BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 59 Authorised investments.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 59

Authorised investments.

59.(1) Subject to the following provisions of this Part, in so far as any
surplus funds of a building society

(a)are not invested in accordance with section 58; and

(b)are not kept in cash in the custody of officers of the society;

(2) The registrar shall, by an order made with the consent of the Ministry,
designate the banks which are authorised as mentioned in subsection (1).

(3) Any order under this section shall be published in the Belfast, London and
Edinburgh Gazettes.

(4) Where a bank ceases to be authorised as mentioned in subsection (1), and
any funds of a building society on loan to that bank thereupon cease to be
kept in a manner permitted by that subsection, the society shall take all
practicable steps to call in and realise the loan within the period of three
months from the time when the bank ceased to be so authorised, or, if that is
not possible, as soon after the end of that period as possible.

(5) In this section "bank" means [a body corporate or partnership carrying on
the business of banking,] [a recognised bank within the meaning of the Banking
Act 1979], and a trustee savings bank or other savings bank established under
any Act of Parliament or of the Parliament of the United Kingdom, whether
public or local.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 59