UK Act of Parliament
1986
United Kingdom
Building Societies Act 1986
At a glance
Enforced by
What's here
106 compliance obligations · 11 statutory instruments
Penalty landscape
12 of 106 obligations carry a fine up to £2,500. 15 carry different penalties and 79 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 56
- Director or Officer 26
- Any Person 17
Plus 7 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Consumer Credit Act 1974 1974 50 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part I — FUNCTIONS OF THE Financial Conduct Authority and the Prudential Regulation Authority
Browse 4 other sections in this Part — procedural / definitional / commencement
Financial provision for Commission.
Accounts of Commission and audit.
Annual and other reports.
Part II — Constitution of Building Societies
The lending limit.
- Keep residential property lending within 25% of adjusted net assets Trader
The funding limit.
- Keep retail funding (shares and deposits from individuals) below 50% of total funding Trader
Raising funds and borrowing.
- Do not accept deposits or raise funds from individuals except by shares, and from corporate bodies except by deferred shares Trader
Restrictions on certain transactions.
- Do not engage in prohibited trading activities and control holdings in such firms Trader
Browse 6 other sections in this Part — procedural / definitional / commencement
Establishment, constitution and powers.
Loans secured on land.
Loans fully secured on land.
Discharge of mortgages.
Constitution of Building Societies
Restriction on creation of floating charges.
Part III — Advances, Loans and Other Assets
Class 1 and class 2 advances
- Sell or convert foreclosed land as soon as reasonably practicable Trader
Class 1 and class 2 advances: supplementary provisions.
- Establish and maintain a system for safe custody of mortgaged property documents Trader
Loans for mobile homes.
- Ensure mobile home loan conditions are met before lending Trader
Power to lend to individuals otherwise than by class 1 or class 2 advances
- Do not exceed the individual lending limit for non-standard advances Trader
Power to hold and develop land as commercial asset.
- Sell land no longer used for residential purposes Trader
Liquid assets.
- Maintain sufficient liquid assets to meet liabilities when due Trader
Browse 9 other sections in this Part — procedural / definitional / commencement
Advances secured on land.
Security for advances: valuation and supplementary and related provisions.
Power to make advances secured on land overseas.
Power to participate in secured syndicated lending.
Power to invest in subsidiaries and other associated bodies.
Power for Treasury to add powers to hold other descriptions of class 3 assets.
Commercial asset structure requirements for building societies.
Advances, Loans and Other Assets
Power to hedge.
Part IV — Protection of Investors
Browse 13 other sections in this Part — procedural / definitional / commencement
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Protection of Investors
Special provisions as regards investors.
Assistance by building societies to other building societies.
Part V — Powers to Provide Services
Prohibition on linking services.
- Do not tie services to class 1 advances Trader
Browse 1 other section in this Part — procedural / definitional / commencement
Part VI — Powers of Control of the appropriate authority
Power to direct restructuring of business etc.
- Prepare and send balance sheet to PRA within 3 months when directed Director or Officer
Power to determine building society’s powers.
- Apply to PRA for determination of powers when directed Trader
The determination: notification, effect, appeal.
- Send a copy of the determination to affected persons Any Person
Power to make prohibition orders.
Other duties (1) — Crown / regulator
- Commission must issue prohibition order for ultra vires activity Statutory regulator
Powers to avoid apparent association with other bodies.
Other duties (1) — Crown / regulator
- PRA can direct building societies to stop misleading investors about business links Statutory regulator
Browse 27 other sections in this Part — procedural / definitional / commencement
Power to make prohibition orders.
Powers to petition for winding up etc.
Powers of Control of the Commission
Powers of Control of the Commission
Powers of Control of the Commission
Power to direct transfers of engagements or business.
Variation and revocation of transfer directions
Powers of Control of the Commission
Powers of Control of the Commission
Powers of Control of the Commission
Powers of Control of the Commission
Powers of Control of the Commission
Powers of Control of the Commission
Powers of Control of the Commission
Rights of appeal.
Notices, hearings and appeals.
Determination of appeals.
Costs, procedure and evidence.
Further appeals on points of law.
Powers of Control of the Commission
Powers to obtain information and documents etc.
Entry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.
Disclosure of information.
Information disclosed to
Investigations on behalf of FCA or PRA .
Inspections and special meetings: general.
Inspections: supplementary provisions.
Part VII — Management of Building Societies
Directors: number.
- Your building society must have at least two directors and appoint a chairman Trader
Chief executive and secretary.
- Appoint chief executive and secretary, ensure competence, and notify FCA of changes Trader
Directors: elections and retirements.
- Conduct director elections and retirements lawfully Trader
Directors: supplementary provisions as to elections, etc.
- Notify FCA of director appointments and resignations within one month Trader
Prohibition of tax-free payments to directors.
- Do not pay directors tax-free remuneration Trader
Substantial property transactions involving directors and connected persons.
- Obtain member approval before substantial property transactions with directors Trader
Restriction on loans, etc. to directors and persons connected with them.
- Do not make loans or provide benefits to directors or their connected persons Trader
Records of loans, etc. for directors falling within s. 65.
- Maintain a register of director-related loans and transactions Trader
Disclosure and record of income of related businesses.
- Record and disclose income from related businesses of directors and officers Trader
Browse 5 other sections in this Part — procedural / definitional / commencement
Directors to disclose interests in contracts and other transactions.
Sanctions for breach of s. 65.
Transactions with directors and persons connected with them.
Directors, etc, not to accept commissions in connection with loans.
Interpretation of this Part.
Part VIII — Accounts and Audit
Building Societies Act individual accounts
- Ensure annual accounts meet the Building Societies Act true and fair view standard Director or Officer
Duty to prepare group accounts
- Prepare group accounts if your building society has subsidiaries Director or Officer
Building Societies Act group accounts
- Prepare group accounts showing true and fair view of society and subsidiaries Trader
Auditors: appointment, tenure ... , etc.
- Appoint an auditor at each annual general meeting Trader
Auditor’s report .
- Auditor must prepare and issue a report to members on annual accounts Trader
Signature of auditors' report
- Auditor must sign and date the audit report, stating all names Any Person
Names to be stated in copies of auditor’s report filed or published
- State auditor's name on published audit reports Trader
Laying and furnishing accounts, etc., to members , the FCA and the PRA .
- Present annual accounts to members, regulators and make them available on request Director or Officer
Requirements in connection with publication of accounts
- Publish accounts with required auditor's report and statements Trader
Browse 23 other sections in this Part — procedural / definitional / commencement
Accounting records . . .
Duty of directors to prepare annual accounts.
Duty to prepare individual accounts
Form and contents of Building Societies Act individual accounts
IAS individual accounts
Form and contents of Building Societies Act group accounts
IAS group accounts
Consistency of accounts
Disclosures relating to directors, other officers and employees of society required in notes to accounts
Disclosures about related undertakings required in notes to accounts
Disclosures relating to off-balance-sheet arrangements required in notes to accounts
Disclosure of auditor remuneration required in notes to accounts
Contents and form of annual accounts.
Duty of directors to prepare annual business statement.
Directors’ report.
Business review
Summary financial statement for members and depositors.
Senior statutory auditor
Circumstances in which names may be omitted
Auditor’s duties and powers .
Signing of balance sheet: documents to be annexed.
Interpretation of Part 8
Accounts and Audit
Part IX — . . . Disputes
Browse 4 other sections in this Part — procedural / definitional / commencement
Part X — Dissolution, Winding Up, Mergers and Transfer of Business
Voluntary winding up.
- Send copy of voluntary winding-up resolution to FCA (and PRA) within 15 days Trader
Acquisition or establishment of a business.
- Obtain member approval for certain large or non-core business acquisitions or establishments Trader
Mergers: compensation for loss of office and bonuses to members.
Other duties (1) — Crown / regulator
- PRA must not consent to board resolution approval of transfer unless distribution within limits Statutory regulator
Regulated terms etc: distributions and share rights.
Amended 8 timesProtective provisions for specially formed successors.
Amended 15 timesTransfer regulations.
Amended 7 timesRights of second-named joint shareholders.
Amended 7 timesProtection of interests of beneficiaries in the case of trustee account holders.
Amended 7 times- Treat trustee account holders fairly during business transfer distributions Any Person
Consequences of false declaration.
Amended 7 timesProvisions supplementary to sections 102B and 102C.
Amended 7 timesCancellation of registration.
Amended 9 timesBrowse 19 other sections in this Part — procedural / definitional / commencement
Modes of dissolution and winding up.
Dissolution by consent.
Winding up by court: grounds and petitioners.
Building society insolvency as alternative order
Application of winding up legislation to building societies.
Application of other companies insolvency legislation to building societies.
Power to alter priorities on dissolution and winding up
Application of bank insolvency and administration legislation to building societies
Notice to the FCA and the PRA of preliminary steps
Disqualification of directors
Power of court to declare dissolution of building society void.
Supplementary.
Amalgamations.
Transfer of engagements.
Mergers; provisions supplementing ss. 93 and 94.
Transfer of business to commercial company.
Transfers of business: supplementary provisions.
Regulated terms: compensation for loss of office, etc.
Transfers of business: increased remuneration etc.
Part XI — Miscellaneous and Supplementary and Conveyancing Services
Power to amend, etc. to assimilate to company law.
Amended 3 timesRegistration of charges: application of company law.
Amended 3 timesLimited power to anticipate future statutory instrument powers.
Amended 1 timePublic file of the society.
Amended 5 timesRestriction of use of certain names and descriptions.
Amended 8 timesMiscellaneous and Supplementary and Conveyancing Services
Amended 1 timeExemption from stamp duty.
Amended 1 timeExemptions from stamp duty land tax
Amended 1 timeOfficers and auditors not to be exempted from liability
Amended 1 timeTime limit for commencing proceedings.
Amended 10 timesOffences: liability of officers and defence of due diligence.
Amended 3 timesEvidence.
Amended 6 timesRecords.
Amended 2 timesService of notices.
Amended 5 timesDeemed agreement to use of web site
Amended 5 timesRight to hard copy version
Amended 5 times- Provide a free paper copy of documents on request within 21 days Trader
Other agreed forms of communication
Amended 5 timesForm of documents.
Amended 3 timesFinancial year of building societies.
Amended 2 timesAlteration of financial year
Amended 2 timesQualifying asset holding for certain powers.
Amended 1 timeMiscellaneous and Supplementary and Conveyancing Services
Amended 1 timeInterpretation.
Amended 63 timesMeaning of “associated undertaking”
Amended 63 timesNorthern Ireland
Amended 3 timesMiscellaneous and Supplementary and Conveyancing Services
Amended 2 timesRecognition of building societies, other institutions and individuals as suitable to provide conveyancing services.
Amended 2 timesCommencement.
Amended 2 timesBrowse 3 other sections in this Part — procedural / definitional / commencement
Schedules
(1) If a building society does not—
Fine up to £1,000- Fail to display or use registered name correctly Director or Officer
(1) This paragraph and paragraph 10B below apply where a...
- Get FCA approval before trading under a restricted business name Any Person
(1) Paragraph 9(2A) above shall have effect as if after...
- Display and disclose registered name and address on documents, premises, and on request Any Person
(1) A building society which contravenes paragraph 10A(2) above shall...
Fine up to £1,000- Contravene lending limit or fail to comply with disclosure requirements Any Person
(1) A building society may change its principal office—
Fine up to £2,500- Fail to notify change of principal office Any Person
(1) A building society shall, on demand, give a copy...
Fine up to £2,500- Fail to provide copy of statutory documents on demand Director or Officer
(1) Every building society shall maintain a register of members...
Fine up to £2,500- Fail to maintain register of members Any Person
(1) A building society is not obliged by any provision...
- Advertise meeting or ballot notices when members are unreachable Trader
(1) At any time when a building society—
- Provide member access to register and protect member data Trader
(1) The validity of an act done by a building...
- Directors must observe building society memorandum limitations Director or Officer
(1) The central office, on receiving from a building society...
Other duties (1) — Crown / regulator
- Central office must refer alteration declarations and act on Commission decision Statutory regulator
(1) The memorandum of a building society shall state the...
- State your building society's purposes and powers in your memorandum Trader
(1) Subject to sub-paragraph (2) below, every building society shall...
Fine up to £2,500- Fail to hold annual general meeting on time Director or Officer
(1) On a members’ requisition, a building society shall—
- Call a special meeting when members submit a valid requisition Trader
(1) This paragraph applies where a members’ requisition is deposited...
- Call a special meeting when members submit a requisition Trader
(1) Subject to the provisions of this Part of this...
- Give notice of meetings to all eligible voting members Trader
(1) A member of a building society who is entitled...
Fine up to £2,500- Fail to include required proxy voting statements in meeting notices or forms Any Person
(1) The rules of a building society shall provide for...
- Your building society's rules must cover 15 specific matters Trader
(1) If at least the requisite number of qualified members...
- Include member-requested resolutions and statements in AGM notice Trader
(1) If a member of a building society who purports...
Fine up to £2,500- Fail to include declaration form in voting papers or proxy appointments Any Person
(1) A building society may by special resolution alter its...
Fine up to £2,500- Fail to send alteration records to FCA Director or Officer
(1) The rules of a building society shall provide that...
- Set membership rules for shareholding and borrowing members Trader
(1) The common seal of a building society shall bear...
- Display your building society's registered name on buildings, documents, and seals Trader
(1) Any building society which furnishes any information or makes...
Unlimited fine- Provide false information for authorisation Any Person
(1) Where any land has been mortgaged to a building...
Fine up to £500- Fail to send sale notice to mortgagor within 28 days Director or Officer
(1) The Board may determine its own financial year.
- Keep proper accounts, prepare audited statements and publish annual reports Director or Officer
(1) The following provisions of this paragraph shall apply in...
Fine up to £2,500- Fail to send transfer of engagements statement to members Director or Officer
(1) The following provisions of this paragraph shall apply in...
Fine up to £2,500- Fail to send transfer statement to society members Director or Officer
(1) This paragraph applies, subject to sub-paragraph (4), in relation...
- Disclose loans and transactions with directors in annual accounts Director or Officer
(1) The following information with respect to the employees of...
- Disclose employee numbers and staff costs in annual accounts Trader
(1) The name of the undertaking must be stated.
- Disclose details of undertakings held in society accounts Any Person
(1) There must be stated in relation to shares of...
- Disclose details of shares held in subsidiary undertakings Director or Officer
(1) The following must be shown— (a) the amount of...
- Disclose auditor remuneration in annual accounts Trader
(1) If at any annual general meeting of a building...
Fine up to £1,000- Fail to notify regulator of no auditor appointment Director or Officer
(1) This paragraph applies to the appointment of an auditor...
- Follow audit committee process when appointing auditors Director or Officer
(1) This paragraph applies to the appointment of an auditor...
- Run a formal auditor selection process before proposing an appointment Director or Officer
(1) If— (a) a building society appoints, or purports to...
Fine up to £1,000- Fail to notify regulator of auditor appointment breach Director or Officer
(1) A resolution at a general meeting of a building...
Unlimited fine- Fail to send auditor representations to members Director or Officer
(1) A building society may by resolution in general meeting...
Fine up to £1,000- Fail to notify regulator of auditor removal Any Person
(1) An auditor of a building society may resign his...
Unlimited fine- Fail to send auditor's resignation notice to regulators Director or Officer
(1) Where an auditor’s notice of resignation contains a statement...
Unlimited fine- Fail to convene special general meeting after auditor's requisition Director or Officer
(1) Where an auditor of a building society ceases for...
Unlimited fine- Fail to notify audit authority of ceasing to be auditor Any Person
(1) Where an auditor ceases to hold office before the...
- Notify the audit authority when an auditor leaves before term ends Trader
(1) The central office shall maintain a register of recognised...
Other duties (1) — Crown / regulator
- Central Office must maintain a public register of recognised complaints schemes Statutory regulator
(1) If it appears to the Commission, from its own...
Other duties (1) — Crown / regulator
- Commission must consider and approve qualifying recognition schemes Statutory regulator
(1) Submission by or on behalf of building societies of...
- Submit scheme recognition application in the required manner with information Trader
(1) A building society or connected undertaking of a building...
Fine up to £2,500- Fail to notify accession to recognised scheme Any Person
(1) Section 130 of the Act (consequences of winding-up order)...
Fine up to £1,000- Fail to notify FCA/PRA of winding-up order Director or Officer
(1) Article 110 (consequences of winding-up order) shall have effect...
Fine up to £1,000- Fail to notify FCA of winding-up order Director or Officer
(1) A building society which desires— (a) to amalgamate with...
- Send PRA-approved statement to members before amalgamation or transfer vote Trader
(1) Subject to sub-paragraph (3) below, it shall be the...
- Send merger statement to members after receiving merger proposal Trader
(1) A building society shall include in or with every...
- Include merger statements in meeting notices sent to members Trader
(1) Where a building society sends a merger statement or...
- Send merger statement or transfer proposal to regulators 14 days before meeting Trader
(1) If default is made by a building society in...
Fine up to £2,500- Fail to comply with merger statement or transfer proposal rules Any Person
(1) Where a building society applies to the appropriate authority...
- Publish notice of amalgamation or transfer application in the Gazette Trader
(1) Subject to sub-paragraph (3) below, a building society shall,...
- Include transfer statement or summary in member meeting notices Trader
(1) Subject to sub-paragraph (3) below, it shall be the...
- Notify members about a transfer proposal Trader
(1) A building society shall include in or with every...
- Include transfer proposal notifications with annual general meeting notices Trader
(1) Where a building society sends a transfer proposal notification...
- Send transfer proposal notifications to FCA and PRA before member meetings Trader
(1) If default is made by a building society in...
Fine up to £2,500- Fail to comply with transfer proposal notification requirements Director or Officer
(1) Where a building society applies for confirmation of a...
- Publish notice of business transfer application in the Gazette Trader
If the statement in a declaration made for the purposes...
2 years imprisonment- Make a false declaration to the PRA Any Person
(1) The central office, on receiving from a building society...
Other duties (1) — Crown / regulator
- Central office must process memorandum registration and direct society if refused Statutory regulator
(1) Where a building society adopts any adoptable power under...
- Submit declaration and refrain from exercising new adoptable power until memorandum takes effect Trader
If, in breach of the obligation assumed by virtue of...
- Exercise power in breach of assumed obligation Director or Officer
Browse 373 other Schedules — structural / supplementary
The Commission shall be a body corporate.
The validity of any proceedings of the Commission shall not...
(1) With the exception 34specified in sub-paragraph (2) below, the...
The Statutory Instruments Act 1946 shall apply to all powers...
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) The fixing of the common seal of the Commission...
(1) A document purporting to be duly executed under the...
The person who holds office as Chief Registrar may also...
(1) Subject to the provisions of this paragraph, a person...
No person who has attained the age of 70 years...
The Commission shall pay to its part-time members such fees...
(1) If the Treasury so determines in the case of...
(1) In part II of Schedule 1 to the House...
The Commission may appoint such staff as the chairman of...
The quorum of the Commission and the arrangements relating to...
(1) Any ten or more persons may establish a society...
(1) In favour of a person dealing with a building...
(1) A party to a transaction with a building society...
(1) Any provision contained in the rules of a building...
(1) Where a notice of a meeting of a society...
(1) A requirement under any provision of this Act to...
(1) A member of a building society is entitled to...
(1) Any provision contained in the rules of a building...
No resolution of a building society shall be passed as...
(1) A resolution of a building society shall be a...
A resolution of a building society shall be a shareholding...
No resolution of a building society shall be passed as...
(1) A resolution of a building society shall be a...
(1) The transfer resolutions required for the purposes of section...
(1) Notice of a resolution given under paragraph 31(1) above...
(1) The rules of a building society may provide for...
(1) Where— (a) the rules of a building society provide...
(1) Nothing in this Part of this Schedule is to...
(1) The advertising requirements referred to in paragraph 14 above,...
(1) For the purposes of this Part of this Schedule,...
(1) The liability at any time of a shareholding member...
(1) Two or more persons may jointly hold shares in...
(1) Where a loan secured on land is made by...
(1) When all money intended to be secured by a...
(1) In its application to Northern Ireland, paragraph 1 above...
(1) The Treasury may make rules for prescribing anything authorised...
In this Schedule— “authorisation” means authorisation under section 9 or...
Where any provision of this Schedule requires notice of any...
(1) An application for authorisation— (a) shall be made in...
(1) If the Commission proposes to impose conditions it shall...
(1) This paragraph applies where the Commission has decided to...
(1) If the Commission proposes to revoke a society’s authorisation...
(1) This paragraph applies where the Commission proposes, instead of...
(1) This paragraph applies where the Commission has decided, instead...
(1) The modifications of the provisions of Part III of...
(1) When all money intended to be secured by a...
(1) The Chief Registrar may make rules for prescribing anything...
(1) The Board shall consist of seven members as follows,...
(1) Subject to the following provisions of this paragraph a...
The Board shall pay to each member such allowances in...
(1) The Board shall determine its own procedure, including the...
(1) The fixing of the common seal of the Board...
The Board may authorise— (a) any member or members of...
(1) The following provisions of this Schedule have effect for...
(1) Where any persons hold an investment in a building...
Where an investment is held on trust for any person...
(1) Except in the case of a partnership, where two...
Where an investment is made by a person whose business...
The Board may decline to make any payment under section...
In this Schedule “jointly entitled” means— (a) in England and...
In the application of this Schedule in relation to investments...
(1) The provisions of this paragraph have effect where a...
Any receipt or acknowledgment given to a building society by...
In this Schedule “direction” means a direction under section 36(3),...
(1) If the Commission proposes to give a direction, it...
(1) This paragraph applies where the Commission has decided to...
(1) The modifications of the provisions of paragraph 2 and...
Where any provision of this Schedule requires notice of any...
This Schedule is to be construed as relating only to...
In this Schedule— “arranging”, in relation to the performance of...
This Part of this Schedule applies where a direction is...
No application for confirmation by the appropriate authority of the...
Section 98 shall apply as if— (a) for paragraphs (a)...
(1) The consent of the appropriate authority shall be sufficient...
No application for confirmation by the appropriate authority of the...
Section 95 shall apply as if— (a) for paragraphs (a)...
This Part of this Schedule applies where a direction is...
(1) The consent of the appropriate authority shall be sufficient...
If the appropriate authority consents to the inclusion of any...
In this Schedule— “the financial year” means the financial year...
(1) The particulars of a restricted transaction or arrangement required...
Where the business associate of the building society provides conveyancing...
(1) In this Schedule— “administrative services” means services falling within...
Where the business associate of the building society provides the...
Where the business associate of the building society provides accountancy...
Where the business associate of the building society arranges for...
Where the business associate of the building society provides conveyancing...
Where the business associate of the building society provides the...
Where the business associate of the building society provides accountancy...
Where the business associate of the building society arranges for...
(1) The Treasury may by order prescribe, for the purposes...
(1) The following must be shown— (a) the aggregate amount...
. . . . . . . . . ....
. . . . . . . . . ....
(1) This paragraph applies for the purposes of paragraph (a)...
(1) There must be shown in respect of each director...
(1) Subject to sub-paragraph (2), there must be shown the...
(1) There must be shown the amount of any compensation...
(1) There must be shown the aggregate amount of any...
(1) The following applies with respect to the amounts to...
(1) The amounts to be shown for any financial year...
(1) Where the chief executive of the society is not...
(1) Sub-paragraphs (2) and (3) apply for the interpretation of...
(1) The following information must be given where at the...
(1) The following information must be given with respect to...
(1) There must be shown with respect to each subsidiary...
(1) The following information must be given where an undertaking...
(1) The information required by paragraphs 14 and 15 must...
(1) There must also be stated– (a) the aggregate amount...
(1) The information required by paragraphs 17 and 18 must...
(1) The name of the undertaking must be stated.
(1) There must also be stated– (a) the aggregate amount...
(1) References in this Part of this Schedule to shares...
In this Schedule, “group” means a building society and its...
(1) There must be disclosed with respect to each subsidiary...
Where— (a) disclosure is made under paragraph 3(1) with respect...
(1) The information required by paragraphs 6 and 7 must...
(1) The name of the undertaking must be stated.
(1) There must also be stated– (a) the aggregate amount...
(1) References in this Part of this Schedule to shares...
(1) The following information must be given with respect to...
The types of service in respect of which disclosure is...
(1) Disclosure is not required of remuneration receivable for the...
The auditor of a building society must supply the directors...
(1) This paragraph defines what is meant in this Schedule...
In this Schedule— “associate of the society” means— any subsidiary...
(1) The first auditor of a building society may be...
The directors, or the building society in general meeting, may...
(1) Any term in a contract which, in relation to...
(1) A person who has been, or will have been,...
(1) Where a person is auditor of a building society...
Auditors: Appointment, Tenure...
. . . . . . . . . ....
Maximum engagement period: transitional arrangements
(1) Where an auditor of a building society is removed...
Application to court to remove auditor from office
(1) In this Schedule— “ appropriate audit authority ” means—...
In the application of this Schedule to Scotland, references to...
The manner in which determinations are to be communicated and...
The making to the body administering the scheme of regular...
The manner of amending or revoking the scheme.
Accession to membership of other societies.
Withdrawal from membership.
For the purposes of this Schedule, a scheme— “qualifies for...
(1) A building society or connected undertaking of a building...
(1) The function of the Commission of granting recognition of...
(1) The Commission may withdraw its recognition of a scheme...
(1) If the Commission proposes at any time to withdraw...
Withdrawal of recognition by the Commission shall take effect as...
(1) No court other than the High Court or, in...
The court may hear and determine a dispute falling within...
(1) Any person who institutes proceedings in the court in...
(1) If the rules of the society so provide, any...
If the rules of the society so provide, any dispute...
(1) This paragraph has effect in relation to an arbitration...
(1) Any dispute as to the rights of a member...
Settlement of Disputes
In this Part of this Schedule, in relation to an...
The enactments which comprise the companies winding up legislation (referred...
(1) Section 84 of the Act does not apply.
In subsection (1) of section 101 (appointment of liquidation committee)...
(1) Section 107 (distribution of property) of the Act does...
Sections 110 and 111 (liquidator accepting shares, etc. as consideration...
Section 116 (saving for certain rights) of the Act shall...
In sections 117 (High Court and county court jurisdiction) and...
(1) Section 122 (circumstances in which company may be wound...
Section 124 (application for winding up) of the Act does...
(1) In section 125 (powers of court on hearing of...
Section 126 (power of court, between petition and winding up...
In this Schedule— “deposit” means rights of the kind described...
Subject to the following provisions of this Schedule, the enactments...
If, before the presentation of a petition for the winding...
Section 140 (appointment of liquidator by court in certain circumstances)...
In the application of sections 141(1) and 142(1) (liquidation committees),...
Section 143 (general functions of liquidator in winding up by...
The conditions which the court may impose under section 147...
Section 154 (adjustment of rights of contributories) of the Act...
Application of Companies Winding Up Legislation to Building Societies
Section 187 (power to make over assets to employees) of...
(1) In section 201 (dissolution: voluntary winding up) of the...
In section 205 (dissolution: winding up by the court) of...
(1) The enactments shall, in their application to building societies,...
Sections 216 and 217 of the Act (restriction on re-use...
(1) Sections 218 and 219 (prosecution of delinquent officers) of...
(1) Where a report is made to the prosecuting authority...
Section 233B of the Act (protection of supplies of goods...
Section 387 (meaning in Schedule 6 of “the relevant date”)...
Section 390 of the Act (persons not qualified to act...
(1) In the following provisions of the Act, in a...
In this Part of this Schedule, Part V of the...
In the following provisions a reference to the creditors, general...
(1) Article 61 (liability of members) is modified as follows....
Articles 62 to 65 and 69 in Chapter I of...
In the enactments as applied to a building society, “...
(1) Article 70 does not apply. (2) In the enactments...
In paragraph (1) of Article 87 (appointment of liquidation committee),...
(1) Where any of the enactments as applied to building...
(1) Article 93 (distribution of property) does not apply; and...
Articles 96 and 97 (liquidator accepting shares, etc , as...
Article 101 (saving for certain rights) shall also apply in...
Article 102 (circumstances in which company may be wound up...
Article 104 (application for winding up) does not apply.
(1) In Article 105 (powers of High Court on hearing...
Article 106 (power of High Court, between petition and winding-up...
If, before the presentation of a petition for the winding...
Article 119 (appointment of liquidator by High Court in certain...
Any enactment which specifies a money sum altered by order...
In the application of Article 120(1) (liquidation committee) to building...
Article 121 (general functions of liquidator in winding up by...
The conditions which the High Court may impose under Article...
Article 132 (adjustment of rights of contributories) shall have effect...
Application of Companies Winding Up Legislation to Building Societies
Article 158 (power to make over assets to employees) does...
(1) In Article 166 (dissolution: voluntary winding up), paragraph (2)...
In Article 169 (dissolution: winding up by the High Court)...
Articles 180 and 181 (restriction on re-use of name) do...
(1) Articles 182 and 183 (prosecution of delinquent officers) do...
(1) Where a report is made to the prosecuting authority...
Article 197B (protection of supplies of goods and services) does...
Article 347 (meaning in Schedule 4 of “the relevant date”)...
Article 349 (persons not qualified to act as insolvency practitioners)...
(1) In the following provisions of the Order, in a...
(1) Where a building society has been wound up voluntarily,...
(1) Sections 1012 to 1023 and 1034 of the Companies...
(1) Rules may be made under section 411 of the...
(1) Rules may be made under Article 359 of the...
In this Part of this Schedule, Part IV of the...
In the following provisions of the Act a reference to...
Parts 4, 6, 7 and 12 of, and Schedule 10...
(1) Section 74 (liability of members) of the Act is...
Sections 75 to 78 and 83 in Chapter I of...
(1) Section 79 (meaning of “contributory”) of the Act does...
(1) Subject to the provisions of this Schedule, the enactments...
(1) Section 8 of the Act (power of court to...
(1) Subsection (1) of section 9 of the Act (application...
In section 10 of the Act (effect of application for...
In section 11 of the Act (effect of administration order),...
In subsection (1) of section 12 of the Act (notification...
Subsection (3) of section 13 of the Act (appointment of...
(1) Subject to sub-paragraph (2) below, section 14 of the...
(1) Subject to sub-paragraph (3) below, paragraph 16 of Schedule...
. . . . . . . . . ....
(1) Section 17 of the Act (general duties of administrator)...
(1) The enactments shall, in their application to building societies,...
. . . . . . . . . ....
(1) Subsection (1) of section 23 of the Act (statement...
Section 24 of the Act (consideration of proposals by creditors’...
(1) Section 25 of the Act (approval of substantial revisions)...
Subsection (1) of section 27 of the Act (protection of...
In section 38 of the Act (receivership accounts), “ prescribed...
In subsection (1) of section 39 of the Act (notification...
Subsection (3) of section 40 of the Act (payment of...
Sections 42 to 49 of the Act (administrative receivers) are...
Subsection (1) of section 51 of the Act (power to...
Subsection (3) of section 59 of the Act (priority of...
Subsection (1) of section 67 of the Act (report by...
Subsection (1) of section 70 of the Act (interpretation for...
Chapter 4 of Part 3 of the Act (prohibition of...
Section 233B of the Act (protection of supplies of goods...
Section 390 of the Act (persons not qualified to act...
(1) In the following provisions of the Act, in a...
In sections 391O, 391Q and 391R of the Act a...
In this Part of this Schedule, the Insolvency (Northern Ireland)...
Article 14 of the Order (proposals for voluntary arrangements) has...
(1) Where any of the enactments as applied to building...
In Article 15 (procedure where nominee is not liquidator or...
In paragraph (2) of Article 17A of the Order (approval...
In Article 19 of the Order (challenge of decisions) as...
In Article 20A of the Order (prosecution of delinquent officers)...
(1) Article 21 of the Order (power of High Court...
(1) Paragraph (1) of Article 22 of the Order (application...
In Article 23 of the Order (effect of application for...
In Article 24 of the Order (effect of administration order),...
In paragraph (1) of Article 25 of the Order (notification...
Paragraph (3) of Article 26 of the Order (appointment of...
(1) Subject to sub-paragraph (2) below, Article 27 of the...
(1) Subject to sub-paragraph (3) below, paragraph 17 of Schedule...
(1) Rules may be made under section 411 of the...
. . . . . . . . . ....
(1) Article 29 of the Order (general duties of administrator)...
. . . . . . . . . ....
(1) Paragraph (1) of Article 35 of the Order (statement...
Article 36 of the Order (consideration of proposals by creditors’...
(1) Article 37 of the Order (approval of substantial revisions)...
Paragraph (1) of Article 39 of the Order (protection of...
In Article 48 of the Order (receivership accounts), “ prescribed...
In paragraph (1) of Article 49 of the Order (notification...
Paragraph (3) of Article 50 of the Order (payment of...
Any enactment which specifies a money sum altered by order...
Articles 52 to 59 of the Order (administrative receivers) are...
Article 59A of the Order (floating charge holder not to...
Articles 59B to 59J of the Order (exceptions to prohibition)...
Article 197B of the Order (protection of supplies of goods...
Article 349 of the Order (persons not qualified to act...
(1) In the following provisions of the Order, in a...
In Articles 350O, 350Q and 350R of the Order a...
In this Schedule— “deposit” and “relevant deposit” have the meaning...
In this Part of this Schedule, the Insolvency Act 1986...
Parts 1, 3, 6, 7 and 12 of the Act,...
Section 1 of the Act (proposals for voluntary arrangements) has...
In section 2 (procedure where nominee is not liquidator or...
In subsection (2) of section 4A of the Act (approval...
In section 6 of the Act (challenge of decisions) as...
In section 7A of the Act (prosecution of delinquent officers)...
In this Part of this Schedule— “merger” means an amalgamation...
An application for confirmation by the appropriate authority of an...
(1) After the date specified in pursuance of paragraph 8(2)(b)...
In this Part of this Schedule— “ prescribed matters ”...
A building society which desires to transfer its business shall,...
(1) A transfer statement, in relation to a transfer of...
(1) The Treasury, may make regulations for the purpose of...
In this Part of this Schedule— “ requisite particulars ”,...
An application by a building society for confirmation by the...
(1) After the date specified in the notice in pursuance...
In section 9(1) of the Bankers’ Books Evidence Act 1879...
(1) This paragraph amends the Consumer Credit Act 1974 as...
(1) This paragraph amends the Solicitors Act 1974 as follows....
In section 3(1) (building society law) of the Home Purchase...
Amendments of Enactments
In section 6(1) (interpretation) of the Charging Orders Act 1979,...
Amendments of Enactments
Amendments of Enactments
Amendments of Enactments
(1) This paragraph amends the Housing Act 1985 as follows....
(1) This paragraph amends the Housing Associations Act 1985 as...
Amendments of Enactments
In section 31(b) of the Industrial and Provident Societies Act...
Amendments of Enactments
In Article 33 (security not to be deemed prior mortgage...
(1) This paragraph amends the Housing (Northern Ireland) Order 1981...
In Article 3(10) of the Property (Discharge of Mortgage by...
In Article 3(4) of the Housing (Northern Ireland) Order 1983,...
Amendments of Enactments
Amendments of Enactments
(1) This paragraph amends the Trustee Investments Act 1961 as...
In section 1(4) of the Stock Transfer Act 1963 (simplified...
In section 31(b) of the Industrial and Provident Societies Act...
Amendments of Enactments
(1) This paragraph amends the Banking and Financial Dealings Act...
In Schedule 12A (access to information: exempt information) to the...
In this Schedule— “the commencement date for” any provision of...
(1) Until provision is made by an order under section...
Until provision is made by an order under section 12(3)...
Transitional and Saving Provisions
(1) Except as provided in this paragraph, an existing director...
In the case of a building society established before 25th...
For the purposes of the application of section 118 by...
Transitional and Saving Provisions
Transitional and Saving Provisions
Transitional and Saving Provisions
Transitional and Saving Provisions
A building society which, at the commencement date for section...
(1) A building society which, at the commencement date for...
(1) It is hereby declared that every building society has...
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Provision of Conveyancing Services by Recognised Institutions and Practitioners
Other sections — not classified into a Part
These sections sit outside the numbered Parts — usually provisions added or moved by later amendments.
sch. 8 para. 3
- Do not accept trusteeship of prohibited trusts; retire if trust becomes prohibited Trader
sch. 8 para. 4
- Recover overdrawn amounts as soon as practicable Trader
Browse 5 other sections
sch. 12 para. 8
sch. 12 para. 9
sch. 8 para. 1
sch. 8 para. 5
The matters for which provision is, subject to Part III...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- The FCA and mutual societies | FCA (opens in a new tab) from FCA Detailed Guidance
- Mutual societies: forms | FCA (opens in a new tab) from FCA Form or Template
- Registered mutual society rules and obligations | FCA (opens in a new tab) from FCA Detailed Guidance
- Annual returns and accounts: mutual societies | FCA (opens in a new tab) from FCA Detailed Guidance
- Policies relating to specific types of entities | Bank of England (opens in a new tab) from PRA Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Connected legislation
11 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (11)
- The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2004 2004
- The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 2007
- The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2009 2009
- The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2014 2014
- The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024 2024
- The Building Societies Act 1986 (Electronic Communications) Order 2003 2003
- The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 2004
- The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004 2004
- The Building Societies Act 1986 (Modifications) Order 2024 2024
- The Building Societies Act 1986 (Substitution of Specified Amounts and Modification of the Funding Limit Calculation) Order 2007 2007
- The Building Societies (Restricted Transactions) (Amendment to the Limit on the Trade in Currencies) Order 2017 2017
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Browse legislation
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Regulators
Learn more about the bodies that enforce this legislation.