposes of the society.

(2) In the case of a permanent building society, the total amount so received
and not repaid by the society shall not at any time exceed two-thirds of the
amount for the time being secured to the society by mortgages from its
members.

(3) In the case of a terminating building society, the total amounts received
and not repaid by the society shall not at any time exceed whichever is the
greater of the following amounts, that is to say,

(a)two-thirds of the amount for the time being secured to the society by
mortgages from its members; and

(b)twelve months' subscriptions on the shares for the time being in force.

(4) In calculating, for the purposes of subsections (2) and (3), the amount
for the time being secured to a building society by mortgages from its
members, no account shall be taken of any amount secured on a property if, at
the date of the society's last preceding annual return,

(a)payments in respect of that property were more than twelve months in
arrear; or

(b)the society had been in possession of that property for twelve months.

(5) For the purposes of this section money deposited with a building society
as security for an advance made by the society to a member, or as security for
a guarantee given in respect of such an advance, shall be treated as money
borrowed by the society.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 38