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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 74

Disclosure of interest by directors.

74.(1) No director, secretary, surveyor, solicitor or other officer of a
building society shall (in addition to the remuneration prescribed or
authorised by the rules of the society) accept from any other person any
commission for or in connection with any loan made by the society.

(2) If an officer of a building society accepts a commission in contravention
of subsection (1)

(a)both he and the person who paid it shall each be liable on summary
conviction to a fine not exceeding fifty pounds, or to imprisonment for a term
not exceeding six months; and

(b)if, having been convicted of an offence under paragraph (a), the officer in
question fails to pay over to the society the amount or value of the
commission, as and when directed to do so by the court which convicted him of
that offence, he shall be guilty of an offence under this paragraph and liable
on summary conviction to imprisonment for a term not exceeding six months.

(3) In this section "commission" includes any gift, bonus or benefit.

© 1967 Crown Copyright

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