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Transitional And Saving Provisions

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 374, in page 208, line 41, leave out lines 41 and 42 and insert—

  • '(a) retain and register one copy of the memorandum and of the altered rules,
  • (b) return another copy to the secretary of the society, together with a certificate of registration, and
  • (c) keep another copy, together with the record of the specified date sent to it under sub-paragraph (3) above and a copy of that registration certificate, in the public file of the society .' .
  • No. 375, in page 209, line 33, leave out from 'shall' to end of line 34 and insert

    `retain and register a copy of the memorandum and of the altered rules'.

    No. 376, in line 34, at end insert—

    `(4A) On registering a copy of the memorandum and of the altered rules under sub-paragraph (4) above, the central off ce shall—

  • (a) return another copy to the secretary of the society, together with a certificate of registration, and
  • (b) keep another copy, together with the record of the specified date sent to it under sub-paragraph (2) above and a copy of that certificate, in the public file of the society .'.
  • No. 377, in page 210, line 2, leave out from 'If' to `copies' in line 3 and insert

    `the central office has not, before the end of the transitional period, received from an existing building society'.

    No. 378, in line 9, leave out from 'If' to 'copies' in line 10 and insert

    `the central office has not, before the end of the transitional period, received from an existing building society'.

    No. 379, in line 20, leave out from 'prepare' to end of line 22 and insert

    `three copies of a memorandum and of rules for the society and shall—
  • (a) retain and register one copy,
  • (b) return another to the secretary of the society, together with a certificate of registration, and
  • (c) keep another copy, together with a copy of that certificate, in the public file of the society.'.
  • No. 380, in line 41, after '6.', insert '—(1).'.

    No. 381, in line 42, leave out 'or loans'.

    No. 382, in page 211, line 4, at end insert—

    '(2) The central office shall record in the public file of each building society to which sub-paragraph (1) above applies the fact that, by virtue of that sub-paragraph, the society is to be treated as authorised for the purposes of this Act.'.

    No. 383, in line 4, at end insert—

    'Anticipation of powers' declaratory provision

    .—(1) It is hereby declared that building society has had, as from 19th December 1985, power, for the purposes of any power conferred by this Act or, building societies or building societies of its description, to do such things, subject to sub-paragraph (2) below, as are reasonably necessary to enable it—

  • (a) to decide whether or not, and to what extent, to exercise and in the case of an adoptable power to adopt) the power, and
  • (b) if it decides to exercise the power, to exercise it as from the date when it becomes exercisable by the society.
  • (2) Sub-paragraph (1) (b) above does not authorise a society—

  • (a) to make contracts, other than conditional contracts, for the acquisition of land, the acquisition of a business or the acquisition of shares in any company if that company offers the public any service or facility within the power
  • (b) to issue invitations to members of the society or the public to apply for any power to be exercised for their benefit, or
  • (c) to retain shares in a company which offers the public any service or facility within the power;
  • and, in this sub-paragraph, "conditional", in relation to contracts with respect to the exercise of a power, means conditional on the power's becoming exercisable by the society.

    (3) The power conferred by this paragraph, and activities carried on under it, for the purposes of an adoptable power are not to be treated a included in, or in activities comprised in, that adoptable power for the purposes of paragraph 7 of Schedule 16 to this Act.'

    No. 384, in page 213, line 20, at end insert—

    '(6A) Nothing in the foregoing provisions of this Schedule implies that it is improper for any of the following, that is to say—
  • (a) the Chief Registrar or any assistant registrar of the central office,
  • (b) the assistant registrar of friendly societies for Scotland,
  • (c) the registrar of building societies for Northern Ireland, or
  • (d) the Commission,
  • to give to a building society or building societies generally an indication of the action the Commission might or might not take in exercising its functions under this paragraph; and no decision of the Commission under this paragraph shall be liable to be set aside by reason of the indication having been given.'.

    No. 385, in page 214, line 4, after 'age', insert

    , or the compulsory retirement age (if any), as the case may be,'.

    No. 386, in line 18, leave out from beginning to 'given' and insert

    "'the compulsory retirement age" and "the normal retirement age" have the meanings'.

    No. 387, in page 215, line 27, after 'copy', insert

    ', together with a copy of that certificate,'.

    No. 388, in line 39, leave out sub-paragraph (7). — [Mr. Ian Stewart.]