BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 55 Expenses of registrar under ss.48 to 53.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 55

Expenses of registrar under ss.48 to 53.

55.(1) Where, in the case of a building society the assets of which do not
exceed one hundred thousand pounds in value,

(a)there has in the opinion of the registrar been a change in the scale or
character of the business carried on by the society, or arrangements have in
his opinion been made for such a change; and

(b)the registrar considers it expedient to do so in the interests of persons
who have invested or deposited, or may invest or deposit, money with the
society;

(2) A notice under this section shall state that, unless within such period
(not being less than two months) from the service of the notice as may be
specified in the notice, there has been produced to the registrar evidence to
his satisfaction as to the matters specified in subsection (3), he proposes to
give a direction that the society shall not

(a)issue any shares or lend or borrow any money; or

(b)issue or cause to be issued any advertisement.

(3) The said matters are

(a)that the directors of the society, or, as the case may be, one or more of
them, have been issued with shares in the society on terms which comply with
the requirements of Schedule 1;

(b)that the value of the shares (taking into account, in a case where more
than one director has been issued with such shares, the shares issued to all
the directors) amounts to five thousand pounds or more; and

(c)that there has been paid to the society in cash for those shares a sum or
sums amounting in all to five thousand pounds or more.

(4) Where a notice under this section has been served on a building society,
the registrar shall consider any representations made to him within the period
of one month from the service of the notice on the society, and, if the
society so requests, shall afford it an opportunity of being heard by him
within that period.

(5) If, at the end of the period specified in such a notice, the registrar has
not received evidence to his satisfaction as to the matters specified in
subsection (3), he may at any time thereafter give to the society a direction
that, while the direction is in force, the society shall not

(a)issue any shares or lend or borrow any money; or

(b)issue or cause to be issued any advertisement;

(6) If at any time after the registrar gives a direction under this section,
and before he presents a petition in accordance with subsection (5) for the
winding up of the building society, he receives such evidence as is mentioned
in that subsection, he shall rescind the direction.

(7) If a building society contravenes a direction under this section, 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.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 55