BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 50 Supplementary provisions as to orders under s.48.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 50

Supplementary provisions as to orders under s.48.

50.(1) The provisions of this section shall have effect where an order is made
applying section 48(2) to a building society.

(2) Where, at the time when the order is made, a member is under an obligation
to make payments to the society, representing instalments of the amount due by
way of subscription for a share in the society, the obligation shall (subject
to anything in the rules of the society or any agreement between the society
and the member) be suspended in respect of each instalment for the period for
which the order is in force; and accordingly, if the order is revoked, the sum
due shall again become payable by instalments.

(3) Subject to subsection (2), any obligation to make a payment which, under
section 48, the building society is prohibited from accepting shall be wholly
rescinded.

(4) It shall be the duty of the society to make reasonable arrangements for
using the funds of the society to meet applications by depositors or holders
of shares in the society (being applications duly made in accordance with the
rules of the society) for repayment of the money deposited or subscribed by
them.

(5) If it appears to the registrar that, where an order under section 48 is in
force, the building society has been applying an undue proportion of the funds
of the society in making advances, in preference to meeting such applications
as are mentioned in subsection (4) of this section, he may, after giving
notice to the society and affording it an opportunity of making
representations, present a petition for the winding up of the society under
the Companies Act (Northern Ireland) 1960.

(6) Section 48(5) shall apply for the purposes of this section as it applies
for the purposes of that section.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 50