BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 76



76.(1) Every building society shall

(a)cause to be kept proper books of account with respect to its transactions
and its assets and liabilities; and

(b)establish and maintain a system of control and inspection of its books of
account and a system for supervising its cash holdings and all receipts and
remittances.

(2) For the purposes of subsection (1)(a) proper books of account shall not be
taken to be kept with respect to the matters mentioned in that paragraph if
there are not kept such books as are necessary to give a true and fair view of
the state of the affairs of the building society and to explain its
transactions.

(3) Every building society shall establish and maintain a system to ensure the
safe custody of all documents of title belonging to the building society, and
of the deeds relating to property mortgaged to the society.

(4) For the purposes of subsection (3) a building society shall not be taken
to have established a proper system unless, under the system, on each occasion
on which any such document of title or deed is released from the custody of
the officers of the society, the consent is obtained of the board of directors
of the society, or of a person authorised by the board of directors of the
society to give such a consent.

(5) Subject to section 79, if a director of a building society fails to take
all reasonable steps to secure compliance by the society with the requirements
of this section, or has by his own wilful act been the cause of any default by
the society thereunder, he shall, in respect of each offence, be liable on
summary conviction to a fine not exceeding two hundred pounds or to
imprisonment for a term not exceeding six months.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/bsai1967346/s76.html

Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 76