BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 45 Assistance by building societies to other societies.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 45

Assistance by building societies to other societies.

45.(1) Every person who subscribes for shares in, or deposits money with, a
building society shall, on first becoming a subscriber for shares or depositor
therein, be given by the society a copy of the latest revenue and
appropriation account and balance sheet of the society, together with a copy
of the auditors' report and the directors' report.

(2) For the purposes of this section a subscription for shares to a value of
less than one pound, made in order that the subscriber shall qualify as a
person to whom the society may make advances, shall be disregarded.

(3) Subject to subsection (4), if a building society fails to comply with this
section, the society, and every officer of the society who is in default,
shall be liable on summary conviction to a fine not exceeding two hundred
pounds.

(4) On a prosecution under subsection (3), it shall be a defence to prove that
the building society had taken reasonable steps to make arrangements to comply
with this section, and that the offence was due to inadvertence or exceptional
circumstances.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 45