BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 58



58.(1) A building society shall not invest any part of the surplus funds of
the society except in a manner authorised by an order made under this section
by the registrar with the consent of the Ministry.

(2) An order under this section may contain

(a)provisions authorising the application of funds of a building society in
any form of investment subject to any limitations as to amount, whether by
reference to a fixed sum or by reference to a proportion of the total
investments of the society or otherwise;

(b)provisions varying or revoking a previous order, and such transitional,
supplemental and incidental provisions as appear to the registrar to be
necessary or desirable.

(3) In this Part "surplus funds", in relation to a building society, means
funds of the society which are not immediately required for its purposes.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 58