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Contents of rules. 4.(1) The rules of every building society shall set out (a)the name of the society and its chief office or place of meeting; (b)the manner in which the stock or funds of the society is or are to be raised; (c)the terms on which unadvanced subscription shares are to be issued, and the manner in which contributions are to be paid to the society and withdrawn by the members, with tables (where, in the opinion of the registrar, they are applicable) showing the amount due by the society for principal and interest respectively; (d)the terms on which paid-up shares, if any, are to be issued and withdrawn, with tables (where, in the opinion of the registrar, they are applicable) showing the amount due by the society for principal and interest respectively; (e)whether preferential shares are to be issued, and if so, within what limits; (f)the purposes to which the funds of the society are to be applied; (g)the manner in which advances are to be made and repaid, the deductions, if any, for premiums, and the conditions on which a borrower can redeem the amount due from him before the end of the period for which the advance was made, with tables (where, in the opinion of the registrar, they are applicable) showing the amount due from the borrower after each stipulated payment; (h)the manner in which losses are to be ascertained and provided for; (i)whether the society intends to borrow money, and if so, within what limits, not exceeding those prescribed by this Act; (j)the manner in which membership is to cease; (k)the manner of remunerating auditors, and the manner of appointing, remunerating and removing the board of directors and other officers; (l)the powers and duties of the board of directors and other officers; <(m)provision for the custody of the mortgage deeds and other securities belonging to the society; (n)whether disputes between the society and any of its members, or any person claiming by or through a member, or under the rules, are (subject to the provisions of this Act) to be settled by reference to the court, to the registrar or to arbitration; (o)the fines and forfeitures to be imposed on members of the society; (p)provision for the device, custody and use of the society's common seal; (q)the manner in which the society (whether permanent or terminating) may be terminated or dissolved. (2) The rules of a building society shall also provide for the calling and holding of meetings, and in particular (a)for the right of members to requisition meetings; (b)for the manner in which notice of any resolutions to be moved at meetings is to be given to members; (c)for the procedure to be observed at meetings; (d)for the form of notice for the convening of a meeting, and the manner of its service; and (e)for the voting rights of members, the right to demand a poll and the manner in which a poll is to be taken. (3) In the case of a building society incorporated after 1st October 1964, the rules shall include provision authorising the issue of paid-up shares in accordance with section 13(1). (4) The rules of a building society may describe in a schedule thereto the forms of conveyance, mortgage, transfer, agreement, bond, security for deposit or loan or other instrument necessary for carrying its purposes into execution. (5) The preceding provisions of this section shall have effect without prejudice to the provisions of this Act as to rules which are void as therein mentioned, and shall have effect subject to section 129 with respect to societies established before the commencement of this Act.
© 1967 Crown Copyright
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