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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 49

Power to suspend borrowing and subscription for shares.

49.(1) Not less than fourteen days before making an order applying
section 48(2) to a building society, the registrar shall serve on the society,
and on every director of the society, a notice stating that he proposes to
make such an order.

(2) Any such notice served on a building society shall specify the
considerations which have led the registrar to conclude that it would be in
the interests of investors and depositors to make the order.

(3) The registrar shall consider any representations with respect to the
notice which may be made to him by the building society within such period
(not being less than fourteen days) from the date on which the society is
served with the notice as the registrar may allow, and, if the society so
requests, shall afford to it an opportunity of being heard by him within that
period.

(4) On making an order applying section 48(2) to a building society,
the registrar shall serve on the society, and on every director of the
society, a notice of the making of the order, and shall serve on the society a
notice specifying the considerations which have led him to conclude that it is
expedient to make the order in the interests of investors and depositors; and
the registrar shall not have power to make an order unless all the
considerations so specified were those, or were among those, which were
specified in the notice served on the building society under subsections (1)
and (2).

(5) A notice under this section may be served on a director of a
building society by sending it by post to his address, or latest address, as
notified to the registrar by the society or the director; and failure to serve
a notice under this section on a director shall not affect the validity of an
order under section 48.

(6) Notice of the making of an order under section 48 shall be published by
the registrar in the Belfast, London and Edinburgh Gazettes, and in such other
ways as appear to him expedient for informing the public.

(7) Any order under section 48 may be revoked by a subsequent order made by
the registrar with the consent of the Ministry.

© 1967 Crown Copyright

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