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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 48

48.(1) If, with respect to any building society, the registrar considers it
expedient to do so in the interests of investors and depositors, he may, by an
order made with the consent of the Ministry, apply subsection (2) to the
society.

(2) Subject to subsections (3) and (5), while this subsection applies to a
building society, the society shall not

(a)accept the deposit of, or otherwise borrow, any money; or

(b)accept any payment representing the whole or any part of the amount due by
way of subscription for a share in the society, other than a payment which
fell due before the making of the order applying this subsection to the
society.

(3) This section shall not make it unlawful for a building society to borrow
from a banking or finance company, or from a director or other officer of the
society, if the society has obtained the consent in writing of the registrar.

(4) If a building society contravenes subsection (2), 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 every officer of the
society who is in default 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.

(5) References in this section to the amount due by way of subscription for a
share in a building society do not include amounts due in respect of a share
which represent interest on, or the repayment of, an advance made to the
holder of the share.

(6) In this section and in section 49, "investors and depositors", in relation
to a building society, means persons who have invested or deposited, or may
invest or deposit, money with the society.

© 1967 Crown Copyright

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