BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 56

1960 c.22

56.(1) The registrar shall not serve a notice under section 55 on a
building society at any time within five years from the date on which the
society was established.

(2) In the case of a building society where the directors have subscribed for
shares in the society in compliance with a notice under section 55,
the registrar shall not serve a further notice under that section at any time
within five years from the date of service of the previous notice.

(3) It shall be the duty of every building society whose assets do not exceed
one hundred thousand pounds in value to furnish the registrar with such
information as he may from time to time require for the purpose of
ascertaining whether there has been a change in the scale or character of the
business carried on by the society, or whether arrangements are being made for
such a change.

(4) A building society shall have power to issue shares in compliance with
section 55, notwithstanding anything in the rules of the society.

(5) The provisions of Schedule 1 shall have effect with respect to shares
issued in compliance with section 55, for the purpose of ensuring that the
conditions attaching to the shares are observed until the end of the period of
five years beginning with the date of the sending of the notice under that
section.

(6) Where the registrar intends to present a petition for the winding up of a
building society under section 55(5), he shall give notice of his intention to
the society not less than one month before presenting the petition.

(7) If a building society fails to comply with any requirements of
the registrar under subsection (3), 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.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 56